Billionaire Gautam Adani is no longer among world’s 25 richest billionaires as his net worth fell to $43.4 billion on Wednesday as his conglomerate is battling a US short seller’s scathing report against it.
Forbes, on Wednesday, said Gautam Adani, who was world’s second richest person and Asia’s richest person not so long ago, is now 26th richest billionaire as Adani Group firms’ stocks saw another wave of sell-off leading to further $3.6-billion erosion in Adani Group chairman’s net worth. His net worth fell by $75 billion ever since Hindenburg Research released its damning report. At $46.3-billion net worth, Nike’s Phil Knight and family went ahead of Adani, said Forbes.
Adani firms’ stocks have lost over $130 billion in combined market capitalisation. In fact, Adani Group’s m-cap is now below HDFC Bank’s market value.
The Adani Group has dismissed allegations of stock manipulation and improper use of tax havens leveled by Hindenburg, but has failed to satisfy investors and shareholders who are worried about the Group’s ability to refinance debts and maintain growth momentum.