Gautam Adani slips down to 7th spot on the world rich list; Adani Group dismissed report as “baseless”
Gautam Adani’s net worth has continued to fall, putting him in the seventh spot on the Forbes Real Time Billionaires list, down from the third position he held prior to the Hindenburg report. According to Forbes, his net worth is $96.5 billion as of January 27, 2023, a decrease of more than $22.7 billion (19%).
Shares of Adani Group’s seven listed companies crashed for the second straight day on Friday, extended their fall after Hindenburg Research said that it took a short position in certain securities of the group which the Group dismissed as ‘baseless’. Adani Group has denied the report and stated that it is considering legal action against the New York-based firm.
Adani Transmission shares fell more than 19%, Adani Total Gas shares fell 19.1% in their biggest daily drop since mid-March 2020, and Adani Green Energy shares fell about 16% on the BSE.
Meanwhile, Adani Enterprises fell even as it launched a Rs.20,000 crore follow-on public offer (FPO) today. It will sell shares at a price range of Rs.3,112 to Rs.3,276 per share, with the issue closing on January 31, 2023. On Wednesday, the flagship firm of billionaire Gautam Adani’s conglomerate said it had raised Rs.5,985 crore from anchor investors ahead of the offer.
Gautam Adani is the founder of the conglomerate Adani Group, India’s largest port operator. The Ahmedabad-based infrastructure company is also India’s largest closely held thermal coal producer and trader. Adani Group’s holdings include infrastructure, commodities, power generation and transmission, and real estate.
The Adani Group has been diversifying its business interests, most recently purchasing cement firms ACC and Ambuja Cements from Switzerland’s Holcim for $10.5 billion. On Friday, ACC was down 15%, while Ambuja was down up to 25%.
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