Gautam Adani has fallen out of the top 10 richest people in the world. According to “Economics times” The Indian tycoon lost $36 billion in value in just three trading days, dropping him from fourth to eleventh place on Bloomberg’s Billionaires Index. In a recent three days event The Indian tycoon lost $36 billion in value. As a result, his name is no longer listed in the Top 10 Richest People in the World.
After a report by “Hindenburg” Research alleged “brazen stock manipulation and accounting fraud,” investors fled Adani Group stocks, wiping out over $68 billion in market value over the course of three days. Adani is now ranked lower on the Billionaires Index than Carlos Slim of Mexico, Google co-founder Sergey Brin, and ex-Microsoft CEO Steve Ballmer.
The Fate of Adani’s Stock Sale is in Doubt as Losses Reach $36 Billion
As Asia’s richest man tries to close a $2.5 billion equity sale by its flagship firm, the turmoil caused by short-seller Hindenburg Research has caused Adani Group shares to continue falling on Tuesday.
Most of the stocks in the group fell, but Adani Total Gas Ltd. fell by the daily limit of 10%. While the flagship Adani Enterprises Ltd. gained about 2% in early Mumbai trading, it remained below the floor price it had established for its subsequent share sale. As the sell-off entered its fourth session, about $75 billion in market value was wiped out across ten of the conglomerate’s companies.
Although the equity offering was the largest of its kind in India, only 3% had been subscribed to by Monday’s end, suggesting that demand had taken a hit due to allegations from Hindenburg Research that the Indian conglomerate used a web of companies in tax havens to inflate revenue and stock prices while debt piled up.
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Even with a $400 million investment from International Holding Co. IHC, controlled by a key member of Abu Dhabi’s royal family, some analysts who have been following the share sale are skeptical that there will be enough demand under the current terms.
Bloomberg Intelligence analyst Nitin Chanduka speculated that “THC’s participation may lend some tactical sentiment support,” but noted that the company had already been an investor in the group prior to the FPO. When asked about the industry as a whole, he said, “Markets will look for more clarity on the allegations before a meaningful uptick in the group’s stocks.”
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