The decline in most of the companies of India’s famous Adani group continued for the third day today. Because of this, the Adani group suffered a loss of $65 billion in three days.
This fall comes after American short-selling firm Hindenburg Research released a report last week accusing the Adani group of engaging in “decades of stock manipulation and accounting fraud”.
Then last week on Wednesday and Friday there was a big decline in Adani group companies. Shares of some of these companies also fell on Monday. Because of this, the market capital of Adani group companies has decreased by 65 billion dollars. Due to the decline in shares, the net worth of the company’s chairman, Gautam Adani, has also fallen drastically. In three days, his wealth decreased by about 37 billion dollars. According to Forbes, Adani’s net worth has decreased by $8.3 billion today and he has dropped to eighth place on the list of the world’s richest people.
Shares of seven out of ten listed companies of Adani Group fell for the third day today. The biggest fall was in Adani Total Gas and Adani Transmission shares. The shares of these companies have decreased by 20 percent and reached the lower circuit. Shares of Adani Green Energy also fell by 18.11 percent. Adani Power, Adani Wilmer and NDTV fell by 5 percent and Adani Ports by 1.11 percent. Adani Enterprises, the main company of the group, increased by 3.36 percent, ACC by 0.48 percent and Ambuja by 2.15 percent.
According to the Forbes Real Time Billionaires List, Adani’s net worth has dropped by $8.3 billion today and he has dropped to number eight on the Rich List. Now his net worth is about 4 billion dollars more than Reliance Industries Chairman Mukesh Ambani. Ambani is currently at number 10 in this list. France’s Bernard Arnault is number one in this list with $213 billion. Elon Musk is second, Jeff Bezos third, Larry Ellison fourth, Warren Buffett fifth and Bill Gates sixth.
The Adani Group on Sunday said the company had published a 413-page statement saying it was a “malicious” attack and denied Hindenburg’s claims. The group said the allegations made by Hindenburg were “nothing but lies”.
“This is not just an unwarranted attack on the company, but an attack on India as a whole, on the independence, integrity and quality of Indian institutions, and on India’s development and ambitions,” the group said in a statement.
New York-based short seller Hindenburg Research has responded to Adani Group’s 413-page riposte, saying “fraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation it originally raised”. The firm said that it believed India was a vibrant democracy and an emerging superpower with an exciting future and it was Adani Group which was holding it back through “systematic loot”.
(with agency support)
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