Gautam Adani, Chairman of the Adani Group, dropped from being the third richest person in the world on January 17, 2023, to not even being in the top 20 last week. The share price of Adani Enterprises increased by 25%, peaking at $1,965.50. Adani Ports now costs $598.70, an increase of 9.64%. At 1,324.45 and 399.40 respectively, Adani Transmission and Adani Wilmar both reached their upper circuit limitations.
After US short seller Hindenburg Research accused the Adani Group of brazen stock manipulation and accounting fraud scheme over the course of decades, the sharp decline in Adani’s wealth came under fire.
Source: Forbes
Because of the Hindenburg Research study, Adani Group equities have lost more than $118 billion in market value over the past two weeks. On February 7, Adani Ports said that on a consolidated basis, its December 2022 quarter revenue decreased by 16% to $1,315.54 billion from $1,567.01 billion in Q3FY22.
While Adani Transmission, a subsidiary of the Adani Group, announced on Monday a 77.8% increase in its consolidated net profit for the quarter ending in December 2022 to Rs. 474.72 crore. This compares to a net profit of 267.03 crore during the same time last year.
Other gainers in the list include Elon Musk ($3 billion), Tadashi Yanai ($708 million), Ravi Jaipuria ($675 million) and Low Tuck Kwong ($648 million), according to Forbes. Adani now stands at no. 17 among the richest people in the world.
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