India and Asia's richest person Gautam Adani‘s net worth plummeted by a whopping $5 billion after short-seller Hindenburg Research on Wednesday accused the billionaire of “pulling the largest con in corporate history.”
What Happened: Adani, whose net worth grew massively in 2022, leaving behind the likes of Tesla CEO Elon Musk and Amazon founder Jeff Bezos, is now the only one in the list of top 10 billionaires who has seen his fortune plummeting this year.
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According to Bloomberg Billionaires Index, Adani has lost $7.11 billion this year so far and a major chunk of that fall came yesterday after the research report said Adani was engaged in a “brazen stock manipulation and accounting fraud scheme over the course of decades.”
Following Hindenburg's bombshell report, the seven publicly-listed companies of Adani conglomerates bled in red– with Adani Transmission falling as much as 9%.
The fall in Adani's fortune has put him at risk of slipping below Microsoft co-founder Bill Gates and billionaire investor Warren Buffett.
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Meanwhile, Adani Group has repeatedly dismissed debt concerns and criticized the report, which said the conglomerate has several of Adani's relatives holding key leadership positions, despite regulatory probes against them.
The company, in a statement, dismissed Hindenburg's report, dubbing it "is a malicious combination of selective misinformation and stale, baseless and discredited allegations."
Price Action: This is how prominent Adani Group shares ended the day on Wednesday on the BSE:
Adani Enterprises shares traded 1.54% lower at ₹3,389.85.
Adani Green Energy shares traded 3.04% lower at ₹1,855.45.
Adani Ports & Sez saw shares crash 6.30% to ₹712.90.
Adani Power shares slumped 4.99% to ₹261.10.
Adani Total Gas shares were down 5.59% to ₹3,668.15.
Adani Wilmar shares were down 5% at ₹544.50.
Adani Transmission shares were down 8.87% at ₹2,511.75.
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