HINDENBURG REPORT IMPACT: Adani lost ₹3,000 cr every week; wealth down 60%
Business Standard|March 23, 2023
With net loss of $28 bn, Adani also gave away title of India’s richest to RIL Chairman: Hurun
PUNEET WADHWA
HINDENBURG REPORT IMPACT: Adani lost ₹3,000 cr every week; wealth down 60%

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.

This story is from the March 23, 2023 edition of Business Standard.

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This story is from the March 23, 2023 edition of Business Standard.

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