The Hindenburg report has named Gautam Adani along with his family members in what it has called the biggest fraud in corporate history. The report triggered off strongly worded responses from the Adani Group, where it called Hindenburg's findings stale and its claims malicious. But that hasn't helped market sentiment around Adani's stock, as it has crashed by 20 per cent so far, and has also wiped off more than Rs 80,000 crore from the firm's market cap.
After his meteoric rise to the position of the world's third wealthiest man, Gautam Adani has been dragged down to the seventh position on Forbes' rich list by Hindenburg's damning report. The serious claims have triggered off a storm as Indian index Sensex opened 1,000 points lower, and market regulator SEBI increased scrutiny against the Adani Group.
As of now Bernard Arnault of Louis Vuitton is the world's richest man, pushing Elon Musk to the second position, followed by Jeff Bezos and Oracle founder Larry Ellison. Adani on the other hand was surpassed by Microsoft founder Bill Gates and Warren Buffet, on the list.
(To receive our E-paper on WhatsApp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)
