Gautam Adani has seen his fortune shrink by $51.7 billion in the past week as his group of companies have had to battle against allegations of stock manipulation and fraud raised by U.S.-based Hindenburg Research, reported Forbes.
On 24 January 2023, Hindenburg Research disclosed a short position against Adani Group’s listed companies and published a report that accuses the Indian conglomerate of engaging in “brazen stock manipulation and accounting fraud scheme over the course of decades.”
The Adani Group issues a 413-page rebuttal against Hindenburg Research’s report and calls the short seller’s actions “a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India.”
In its retort, Hindenburg accuses the Adani Group of draping itself in the Indian flag “while systematically looting the nation.”
Adani loses the title of Asia’s richest person to compatriot Mukesh Ambani, and slides down to No. 15 on the list of the world’s richest people with an estimated net worth of $74.7 billion.