Hindenburg Cascading Effect: Adani’s Fortunes Drops Below $50 Billion

New Delhi: The Hindenburg scathing report on Adani Group has caused a cascading effect on the riches of Asia’s richest man Gautam Adani whose net worth slipped to less than $50 billion, according to latest data on the Bloomberg Billionaires Index on Monday. Adani's net worth now stands at $49.1 billion.

With the fast erasing of net worth, the Indian billionaire is now ranked as 25th wealthiest person in the world by the Forbes Real-Time Billionaire List and Bloomberg Billionaires Index. 

Nearly a month before the US short-seller Hindenburg Research firm accused the Indian conglomerate Adani Group of stock manipulation and accounting fraud, the net worth of its Chairman Gautam Adani stood at around $120 billion, making him the world’s third richest person. 

As per reports, seven main Adani Group companies have lost a combined market valuation of $120 billion in the recent weeks. After the Hindenburg report, the share prices of listed firms have plummeted leaving the investors and financial institutions jittery. 

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