Gautam Adani’s net worth continued to take a beating as the shares of listed Adani Group companies traded deeply in the red. After falling to the seventh place on the Forbes Billionaire list, the business tycoon lost $8.21 billion dollars on Monday, bringing his position on the list down to number 11. Carlos Slim, a Mexican billionaire, replaced Gautam Adani in the top ten list. The business magnate’s fortune is $85.7 billion, a marginal $1.3 billion more than Adani’s net worth.
US-based forensic research firm Hindenburg Research released a scathing report detailing the stock manipulation and accounting fraud undertaken by the Adani Group last Wednesday. Following the release of the report, the Group’s scrips trade with sharp cuts on the bourses. Four out of seven listed Adani Group companies fell on Tuesday, with Adani Total Gas, Adani Power and Adani Wilmar hitting their lower circuits. Adani Green Energy fell 2% in the morning trade.
Millions of dollars were shaved off Gautam Adani’s net worth as a result of the ensuing selloff. According to the Bloomberg Billionaires List, which now has Adani in eleventh place, the billionaire’s total wealth decreased by $6 billion on Wednesday and by another $20.8 billion on Friday, dropping to $84.4 billion. Adani boasted of a net worth amounting to $121 billion prior to the publication of the report.
The growth trajectory of the businessman’s net worth over the years remains unparalleled. From $9.8 billion in 2019, his wealth skyrocketed to $33.8 billion in 2021 and Adani ended 2022 with $116 billion, according to Bloomberg. The bulk of Gautum Adani’s riches is tied to the stake he owns in his listed companies. As of September 2022, Adani owned almost 75% of Adani Enterprises, Adani Power and Adani Transmissions according to regulatory filings. Moreover, Adani owns 66% stake in Adani Ports & Special Economic Zone, 61% in Adani Green Energy and 37% in Adani Total Gas.
In a response to Hindenburg Research’s report, the Group threatened to retaliate with legal action against the research firm, stating the “maliciously mischievous, unresearched” report had adversely affected the Group, its shareholders and investors.