Gautam Adani Wealth Eroded By 7 Billion Dollar In A Single Day Due To Hindenburg Research LLC Short Selling Report

Gautam Adani Net Worth: There has been a big dent in the net worth of Gautam Adani, chairman of the world’s fourth richest Adani Group, on Wednesday. Gautam Adani’s net worth decreased by $ 6.5 billion (Rs 54000 crore) in a single day after the report of Hindenburg Research LLC of America came out. There has been a decline of up to 10 percent in the stocks of different companies of Adani Group listed on the stock exchange.

According to the Forbes Real Time Billionaire List, Gautam Adani’s net worth has decreased by 5.17 percent i.e. $ 6.5 billion to $ 119.1 billion. Earlier, Hindenburg Research LLC said that it is shorting the shares of Adani Group. According to the research firm, Adani Group’s stocks are trading at an expensive level of 85 percent from their correct valuation, due to this report, Adani Group’s stocks rolled upside down.

Adani Group shares, Adani Ports 6.31 per cent, Adani Transmission 8.85 per cent, Adani Total Gas 5.95 per cent, Adani Power 4.75 per cent, Adani Wilmar 5 per cent, Adani Green Energy 3.08 per cent and Adani Enterprises closed down 1.54 per cent. The market cap of Adani Group’s stocks declined by around Rs 55,000 crore. On Tuesday, the market cap of seven listed stocks of Adani Group was Rs 17.75 lakh crore, which has come down to Rs 17.20 lakh crore. The shares of Ambuja Cement, the cement companies recently bought by Adani Group, closed down by 7.77 per cent and ACC by 7.28 per cent.

On the report of Hindenburg Research, Group CFO of Adani Group Jugeshinder Singh said in his response that we are surprised by the published report of Hindenburg Research because they have published the report without contacting us or verifying the correct facts. The Adani Group said that the report is a malicious mix of misinformation, stale, baseless and defamatory allegations which have been tested and rejected by the Supreme Courts of India. Along with this, he said that this report has been brought with the intention of harming the FPO of Adani Enterprises.

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