Indian tycoon Gautam Shantilal Adani has left Indian stock market tycoon Gautam Shantilal Adani for five days a little poorer and off the top spot on the podium of Asia’s richest men.
This Wednesday your flagship company, Adani Enterprises, which brought the tycoon out of the top 10 of the world’s great fortunes compiled by Forbes magazine. Additionally, his personal fortune melted away, losing $40 billion, according to Forbes’ real-time rankings.
Adani, chairman of multinational conglomerate Adani Group, also lost his position as Asia’s richest man on Wednesday, after a week of losses in an ambitious stock trade Torpedoed by accusations of market manipulation.
Adani, with an estimated fortune of $74.7 billion, he dropped to second place after recording a loss of 13,000 million on Wednesday, according to the Forbes list, giving way to Mukesh Ambani, also from India, at the helm of the Reliance Industries group, with 84,300 million.
4 billion dollars in one morning
The losses of the last hours of this Wednesday represent a depreciation of the list of the richest in the world, a few hours after it had dropped from the eighth to the tenth rung during the morning, when it had lost about 4,000 million.
The fall of Adani is preceded by a week of pressure on the conglomerate, which carried out a massive stock market operation with a secondary offering initially valued 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 US investment group Hindenburg Research, which accused the billionaire of “asset manipulation and accounting fraud” for decades, two days before the massive offer.
With the value of the shares collapsing Since opening day, the entrepreneur has been forced to get on the defensive to reverse losses and keep afloat the three-day offer which, although closing on Tuesday with all shares sold, left the company’s shares in the red and below expectations.
Shares in Adani Enterprises, the conglomerate’s flagship company, were traded on Wednesday a drop of 26.4% by market close, according to data from the Indian National Stock Exchange (NSE).
The week of declines cost Adani’s companies a depreciation of more than 50 billion dollars, after having remained so until eight days ago the third richest in the world.
Adani Group, with multinational companies mainly focused on the industrial and energy sectorwas founded by Gautam Adani himself in 1988 as a trading company which soon expanded into the import and export of goods and later the development of its own ports.
The conglomerate began meteoric growth in 2014, coinciding with the rise to power of Prime Minister Narendra Modi, to whom Adani has shown open sympathy and support, amassing a fortune that has grown from 2.4 billion dollars to over $80 billion estimated. Today.
The recent takeover of Indian TV channel NDTV, seen by Modi’s detractors as the country’s last major independent channel, was seen by critics as a political move by Adani to help boost the image and contain criticisms against the Indian prime minister with an eye to next year’s general election.
EFE and RFI
Source: Clarin
Mary Ortiz is a seasoned journalist with a passion for world events. As a writer for News Rebeat, she brings a fresh perspective to the latest global happenings and provides in-depth coverage that offers a deeper understanding of the world around us.