Before the Hindenburg report came out almost a month ago on January 24, Gautam Adani was sitting at the third rank on the world¡¯s richest people list.?
Once Asia¡¯s richest person, Adani has lost billions of dollars from his fortune ever since Hindenburg research came out with its report that rattled his business empire.
And now, after the Adani group shares lost over Rs 50,000 crore in market value in a single day yesterday, Gautam Adani is no longer among the world¡¯s 25 richest people.
As per the Bloomberg billionaire index, Adani currently sits at the 29th position with $42.7 billion net worth, having lost around $77 billion since the Hindenburg report came out.
Yesterday, the crisis in Adani Group stocks deepened further, with all 10 stocks from Adani's empire ending in the red. The single-day loss in market valuation was worth around Rs 51,294 crore.
Since the release of the Hindenburg report, the combined market capitalisation of all 10 Adani stocks has so far lost around Rs 11.62 lakh crore to Rs 7.58 lakh crore. In less than a month, Adani stocks have lost 60% of their value, as per an ET report.
For the uninitiated, Hindenburg Research had accused the Adani group of price manipulation, accounting fraud and money laundering. Earlier this month, Reliance's Mukesh Ambani had replaced Adani as richest Indian and Asian. Mukesh Ambani is currently in 12th position on the rich list with $81.5 billion net worth.
The recent update amid Hindenburg vs Adani row is that India¡¯s market regulator SEBI, which is already probing allegations made against the Adani Group, has now sought details of all ratings of local loans and securities of Adani group companies from credit rating firms.
The rating companies have been told by the Securities and Exchange Board of India (SEBI) to share the information, which would include all outstanding ratings, outlook, and possible updates from any discussions with officials of the business group.
"SEBi is probably trying to ascertain whether the sharp fall in stock prices of several Adani companies would have any bearing on the liquidity positions and the debt repayment capability of the borrowing companies... Most of this information, however, is in public domain," a person aware of the communication from the regulator told ET.
Also Read:?How Adani Group Has Mapped Its Comeback Strategy?
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