With his companies suffering deeper stock losses on Wednesday, February 1, Gautam Adani is no longer Asia's richest person.
saw Adani slip to 15th on Forbes’ rich list with an estimated net worth of $75.1 billion, below rival Mukesh Ambani, the chairman of Reliance Industries Ltd who ranks ninth with a net worth of $83.7 billion.The losses mark a dramatic setback for Adani, the school-dropout-turned-billionaire whose fortunes rose rapidly in recent years in line with stock values of his businesses that include ports, airports, mining, cement, and power.
The group has denied the allegations, saying the short-seller’s narrative of stock manipulation has “no basis” and stems from an ignorance of Indian law. It has always made the necessary regulatory disclosures, it added. Adani Power and Adani Wilmar fell 5% each, and Adani Total Gas slumped 10%, with all three falling by their daily price limits. Adani Transmission was down 3% and Adani Green Energy 5.6%.
Underscoring the nervousness in some quarters, Bloomberg reported that Credit Suisse had stopped accepting bonds of Adani Group companies as collateral for margin loans to its private banking clients. Asked whether he was concerned about wider losses on India’s equity markets because of the plunge in Adani Group shares, Economic Affairs Secretary Ajay Seth said the government “does not comment on issues related to a particular company.”
India’s markets regulator, which has been looking into deals by the conglomerate, will add Hindenburg’s report to its own preliminary investigation, sources have told Reuters. The regulator has not commented on the Adani-Hindenburg saga.
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