Gautam Adani, founder, and chairman of Adani Group became poorer by over Rs 2,000 crore in a single day today as his group’s companies are still witnessing sharp sell-off due to the Hindenburg effect.
Due to the sharp drop in his net worth, his ranking in the global billionaire list has also fallen down from third to 16th today.
Adani stocks dipped by over 40 percent in five days
The stock price of Adani Enterprises and Adani Total Gas fell by over 40 percent in five days. Other stocks of the Gautam Adani’s group also dropped significantly after the release of the Hindenburg report against the group.
As per media reports, Citigroup joined Credit Suisse in not accepting Adani Group securities as collateral. After it became public, the stock price of the group’s companies started hitting lower circuits.
As of now, the Adani Group firms including Adani Transmission, Adani Green Energy, Adani Wilmar, Adani Power, Adani Total Gas, and NDTV are locked in their respective lower circuit limit.
It all started after Hindenburg research firm released a report raising concerns about shares of Adani Group companies having a possibility of declining from their current levels, owing to high valuations.
Soon after the release of the report, the stocks of companies belonging to the group started falling.
Though, the group responded to allegations and narrative peddled by the firm in a 400-page response, some of the group’s companies are still witnessing sharp sell-off.
Due to the Hindenburg effect, the net worth of Gautam Adani which was USD 134.2 billion on December 13, 2022, fell to USD 84 billion now.
Gautam Adani loses richest Indian tag to Mukesh Ambani
Due to a dip in his net worth, Adani yesterday lost the richest Indian tag to Reliance Industries Limited (RIL) chairman Mukesh Ambani who is at the 10th spot in the world’s billionaire list.
Currently, the net worth of Ambani who is also holding the tag of the richest person in Asia is USD 82.7 billion.