Photo: Collected-
Metropolis Desk-
Gautam Adani is now the 11th richest person in the world, as his ranking dropped seven positions in the last one week.
Adani’s wealth now stands at $84.4 billion behind former Microsoft CEO Steve Ballmer, Google co-founder Sergey Brin and Mexican businessman Carlos Slim, reports Business Insider.
This sharp plunge in Adani’s net worth is the result of a report by US-based research firm Hindenburg released on January 24 on the Adani group.
The report titled ‘How the world’s 3rd richest man is pulling the largest con in corporate history’ alleged “brazen stock manipulation and accounting fraud scheme” at the Adani Group.
Gautam Adani, who is the chairman of the Adani group, saw his wealth tumble down by $34.6 billion since the report was published, according to data from the Bloomberg Billionaires Index.
The research firm also said that it’s taking short positions in the group’s US-traded bonds and non-Indian-traded derivative instruments. This triggered a massive stock correction where the stocks of all nine Adani Group companies plunged, wiping off ₹5.57 lakh crore in market value since the report was released.
