According to the Bloomberg Billionaires’ Index, Gautam Adani has a total net worth of $39.9 billion. Nonetheless, the struggling businessman is ranked 37th in Forbes’ Real-Time Billionaires Index and has a net worth of $33.7 billion.
The distance between Adani and Mukesh Ambani, head of competitor Reliance Industries, is growing. Mukesh Ambani’s wealth is almost exactly half that of Adani. In the Bloomberg global rich list, Ambani is now ranked 10th with a $81.7 billion net worth. The chairman of Reliance Industries, according to Forbes, is the eighth-richest person in the world with an estimated net worth of $84.1 billion.
Once the US-based short seller Hindenburg Research accused the conglomerate of engaging in stock manipulation and accounting fraud, Gautam Adani’s personal fortune and Adani Group shares started to decline. The Adani Group was charged by the short seller of having a lot of debt, engaging in share pledging, and having a dangerous financial situation in addition to operating phoney firms out of Mauritius and round-tripping money.
Vinod Adani, the brother of Gautam Adani, was also charged for allegedly running a network of offshore corporations for the purpose of facilitating fraud. The corporation has denied Hindenburg’s accusations and claimed that they lack veracity and were made with malicious purpose. Moreover, it stated that Hindenburg did not conduct adequate research and that the material was disclosed in a selective, misleading, and incomplete manner.
This news is written by Mr. Manpreet Rathor, Research Assistant, All India Legal Forum.
ALL INDIA LEGAL FORUM 