Business tycoon Gautam Adani lost a spot on the list of the world’s top five billionaires today. Adani’s net worth dipped by 3 lakh crores today. Adani group stocks continue to fall after Hindenburg Research. The Research fully stands by its report and believes any legal action taken against us would be meritless. Hindenburg claimed that, with the company’s threats of legal action, they would welcome it. The research company fully stands by its report and believes any legal action taken against them would be meritless.
What did Hindenburg Research claim about the group?
Hindenburg Research report accused Adani firms owned by Gautam Adani of market manipulation and accounting fraud. Adani Group said it is mulling legal options in the US and India against the investment research firm. In a statement, Jatin Jalundhwala, Group Head Legal, Adani Group said the maliciously mischievous, unresearched report published by Hindenburg Research on 24 January 2023 has adversely affected the Adani Group, shareholders, and investors.
Adani Group is evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg Research. The net worth of Adani dipped by over 1 lakh crore,
Gautam Adani became poorer by USD 20.1 billion after his net worth dipped by 16.88 percent. Apart from losing a spot in the top five billionaire list, he is no longer in the USD 100-billion club. After a dip in his net worth, he slipped from fourth to seventh spot. However, he continues to be the richest person in India. In the last two years, Adani’s net worth climbed from USD 8.9 billion in 2020 to USD 99.1 billion now.