Businessman Gautam Adani falls from third to 38th on the rich list within a month

Businessman Gautam Adani's position on the Forbes rich list has significantly dropped to the 38th spot from his previous third position.

This drastic change happened after the publication of the Hindenburg report, which had an adverse effect on the stock prices of his group. In its report, Hindenburg accused Adani of engaging in accounting fraud, manipulating stock prices, and improperly using offshore shell firms as tax havens.

Despite the fact that Adani has strongly denied all allegations, BSE statistics state that his wealth dropped by almost $150 billion in a little over a month after the Hindenburg report’s publication.


On the other hand, Forbes' real-time tracker projected that Gautam Adani's current net worth is $33.4 billion. Yet compared to his prior estimated net worth of $119 billion, which was determined before the Hindenburg report was released on January 24, this is a substantial decrease of over $85 billion.

Notwithstanding this reduction, the Bloomberg Billionaires Index still ranked Adani in the 30th position with a net worth of almost $40 billion.

Adani owns a sizable portion of the Adani Group, which is where much of his wealth comes from. The conglomerate makes the most of its money in the infrastructure sector, where it is active in ports, airports, roads, and railroads.

Given the fact that the matter has now become a boiling topic in the nation, the business tycoon is currently working to undo the harm the Hindenburg report did by putting more of an emphasis on cash preservation, debt repayment, retrieving pledged shares, and reducing capital spending plans.

After the publication of the Hindenburg report, the 60-year-old businessman cancelled Adani Enterprise’s follow-on public offering (FPO) for Rs 20,000 crore and suspended Adani Group subsidiary Adani Power's acquisition of DB Power for Rs 7,017 crore.

FAQs

Q1- What is the age of Gautam Adani?
Gautam Adani is 60 years old.

Q2- What is the name of Gautam Adani’s wife?
The name of Gautam Adani’s wife is Priti Adani.