Indian businessman Gautam Adani’s personal wealth has fallen by nearly 50 percent in a few days, while the value of his companies’ assets have also declined by more than 50 percent.
On February 3, Adani Enterprises, the main company of Adani Group, fell by 25 percent in the stock market, while the shares of its other companies also fell.
Justifying the market conditions, Adani Enterprises has also stopped selling shares worth $2.43 billion, which also reduced the market value of their companies.
Since January 25, Adani Group’s market value has declined by more than $118 billion, which was $220 billion on January 25.
Similarly, Gautam Adani’s personal wealth has decreased by $59.2 billion since January 25 and he has reached the 21st place in the list of the richest people in the world with $61.3 billion.
Gautam Adani has already reached the third place in the list of Asia’s richest people.
Gautam Adani’s sharp decline in wealth was due to a report released on January 25 by American short-selling company Hindenburg.
The report said that the Adani Group has been involved in stock market manipulation and accounting fraud schemes for decades.
The report also called Gautam Adani the biggest fraudster in corporate history.
The US company alleged that the Adani Group used offshore companies to inflate the share prices of companies registered in the stock markets.
Adani Group denied these allegations and called them baseless.
The state of the Adani Group also forced the postponement of the Indian Parliament as the opposition demanded an inquiry into the company.
In an interview, he said that the reality is that no individual leader has a hand in our success.
Keep in mind that he started 2023 as the third richest person in the world with $119 billion and within a month he has moved from third to 21st.
On February 3, Gautam Adani rejected the perception that companies’ finances were not scrutinized due to his closeness to Indian Prime Minister Narendra Modi.