At present, the hard-pressed tycoon has a net worth of $61.3 billion, as per the Bloomberg Billionaires’ Index.
The continuous decline in the value of Adani Group stocks on Dalal Street has cost Adani Group Chairman Gautam Adani over half of his personal fortune. According to the Bloomberg Billionaires’ Index, the struggling businessman currently has a net worth of $61.3 billion annually. Adani’s current net worth is $57.3 billion, based on the Forbes Real-Time Billionaires’ Index.
Since the New York-based short seller Hindenburg Research released an explosive report accusing the conglomerate of engaging in stock market manipulation and money laundering, the stocks of the Gautam Adani-led Adani Group have been reeling under intense selling pressure. As a result of the stock market crash, shareholders’ notional worth has been reduced by Rs 10 lakh crore.
Adani Enterprises, Adani Transmission, Adani Total Gas, and Adani Green Energy have all declined by 70–75% from their respective highs, while Adani Total Gas, Adani Power, and Adani Wilmar have all had a 50–60% decline in value. Its most recent purchases, including NDTV, ACC, and Ambuja Cements, have all taken a beating.
Overall, since Hindenburg released its research, the Adani Group’s market value has decreased by almost $118 billion, or Rs 9.74 lakh crore. Eight of the ten stocks with the lowest performance in the MSCI Asia Pacific Index in 2023 are now Adani companies.
Late on Wednesday, Gautam Adani declared that his company Adani Enterprises will not be making its highly-publicized Rs 20,000 crore follow-on public offer. This brought the matter to a head (FPO). Adani later stated in a video speech that the company’s board did not believe that moving forward with the FPO was “morally correct.”
Adani stated that the interests of the investors come first for him when announcing the withdrawal of the FPO and that everything else comes after that. Sameer Kalra, the founder of Mumbai’s Target Investors, commented on the severity of the situation by stating that investors who seek specific plans and actions are not only interested in fulfilling promises. The use of every rupee, he continued, is crucial right now since so many parties are involved.
Hindenburg accused the Adani Group of market manipulation and accounting fraud. The short selling firm also accused the members of the Adani family, and in particular Gautam Adani’s brother Vinod, of controlling offshore shell entities in tax havens like Mauritius to facilitate money laundering.
