Gautam Adani has slipped in the world top billionaires ranking and is no longer the richest Asian. He has now slipped below his rival, Mukesh Ambani, who has again taken the top spot as both India’s and Asia’s richest man.
According to a report in Bloomberg, Adani saw the erosion of a massive $44 billion within a week. He continues to slip in the Bloomberg’s billionaires rankings amid a rout, following the Hindenburg report. On Wednesday, his ranking fell below Mukesh Ambani.
With a massive slump in shares – of 28 per cent – Adani’s wealth crashed to $72 billion, while Ambani clocked in $81 billion, according to Bloomberg.
According to Forbes Rich List too, Ambani’s net worth currently is $83.7 billion, while Adani’s is $75.1 billion. Ambani made it to the ninth spot on the list, while Adani slipped to 15th position.
Since short-seller Hindenburg released its report, Adani companies lost $90 billion in market value. Despite the report, Adani Enterprises' Rs 20,000-crore follow-on public offer (FPO) gathered momentum on the final day of bidding and got fully subscribed on Tuesday. The issue was subscribed 1.12 times, and received bids for 5,08,68,352 shares against the total offer size of 4,55,06,791 shares on Day 3.
The Hindenburg report alleged stock manipulation and accounting fraud by Adani. It also accused Adani’s brothers of shady dealings. It said that the elder brother Vinod Adani manages a “labyrinth” of shell companies.
Meanwhile, on Sunday evening, the Adani Group issued a 413-page response to the Hindenburg report, saying the short-seller had made misleading claims and statements around offshore entities without any understanding of the Indian laws around related parties and related party transactions.
Also read: Hindenburg's allegations vs Adani's response: Shell companies, money laundering, Vinod Adani's role
Also read: Gautam Adani loses top India billionaire spot to Mukesh Ambani amid selloff in Adani group stocks