Gautam Adani left the world’s top 10 billionaires amid Hindenburg investigation
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Indian billionaire, founder of the Indian conglomerate Adani Group Gautam Adani, who in September last year rose to the second line of the list of the richest people in the world according to Bloomberg, today, January 31, left the top 10 of this rating.
The reason for the sharp drop in the value of Mr. Adani’s assets was investigation Hindenburg Research, published last Tuesday, January 24th. According to the research firm, they have been investigating for two years and have collected evidence that “Adani Group has been involved in brazen stock manipulation and reporting fraud schemes for decades.” Hindenburg Research questioned the “sky-high valuation” of the group’s companies and said the conglomerate actually has “substantial debts”.
As a result, over the past week, the ten largest enterprises that make up the Adani Group lost a total of about $ 75 billion in market capitalization. Mr. Adani’s own fortune has fallen from $120 billion to $84.4 billion. Now he ranks 11th on the list. Bloomberg Billionaires Index.
The day before Adani Group released A 413-page report in which he strongly denies all allegations against him. “All this (accusations of Hindenburg Research.— ”b”) is a conflict of interest and is aimed at only one thing – to create conditions favorable for transactions with securities for the Hindenburg company, and it is known for making money on a decrease in the value of shares of companies (so-called short sales), and to do this using unworthy methods at the expense of numerous investors,” the conglomerate said in a report.
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