The Dhaka Times Desk India's Gautam Adani has dropped from the third richest person in the world to the seventh place due to the continued fall in the company's value in the capital market.
Asia's richest man's business has been thrown into turmoil after a US research firm published a report alleging stock market fraud against the Adani Group. He has lost 5000 million dollars (about more than 5 lakh crore rupees) in a few days due to the continuous price fall in the capital market.
A research report by New York-based firm Hindenburg said Gautam Adani had committed the 'biggest fraud in the history of the corporate world'. According to the complaint, Adani Group has cheated the stock market by falsifying the accounts. The report also said that the Adani Group is also saddled with heavy debt, which is shaking the financial footing of the business. In their report, Hindenburg also pointed to the Adani Group's ownership of companies in various tax havens in Mauritius and the Caribbean. After the release of the report on Tuesday, there was a strong negative reaction in the stock market. The Adani Group, however, said the Hindenburg report was 'malicious' and full of misinformation. They said they are also considering filing a case against the US company in India and the US. Adani Group is one of the largest business conglomerates in India. Apart from consumer goods, their businesses and investments span major sectors such as energy, airports, seaports and infrastructure construction.
Share prices of other companies in the group have been more volatile, with their shares also suspended on the Mumbai Stock Exchange, British news media BBC reported. As a result, Adani has dropped from being the third richest person in the world to the seventh place in the Forbes list. His net worth has fallen to an estimated $9 trillion. Although Adani denied the allegation, Hindenburg stood by its report, claiming it was accurate. They feel that no legal action will work. The Hindenburg Research report also said that the Adani Group has been involved in share manipulation and financial transactions for decades. The group has amassed huge wealth by artificially inflating share prices manifold. The Bloomberg Billionaires Index says Gautam Adani is still Asia's richest person, with a personal fortune of $11,300,000, despite declining wealth standards. His wealth is more than three billion dollars more than Mukesh Ambani, the other Indian billionaire.
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