Gautam Adani now finds himself ranked seventh richest man in the world after a huge sell off of his group’s stock exchange listed firms which began earlier in the week
Gautam Adani, one of the world’s richest men, saw his fortune plunge by nearly $48bn after a scathing report from a US investment research company triggered a sell-off in his group’s stock exchange listed firms., which put his fortune at $119bn – now finds himself ranked seventh after the massive sell-off, which began earlier in the week.
The Adani Group denies the allegations made in the report, describing them as “a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts”. The Indian company said its publication was timed to damage its reputation ahead of a large share offering set to close next week.
Hindenburg, named after the 1937 Hindenburg airship disaster because it denotes a man-made avoidable disaster, issued a 100-page report which questioned the Adani Group’s management practices and levels of debt.
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