Adani Group Wealth: On 24 January 2023, Hindenburg Research released a report alleging rigging and accounting fraud in Adani Group’s stocks. In the research report, the issue of huge outstanding debt on the group was also raised, after which Adani Group’s listed stocks in the stock market saw an autumn-like decline. M3M Hurun Global Rich List Report has said in its report that Adani Group Chairman Gautam Adani will get Rs 3,000 every week in the financial year 2022-23 after the release of the research report against Adani Group. There has been a loss of Rs.
According to the M3M Hurun report, Gautam Adani was stripped of the title of Asia’s richest man after Adani Group’s stocks took a beating, which has now gone to Zhong Shanshan of Russia-based alloy and steel trader YST. In the report, the assets of Gautam Adani and his family have been estimated at $53 billion. Shortly before the release of the Hindenburg Research Report, Gautam Adani had achieved the title of being the second richest in the world. But after the release of the report, his wealth has declined by more than 60 percent.
After the release of the Hindenburg Research report, the market capitalization of all the 10 stocks of Adani Group listed on the stock exchange came down from Rs 19 lakh crore to Rs 7.11 lakh crore. Adani Enterprises, the flagship company of the group, had to withdraw its Rs 20,000 crore FPO as there was a sharp fall in the stock compared to the price band of the FPO. Before the arrival of the Hindenburg report, the stock of Adani Enterprises was trading at Rs 3440, which fell to the level of Rs 1,000. Many stocks of the group fell by up to 85 per cent.
