Hindenburg Effect: Gautam Adani Loses Richest Indian Tag to Mukesh Ambani

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After the publication of the Hindenburg report, the Adani Group lost more than US$ 50 billion in market value in just two trading sessions

Clarion India

NEW DELHI — Days after the New York-based Hindenburg Research released a report accusing Adani Group of brazen stock manipulation Gautam Adani, founder and chairman of Adani Group, has lost the tag of being the richest Indian in the world to Mukesh Ambani, according to Forbes.

Mukesh Ambani, Chairman of Reliance Industries Ltd, has overtaken Gautam Adani as the richest Indian in the world with a net worth of US$ 84.3 billion, according to the Forbes Real-time Billionaires list.

Ambani’s assets increased by 0.19 per cent with a rise in wealth of US$ 164 million, while Adani’s assets decreased by 4.62 per cent with an industrial wealth of US$ 84.1 billion.

Ever since the release of the report against Adani Group, Gautam Adani is losing billions of dollars daily due to drop in his companies’ shares.

The Adani Group lost more than US$ 50 billion in market value in just two trading sessions, with Chairman Gautam Adani losing over US$ 20 billion, or about one-fifth of his total fortune.

Adani Enterprises, the group’s flagship company, slid 3.02 per cent to Rs. 2,880.20 per share on the BSE. In just five days, the stock had dropped 15%. Adani Green fell 3.82 per cent to Rs 1,177.15 per share, and the stock has dropped over 38 per cent in the last five days.

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