The M3M Hurun Rich List 2023, published on Wednesday, stated that Indian Billionaire Gautam Adani has lost over 60% of his fortune in the past few months as a result of the Hindenburg Report released in January.
Former richest Asian, Adani, who is also the founder of the Adani Group is going through the worst phase of his life monetarily. Reports say that he has been losing over Rs. 3000 crore per week. Adani, who is already under fire for financial misconducts, has lost over $120 Billion since September 2022. Mukesh Ambani has now topped Adani to become India’s richest man and Adani has slipped to the 23rd slot internationally.
The Gujarati tycoon has not only dropped out of the Top 35 Forbes List, but also out of the Top 10 Billionaires of the world list. This has come as a huge setback for the conglomerate who has over 23000 employees working for them.
This effect, now popular as the Hindenburg Impact came into play after a report by US Short-seller Hindenburg accused Gautam Adani for financial misconducts.
While the share price of Adani Green Energy has been on the rise, the other branches of the company, like Adani Enterprises and Adani Ports have been losing value quickly. Adani Enterprises ended the day at Rs. 1809.35, which was 0.82% less than yesterday. Fallling share prices, decreasing revenue, growing distrust and loss of reputation has done more damage to the company than expected.
It will be interesting to see who this huge institution holds its ground and tries to strike gold again.