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Gautam Adani’s wealth slips below $50 bn as Hindenburg report jolts Adani Group’s fortunes

Gautam Adani’s wealth slips below $50 bn as Hindenburg report jolts Adani Group’s fortunes

As per Bloomberg Billionaires Index, the billionaire’s net worth stands at $49.1 billion and he is 25th on the global rich list.

Mehak Agarwal
Mehak Agarwal
  • Updated Feb 20, 2023 1:08 PM IST
Gautam Adani’s wealth slips below $50 bn as Hindenburg report jolts Adani Group’s fortunesGautam Adani's net worth slips below $50 bn

Billionaire and chairman of the ports-to-power conglomerate Adani Group Gautam Adani’s net worth slipped to less than $50 billion as of February 20. As per Bloomberg Billionaires Index, the billionaire’s net worth stands at $49.1 billion and he is 25th on the global rich list. Forbes’ Real-Time Billionaires List, on the other hand, ranked Adani at the 25th spot and pegged his net worth at $47.6 billion. 

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The gulf between Gautam Adani and Reliance Industries (RIL) chairman Mukesh Ambani -- two of India's richest individuals -- is widening. Mukesh Ambani is on the 11th spot in the global rich list and has a net worth of $83.6 billion as per the Bloomberg Billionaires’ Index. According to the Forbes’ Real-Time Billionaires’ List, however, Ambani is on the 8th spot and has a net worth of $86 billion.

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Moreover, Adani stocks such as Adani Green Energy, Adani Total Gas, Adani Transmission, and Adani Enterprises need a rally of up to 410 per cent to regain their respective 52-week highs. Adani Green Energy shares are trading at 606.45 apiece whereas Adani Total Gas shares are trading at 925.10 apiece on Monday at the BSE at the time of writing this story.

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On the other hand, Adani Transmission and Adani Enterprises are trading at 873.90 apiece and 1,623.65 apiece respectively on Monday at the BSE. 

The Hindenburg Research report that jolted the Adani Group’s fortunes and future plans came just before Adani Enterprises’ Rs 20,000 crore follow-on-public offer (FPO) opened. The Hindenburg report accused the Adani Group of accounting fraud and stock manipulation. The group has lost around $125 billion in market value in three weeks since the report came out. 

The Adani Group has denied Hindenburg’s allegations as being “malicious”, “baseless”, and a “calculated attack on India.”

Meanwhile, DLF chairman KP Singh told news agency PTI that claims about the Hindenburg report on Adani Group impacting India’s potential as an investment destination are completely nonsensical. Jindal said, “India is too big a country today. So, this story will die down. Investment will not be hurt.”

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Also watch: Gautam Adani slips to 25th spot on global rich list; loses $50 billion in net worth

Also read: Adani Green, Adani Total, Adani Power, Adani Enerprises shares need up to 410% rally to revisit 52-week highs

Also watch: George Soros: All about the billionaire who says Adani's troubles will weaken PM Modi

Published on: Feb 20, 2023 10:00 AM IST
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