Al-Marsad Newspaper – Agencies: The Indian billionaire, Gautam Adani, left the list of the 5 richest people in the world on Friday, with the decline in the shares of the “Adani” group companies.
The shares of “Adani” companies fell after the issuance of a report on the group prepared by the “Hindenburg Research” company, alleging that Adani committed fraud in various fields.
Forbes estimates Gautam Adani’s wealth now at $96.6 billion, which means that he is no longer one of the 5 richest people in the world, after his wealth was $119.3 billion.
Adani is still the richest person in Asia, but he is ranked seventh in the list of the richest people in the world.
Fraud and money laundering operations
Gautam Adani is the head of the “Adani” group, which has multiple investments in various sectors, such as the ports and airports sector, as well as real estate, cement, energy, and others, as well as the Indian billionaire’s pledge to invest heavily in the renewable energy sector.
Hindenburg has accused the head of the Adani Group of conducting fraud for decades, including accounting fraud, stock market manipulation and money laundering.
For its part, the group denied the accusations, describing the report as trying to sabotage one of the largest companies in India and Asia, and indicated that it had taken legal action against the “Hindenburg Research” company.
He lost a fifth of his fortune in 6 hours
Because of the report, the shares of the “Adani” group companies fell sharply on Friday, as the share of “Adani Enterprise” fell by more than 18 percent, the share of “Adani Power” fell by about 5 percent, and the share of “Adani Ports” fell by more than 15 percent. The shares of “Adani Total Gas”, “Adani Green Energy” and “Adani Transmission” fell by the maximum drop of 20 percent.
Because of the decline in the group companies, the Indian billionaire lost about a fifth of his net worth in one day, specifically within 6 hours, according to the Bloomberg Billionaires Index.