Guwahati: On Wednesday, Gautam Adani lost his title as Asia’s richest person as his conglomerate’s stock plummeted in response to a US short-seller report.
This drop in the market saw him slip to 15th on the Forbes Rich List with an estimated net worth of $ 75.1 billion, down by $40 billion in the last week.
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Adani Enterprises, the flagship company of the Adani Group, attempted to boost investor confidence with a $2.5 billion share sale on Tuesday – however, their stock still suffered a 30% drop on Wednesday.
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Other Adani Group companies, such as Adani Power, Adani Total Gas, Adani Transmission and Adani Ports and Special Economic Zone, all fell by varying degrees.
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The short seller report by Hindenburg Research alleged improper use by the Adani Group of offshore tax havens and stock manipulation.
The group has denied the allegations and insists they have made the necessary regulatory disclosures. Credit Suisse has reportedly stopped accepting bonds of Adani Group companies as collateral for margin loans to their private banking clients, reflecting the nervousness around the company.
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Meanwhile, the Indian markets regulator is looking into deals by the conglomerate, and the state-run Life Insurance Corporation (LIC) is seeking clarifications from Adani’s management regarding the report.