Gautam Adani's net worth has slipped to $83.9 billion, a decrease of $1.5 billion, following the publication of a report by Hindenburg Research on Saturday. The report alleged a conflict of interest by Madhabi Puri Buch, the chair of India's Securities and Exchange Board of India (SEBI), and her husband, Dhaval Buch, who invested in offshore funds linked to Adani in Bermuda and Mauritius.
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Market Reaction
Shares of Adani Group's listed firms, including Adani Enterprises, Adani Power, Adani Energy, Adani Green, Adani Total Gas, and Adani Ports, fell on Monday, with Adani Enterprises dropping over 5% before recovering, and Adani Power declining over 10% before partially recovering.
Impact on Adani's Fortune
This latest report has resulted in a significant decline in Adani's net worth, despite his remaining as India's and Asia's second-richest person behind Mukesh Ambani.
Key Takeaways
Hindenburg Research's report alleged a conflict of interest by SEBI's chair and her husband, which prevented a proper investigation into Adani Group's alleged fraud and stock manipulation.
Adani Group's shares fell on Monday, with some stocks experiencing significant declines.
- Gautam Adani's net worth has dropped to $83.9 billion, a decrease of $1.5 billion, due to the market reaction.