Richest Indian: With a net worth of USD 84.3 billion, Reliance Industries Ltd. Chairman Mukesh Ambani has surpassed Gautam Adani to become the wealthiest Indian in the world, according to the Forbes Real-time Billionaires list. A few days prior, a study by the New York-based Hindenburg Research accused the Adani Group of blatant stock manipulation.
Ambani goes up by 164 million dollars
Ambani’s assets grew by 0.19 percent, adding 164 million dollars to his wealth, whereas Adani’s assets shrank by 4.62 percent, losing USD 84.1 billion in industrial worth, according to Forbes. Following the release of the Hindenburg report, the Adani Group’s market value decreased by more than USD 50 billion in just two trading sessions, with Chairman Gautam Adani losing more than USD 20 billion, or almost one-fifth of his total wealth.
The Hindenburg Research report highlighted worry that the high values of the Adani Group companies might cause their shares to decline from their current levels. Additionally, it raised worry about the group’s vulnerability to debt. After a research by short-seller Hinderburg Research revealed various charges against the Adani group, including accounting crimes, stock manipulations, and money laundering, the decline in price has been exaggerated.
Hindenburg highlights Adani’s brother’s role
Rajesh Adani, the brother of Gautam Adani, and Samir Vora, the brother-in-law, according to Hindenburg Research, were involved in the import/export system for diamonds that used offshore shell companies to create a fictitious turnover. Adani Enterprises just about completed the full subscription for its follow-on public offering for Rs 20,000 crore. Adani Transmission and Adani Total Gas are two of the group equities that have fallen precipitously.
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