It is the Indian tycoon Gautam Shantilal Adani. He lost that amount (and more) after a “bad streak” in the stock market and dark accusations.
Five days of “bad streak” on the stock market left the Indian tycoon Gautam Shantilal Adani a little poorer and out of first place on the podium of the richest men from Asia.
This Wednesday its flagship company, Adani Enterprises, which has caused the tycoon to leave the top 10 of the great world fortunes established by Forbes magazine. In addition, his personal fortune has melted down, losing $40 billion, according to Forbes real-time rankings.
Adani, president of the multinational conglomerate Adani Group, also lost his position as the richest man in Asia on Wednesday, after a week of losses in an ambitious stock operation Torpedoed by accusations of market manipulation.
Adani, with an estimated fortune of 74.7 billion dollars, it fell to second place after registering a loss of 13,000 million on Wednesday, according to the Forbes list, giving up his place to Mukesh Ambani, also an Indian, at the head of the Reliance Industries group, with 84,300 million.
US$ 4 billion in one morning
The losses of the last hours of this Wednesday represent a depreciation in the list of the richest in the world, just a few hours after it had fallen from the eighth to the tenth step during the morning, when it lost about 4,000 million.
Adani’s fall is preceded by a week of pressure on the conglomerate, which carried out a massive stock market operation with a secondary offering initially estimated at $2.5 billion, one of the largest public offerings on the Indian stock market.
However, the ambitious move was overshadowed by the publication of a report by the US investment group Hindenburg Research, which accused the billionaire of “equity manipulation and accounting fraud” for decades, two days before the massive offer.
With the value of the shares collapsing From the day of the opening, the businessman was forced to go on the defensive to reverse losses and keep afloat the three-day offer that, although it closed on Tuesday with all shares sold, left company prices in red and below expectations.
Adani Enterprises shares, the conglomerate’s flagship company, registered on Wednesday a drop of 26.4% by the market closing time, according to data from the Indian National Stock Exchange (NSE).
The week of falls cost Adani’s companies a depreciation of more than 50,000 million dollars, after, until eight days ago, it remained as the third richest in the world.
Adani Group, with multinational companies focused primarily on the industrial and energy sectorwas founded by Gautam Adani himself in 1988 as a trading company that soon expanded into importing and exporting goods and later developing its own ports.
The conglomerate began a meteoric growth in 2014, coinciding with the coming to power of Prime Minister Narendra Modi, to whom Adani has shown open sympathy and support, going on to amass a fortune that went from 2.4 billion dollars to more than 80 billion estimated dollars. Today.
The recent acquisition of the Indian television channel NDTV, seen by Modi’s detractors as the country’s last great independent outlet, has been seen by critics as a political move by Adani to help boost the image and contain criticism against indian prime minister with an eye on the general elections next year.
EFE and RFI