Indus Valley Times

BENGALURU, MARCH 23: Bearing the brunt of the Hindenburg report, Gautam Adani lost Rs 3,000 crore every week over the last year and he also lost the second-richest Asian title to China’s Zhong Shanshan.

Following the report, his wealth was down by over 60 per cent from his peak. According to the 2023 M3M Hurun Global Rich List, just before the Hindenburg report, Adani was briefly the world’s second richest person.

Though his wealth has grown over 1,220 per cent in the last 10 years, it was down 35 per cent (at present $53 billion) compared to the last year. With a net loss of $28 billion, Adani slipped to the second spot, next to Mukesh Ambani, in the list.

Adani has come under fire since the release of the Hindenburg report that alleged the Adani Group had engaged in an accounting fraud scheme and also improper use of offshore tax havens. The group has denied all these claims.

However, down 11 ranks over the last year, Adani is the third richest energy entrepreneur in 2023

Hurun Global Rich List. According to the report, Adani ranks 6th among the biggest losers as he lost 28 per cent of his wealth in the previous year.

The Adani group recently completed the acquisition of Haifa Port in Israel for $1.2 billion, and in December 2022, Adani’s Adani Enterprises acquired 27.3 per cent shares of media company NDTV.

-PTI