Stung by the Hindenburg Research report in January 2023 that alleged Adani Group had engaged in brazen stock manipulation and accounting fraud, improperly used offshore tax havens, and flagged concern about the group's high debt, Gautam Adani lost $28 billion in wealth, or 3,000 crore a week in 202223, reveals the M3M Hurun Global Rich List 2023 report.
As a result, Adani and family lost the second-richest Asian title to Zhong Shanshan of YST, a Russiabased seller of alloy and steel wheels. It estimates the present-day wealth of Adani and family at $53 billion.
Adani was briefly the world's second richest just before the report his fortunes have since dipped over 60 per cent from their peak levels. The combined market capitalisation of all listed Adani Group firms has plunged nearly 7.11 trillion since January 24 when the Hindenburg report was made public.
Adani Enterprises - the group's flagship company - tanked from 23,443 on January 24 to about 1900 at the bourses in a few days once the report was published. It has, however, recovered some lost ground and is currently trading at 1,824 levels.
Diese Geschichte stammt aus der March 23, 2023-Ausgabe von Business Standard.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der March 23, 2023-Ausgabe von Business Standard.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Plan logistics: MoE to CBSE on two board exams a year
The Ministry of Education (MOE) has asked the Central Board of Secondary Education (CBSE) to work out logistics for conducting board exams twice a year from the 2025-26 academic session, according to sources.
Rushdie at the cutting edge
I began my review of Victory City thus: \"Rejoice, for Salman Rushdie,.
Most SC/ST candidates fight with no backing from political party
ANOUSHKA SAWHNEY New Delhi, 26 April The participation of political contestants belonging to the ☐ scheduled caste and scheduled tribe has shown a declining trend over the years.
INDIA'S GAMBIT
What is behind the explosion of chess talent in the country, and what does it augur for the game?
Innovation funds: High-risk bets that are apt for seasoned investors
Failure rates among innovators tend to be high; concentrated portfolios make these funds volatile
Bajaj Finance sinks 8% amid rising NIM pressure
Brokerages bearish, anticipate NIM compression in FY25
Strong execution key for Tech Mahindra to achieve 3-year targets
The market could not make a clear assessment of Tech Mahindra with the stock swinging wildly in the last two sessions.
Mkts wrong to hope worst of geopolitical crises over: Wood
Global financial markets are wrong in hoping that the worst is over in geopolitical crises such as the Iran-Israel conflict and the Russia-Ukraine war, wrote Christopher Wood, global head of equity strategy at Jefferies, in a recent note to investors called 'GREED & fear'.
Post-LS elections gaining streak: Will Nifty IT do it again?
Usually, general elections cast a spell of sorts on Dalal Street.
BSE to shell out regulatory charge to Sebi more as
Move follows clarity on turnover fee paid by bourses
