Indian billionaire Gautam Adani’s losses accelerate

Gautam Adani, who is one of the richest people in the world and whose name has been mentioned with various claims in recent days, accelerated the losses in his estate. Stocks and bonds of some publicly traded companies in the Adani Group continued to fall today.

Last week, Hindenburg Research, a short selling firm, released a report targeting billionaire businessman Gautam Adani. Those companies plunged sharply last week when the report accused Adani of using various accounting tricks to inflate the value of the portfolio companies.

70 BILLION DOLLARS LOST

Although the Indian holding company denied the allegations against it, its shares fell today. In addition, the publicly traded sub-companies of the holding company suffered a large loss in market capitalization.

The total loss in market value of the company exceeded $70 billion. Adani Green Energy, Adani Transmission and Adani Total Gas; It lost 20 percent on the Mumbai Stock Exchange and was closed for trading.

THEY RESPONDED TO THE CLAIMS

Adani Group responded to a report released last Wednesday by New York-based Hindenburg alleging that Adani engaged in “blatant stock manipulation and accounting fraud.”

In its 54-page response, published yesterday, the holding company said Hindenburg’s report had “unprecedented and serious negative impacts on investors.”

‘ATTACK ON INDIA’

The company described the allegations as “a calculated attack not only on us, but also on India, the independence, the integrity, the quality of Indian institutions and India’s history of growth.”

The group also dismissed concerns about the highly leveraged growth model, stating that Adani Portfolio companies’ leverage ratios remain healthy and in line with relevant sector criteria.

Responding to criticism from the Adani Group, Hindenburg said in a note that the company “has tried to combine its astronomical rise and the wealth of Gautam Adani with the success of India.” In the company’s response, it was stated that the report did not produce a response to suspicious transactions with offshore organizations.

WEALTH IS DECREASING

Gautam Adani’s wealth has skyrocketed in the past three years, with some shares in the group rising 1,500%, with many questioning the realities behind this rise.

While Adani Group’s loss deepened after the Hindenburg report and short selling, Gautam Adani, who is the richest person in Asia and quickly climbed the list of richest people last year, gradually declined on this list. .

The fortune of Gautam Adani, Asia’s richest person, had fallen below $100 billion after Hindenburg’s report last week. Adani ranks seventh in the Bloomberg Billionaires Index with $92.7 billion.