Gautam Adani's net worth crashes below $50 bn amid relentless stock market rout
The billionaire, who was once comfortable among the world's five richest men, has now tumbled to the 25th position.
With a stellar rise of 1000 per cent for group stocks in five years, Gautam Adani was India's shining star on the global rich list after surpassing Jeff Bezos for the second position. That was before the Hindenburg report triggered a relentless crash in its stocks, which has wiped out $132 billion from the conglomerate's value. As he scrambles to pare his losses by prepaying loans among other measures, Gautam Adani's wealth has slipped from $120 billion to less than $50 billion.
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Relentless rout for Adani stocks
The billionaire, who was once comfortable among the world's five richest men, has now tumbled to the 25th position. Adani Enterprises fell once again by 6.3 per cent, dragging the Indian stock market, while three group stocks need a 400 per cent rally to hit April 2022 levels. This indicates that small bouncebacks, followed by another crash, won't be enough for Adani's full fledged recovery.
Changing fortunes on forbes
Forbes, where Adani once enjoyed a position among the world's wealthiest, recently published a report documenting his brother Vinod Adani's dubious dealings. After losing $71 billion from his net worth, Adani has reported the worst wealth erosion by any of the world's 500 richest people. Closer to home, Adani has been replaced as India and Asia's richest man by Reliance Industries' Mukesh Ambani.
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Trouble piling up
Moody's has downgraded four of his group stocks, while Morgan Stanley stripped some Adani stocks of the free float status, hampering their sale on open markets. SEBI has also been probing the fiasco, stock market rout, and an FPO cancelled by Adani despite being fully subscribed. An Adani-linked firm in the UK is now facing scrutiny, and its French partner TotalEnergies has put a major green hydrogen project on hold.
Government maintaining distance?
With trouble mounting, the Indian government has hit out at billionaire George Soros for linking Adani's woes to democracy in India. They have also pointed out Adani's links with non-BJP state governments, in a bid to downplay his proximity with Prime Minister Narendra Modi.
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