Market

Gautam Adani falls to world’s eighth richest man as short seller report wipes $72 billion off Adani market value

Indian billionaire Gautam Adani’s wealth is evaporating, as Adani Group companies have lost a combined $72 billion in market value since U.S. short seller Hindenburg Research published a report on the Indian conglomerate last week.

Once Forbes’ third richest billionaire, Adani has fallen back from his quick rise up the ranks, now falling to eighth on the Forbes real-time billionaires list at $88.2 billion, putting him behind Warren Buffett, Bill Gates and Carlos Slim Helu.

Share price movements in Adani companies were mixed on Monday, with flagship firm Adani Enterprises
512599,
+4.21%

up 4% but Adani Total Gas’s
542066,
-20.00%

shares down 20%.

The group published a lengthy rebuttal to Hindenburg’s claims of alleged fraud on Sunday. In a 413-page response, Adani said it was under no obligation to respond to the “baseless” allegations but did so in the interest of transparency to its stakeholders.

The group called the report was “a malicious combination of selective misinformation and concealed facts” and the short seller had “male fide intention” timing the publication with Adani Enterprises $2.5 billion share sale.

Hindenburg responded, saying Adani had “failed to specifically answer” the majority of its questions.

Over the weekend, the conglomerate maintained it was not going to change the schedule nor the issue price of its secondary share sale by Adani Enterprises, the group told Reuters.

The flagship company set a floor price of 3,122 rupees per share and a cap of 3,276 rupees per share for the share sale – much higher than its Friday close of 2,762.15 rupees.


Source link

Jake

Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *