Indian billionaire Gautam Adani fell to number 11 on Bloomberg’s list of the world’s richest people. Previously, he was ranked number three.
Indian coal pot Gautam Adani lost more than 70 billion dollars of his assets in three days.
Adani was the third richest man in the world on the financial media Bloomberg’s billionaire list back in December, but in a recent in the listing published on Tuesday (you will switch to another service) he has dropped to 11th place.
The reason for the drastic drop is the collapse of the value of Adani Group companies controlled by Guatam Adani.
The Economist Times (you are moving to another service) and Frobes (you switch to another service) say that the reason behind the devaluation is suspicions related to the manipulation of the securities market.
At the end of January, the investment research company Hindenburg Research published a report (you go to another service)which revealed that many ambiguities and abuses are involved in Adani’s companies.
According to the report, Adani’s companies have, among other things, deliberately distorted information and published outdated information in order to improve the companies’ image.
After the report came out, a massive sell-off of shares began. Last week, the value of the shares reached its bottom reading.
A drop of several percent
Adani has acquired assets in the energy market. The Washington Post (you are moving to another service) says that Adani owns, among other things, coal power plants and mines and imports about a quarter of the coal coming to India.
Adani Group also operates in the port, defense, agriculture and food sectors, as well as in the technology side such as the data center and drone business.
Last week, the value of almost all companies owned by Adani fell.
Adani Green Energy and Adani Total Gas shares fell by 20 percent, and the value of Adani Transimission shares fell by 15 percent. In addition, the value of companies operating in the port, defense, agriculture and food sectors decreased by approximately five percent.
Only the value of the Adani Enterprises holding company’s shares remained unchanged.
On Friday, the economic newspaper Forbes (you are moving to another service) reported that the value of Adani’s assets fell by 19 percent in a single day, or about 20 billion euros.
Quickly rose to become the richest man in Asia
At the moment, the value of Adani’s assets is approximately EUR 84 billion. He is still the richest man in Asia.
As recently as December, the value of assets was already over 125 billion euros.
60-year-old Adani rose to the top of the list of the world’s richest people in two years. At the beginning of 2020, the value of his assets was only 10 billion euros.
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Also watch the video of Hindus showing their support for the Adani port project in Kerala last November: