Gautam Adani Net Worth: Gautam Adani’s net worth fell by $7 billion in a single day, know why the company’s stock fell
Gautam Adani Net Worth: There was a big jump in the net worth of Gautam Adani, chairman of the world’s fourth richest Adani Group, on Wednesday. Gautam Adani’s net worth has declined by $6.5 billion (Rs 54,000 crore) in a single day after the release of the report by US-based Hindenburg Research LLC. Shares of various companies of Adani Group listed on the stock exchange have seen a decline of up to 10 per cent.
According to Forbes’ Real Time Billionaires list, Gautam Adani’s net worth has declined by 5.17 per cent or $6.5 billion to $119.1 billion. Earlier Hindenburg Research LLC had said that it is selling shares of Adani Group. Shares of Adani Group were trading at 85 per cent premium to their actual valuation, according to research firm, a report sending Adani Group shares to the upside.
Adani Group closed down 6.31 per cent, Adani Ports 6.31 per cent, Adani Transmission 8.85 per cent, Adani Total Gas 5.95 per cent, Adani Power 4.75 per cent, Adani Wilmar 5 per cent, Adani Green Energy 3.08 per cent and Adani Enterprises 1.54 per cent. The market cap of Adani Group’s shares is around Rs 100 crore. 55,000 crores has been reduced. On Tuesday, the market cap of seven listed shares of Adani Group was Rs 100. 17.75 lakh crore, which has come down to Rs. 17.20 lakh crore has been done. Shares of cement companies Ambuja Cement, recently bought by the Adani group, closed down 7.77 per cent and ACC 7.28 per cent.
In his reaction on the Hindenburg Research report, Adani Group Group CFO Jagshinder Singh said that we are surprised by the published report of Hindenburg Research as they have published the report without contacting us or verifying the correct facts. Adani Group said the report is a malicious mix of misinformation, stale, baseless and defamatory allegations which have been examined and rejected by the Supreme Court of India. Along with this, he said that this report has been brought with the intention of harming the FPO of Adani Enterprises. This report of Hindenburg Research has come at a time when Adani Enterprises’ Rs. The Rs 20000 crore follow-on public offer (FPO) is scheduled to open two days later on January 27, 2023.