Gautam Adani has now slipped to the 39th spot on the global rich list after the US-based short seller Hindenburg Research accused the Adani Group of indulging in stock manipulation and accounting fraud.
Billionaire owner of the embattled ports-to-power conglomerate Adani Group, Gautam Adani’s net worth has dropped below the $40 billion mark as of Monday.
He has a total personal wealth of $33.1 billion, as per Forbes’ Real-Time Billionaires Index. According to Bloomberg Billionaires’ Index, he is at the 30th spot and has a net worth of $39.9 billion.
The gap between Adani and his rival Reliance Industries chairman Mukesh Ambani is widening. As per Forbes, the Reliance Industries chairman has a net worth of $84.1 billion and ranks eighth in the global rich list.
This comes after the Hindenburg Research accused the conglomerate of indulging in stock manipulation and accounting fraud. It also accused the Adani Group of having substantial debt, indulging in share pledging, and having a precarious financial footing apart from running shell companies out of Mauritius, and round-tripping funds.