The Richest Indian Man’s Empire Is Going Down

Ever since the third richest man in the world, Indian billionaire Gautama Adani, was accused of financial fraud, his corporation, “Adani Group,” experienced a steep decline. It is now estimated to be worth half of what it was just over a week ago.

People started dumping flagship company Adani Enterprises shares soon after the market opened in Mumbai on Friday, despite the company’s attempts to regain investor confidence. The Guardian writes that other entities on the stock exchange, such as Adani Green Energy and Adani Ports, also fell significantly.

The relentless sell-off has shaved more than $115 billion off the value of the Adani companies.

This happened in a short period – in just two weeks since the American Hindenburg Research accused the conglomerate of stock manipulation and accounting fraud.

Otherwise, the corporation, which includes ports, electricity, coal, and renewable energy sources, accused the authors of the report of a calculated attack on India, noting that American investors are now profiting from falling stock prices.

How did this affect Adani entities?

The Adani companies were worth a joint $220 billion before the report.

According to the Bloomberg Billionaires Index, Adani’s net worth significantly changed. Just a few weeks ago, he was next to Jeff Bezos and Bill Gates, among the richest people in the world. According to unofficial estimates, now he is close to the twentieth place.

Now, falling share prices have put the richest Indian man in serious trouble. Experts believe the man who runs Australia’s controversial coal mine and the Carmichael rail project in Queensland could resort to forced asset sales.

Reuters reported that the company’s Adani entities made scheduled payments on outstanding bonds on Thursday, adding that the conglomerate plans to issue a credit report by the end of the week to address liquidity problems.