Gautam Adani no longer figures among the world’s 25 richest persons’ list after being caught in a short selling storm with Hindenburg research, according to the world billionaires list by Forbes and Bloomberg.
Adani has slipped to the 26th rank in Forbes list and 29th rank in Bloomberg list after his net worth tanked to less than $45 billion on Wednesday.
Forbes Real-Time Billionaire List pegged Adani’s current net worth at $43.4 billion while the Bloomberg Billionaires Index said that Adani’s net worth slipped to $42.7 billion.
The group of companies owned by Adani has lost about $142 billion in market capitalization since the Hindenburg report was published on January 24.
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.”