Gautam Adani Slips to 24th from 3rd in World’s Billionaires’ List; Decline In Net Worth To $52.4 Billion

Subhashree Panda February 17, 2023

365 1 minute read

In light of the existing controversy which is led by Hindenburg Research, an American short seller firm, has alleged allegations against Gautam Adani. Gautam Adani is the current chairman of Adani Group, a ports-to-power giant. However, Gautam Adani who topped the World’s billionaires list a few times back has dropped to 24th position in the same list now. As of 14 February, as per the data presented by the Bloomberg Billionaires Index, the net worth of Adani is $52.4 billion currently. Moreover, according to Forbes Real-Time Billionaires Index, it is estimated that the business tycoon has a $53 billion net worth.

The Adani Group problem began when Hindenburg Research charged the group with misleading the stock market, using shell companies to launder money, and engaging in accounting fraud. The news led to a significant decline in the value of Adani Group firms’ stock.

SEBI’s Say on This

SEBI, the authority on capital markets, has informed the Supreme Court that it is currently looking into the claims made by Hindenburg against the Adani Group and the trading behavior in those stocks both before and after the publication of the report. Hindenburg is a short seller research organization, among others that studies businesses with purported governance and/or financial problems, according to the statement.

The top court was informed by SEBI that their approach is to buy a short in these businesses’ bonds or equities at the going rate (i.e., to sell the bonds or shares while still holding them) and then release their reports. A public interest lawsuit asking for a probe into the allegations against Adani and his firms was filed in the supreme court. The safeguards to safeguard Indian investors had been requested by the Supreme Court from Sebi.

Gautam Adani’s Assurance To Investors

Adani Group informed investors in a response to the media organization Reuters that it had robust cash flows and that its business models were funded entirely in response to Sebi’s testimony in court. It continued by stating that each of its autonomous portfolio companies had “extremely robust” balance sheets.

According to the Group’s statement, they are assured in their overall portfolio capacity to continue providing shareholders with excellent returns.