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    Home / News / Business News / Gautam Adani is no longer among world's top 10 richest
    Business

    Gautam Adani is no longer among world's top 10 richest

    Gautam Adani is no longer among world's top 10 richest
    Written by Athik Saleh
    Jan 31, 2023, 05:50 pm 3 min read
    Gautam Adani is no longer among world's top 10 richest
    Gautam Adani is now the 11th richest person on the planet

    Hindenburg Research's damning report on the Adani Group has affected Gautam Adani's personal wealth as well. The Indian business tycoon saw his wealth decline by $34.6 billion since the report was published. This sharp downturn in fortune has pushed him out of the elite club of the world's top 10 richest billionaires. Adani is now placed 11th in the Bloomberg Billionaires Index.

    Why does this story matter?

    • Adani Group is facing a tough challenge from Hindenburg. In the report titled "How the world's 3rd richest man is pulling the largest con in corporate history," the US-based short seller accuses the conglomerate of stock manipulation and accounting fraud, among others.
    • The allegations have affected Adani Group companies in the market, resulting in a decline in Adani's net worth.

    Mukesh Ambani might overtake Adani on the list

    Last week, Adani held the fourth position in the Bloomberg Billionaires Index, only behind Bernard Arnault, Elon Musk, and Jeff Bezos. His net worth on the day when the Hindenburg report was published was $119 billion. Now, he is worth $84.4 billion and is in danger of being supplanted by countryman Mukesh Ambani as Asia's richest person. Ambani is worth $82.2 billion.

    Adani was the second richest for a while

    Adani had a blockbuster 2022. By the end of the year, he was placed third in the Bloomberg Billionaires Index. In September last year, he even became the second richest person on the planet, only behind Musk. While most of the top 10 suffered due to faltering tech stocks last year, Adani was the only member to make any considerable gains.

    Hindenburg report raised questions about Adani Group's debt and valuations

    Hindenburg report has proved to be a thorn in the flesh for the Adani Group. The accusations leveled by the activist investment firm against India's premier conglomerate are no jokes. The report raises questions about the group's dealings with offshore shell companies in tax havens, its high debt, and the exorbitant valuations of its listed companies. Adani Group has vehemently denied all allegations.

    Adani Group stocks are slowly recovering

    Dalal street witnessed a bloodbath last week after the Hindenburg report was published, with Adani Group stocks taking a heavy beating. Out of the nine listed companies of the conglomerate, four are still trading in the red. Adani Total Gas is down by 10%, while Adani Wilmar's price has decreased by 5%. Most of them are showing signs of recovery.

    Adani Enterprises' FPO is reportedly fully subscribed

    Hindenburg Report came when Adani Enterprises was gearing up for India's largest FPO (follow-on public offer). According to reports, the Rs. 20,000 crore FPO is fully subscribed. The FPO reportedly saw a demand of over 1.25 times the issue size. Retail investors have subscribed the least to the FPO, while institutional investors subscribed the most.

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