The net worth of Gautam Adani dipped further on Monday as stocks of his group companies continued to fall even after detailed responses to the Hindenburg report.
Today, Adani lost USD 8 billion in a single day. After the drop in his net worth, Adani slipped to 8th position in the world’s billionaire list.
Currently, the net worth of Adani reached $88.7 billion which is just $4.9 billion more than Reliance Industries Limited Chairman Mukesh Ambani whose net worth is $83.8 billion.
The stocks of companies belonging to the Gautam Adani group started falling after Hindenburg Research released a report on the group.
In its report, the research firm raised concerns about shares of Adani group companies having a possibility of declining from their current levels, owing to high valuations.
Adani Group responds to Hindenburg report
On Sunday, Adani Group responded to allegations and narrative peddled by Hindenburg Research in a 400-page response.
It also raises questions about the ulterior motives and modus operandi of Hindenburg which has conveniently ignored the Indian judiciary and regulatory framework.
The group also alleged that the report by the research firm was not an attack on any specific company but a “calculated attack” on India, its growth story, and ambitions.
Replying to the claim that it is a ‘calculated attack’ on India, Hindenburg Research tweeted, ‘Fraud Cannot Be Obfuscated By Nationalism Or A Bloated Response That Ignores Every Key Allegation We Raised’.
Gautam Adani’s net worth dropped by over USD 45 billion in less than 50 days
Within a span of less than 50 days, Gautam Adani’s net worth dipped by over USD 45 billion. His net worth slid from USD 134.2 billion on December 13, 2022, to USD 88.7 billion on January 30, 2023.
The shares of several Adani group firms dipped by over 40 percent in the last five days. Even the shares of NDTV fell by over 13 percent in one week.
Still, Gautam Adani continues to be the richest person in India. However, the net worth gap between him and the second richest Indian Ambani narrowed significantly after the release of the research firm report.