The list of the top billionaires has changed, and Gautam Adani is no longer the wealthiest Asian. Now that Mukesh Ambani has reclaimed the top rank as both India's and Asia's richest man, he has fallen behind his opponent.
Bloomberg reported that Adani had a significant $44 billion depreciation in just one week. In the wake of the Hindenburg report, he has been steadily losing ground in Bloomberg's rankings of the world's richest people. His standing dropped below Mukesh Ambani on Wednesday.
According to Bloomberg, Adani's fortune decreased by 28% and fell to $72 billion, while Ambani's wealth increased to $81 billion.
Ambani's net worth is currently $83.7 billion, while Adani's is $75.1 billion, according to Forbes Rich List as well. Adani fell to fifteenth place, while Ambani rose to the ninth slot on the list.
Since short-seller Hindenburg published its analysis, Adani firms' market value has decreased by $90 billion. Despite the report, interest in Adani Enterprises' Rs 20,000-crore follow-on public offer (FPO) increased on the penultimate day of bidding and increased on Tuesday, when it was fully subscribed. On Day 3, the issue received bids for 5,08,68,352 shares against the overall offer size of 4,55,06,791 shares. The issue was subscribed 1.12 times.
Adani was accused of stock manipulation and accounting malfeasance in the Hindenburg investigation. It also alleged unethical business transactions by Adani's brothers. According to reports, Vinod Adani, the older brother, oversees a "labyrinth" of front firms. In the meantime, the Adani Group responded to the Hindenburg report in a 413-page document on Sunday night, claiming that the short-seller had misrepresented offshore businesses and made allegations about related parties and related party transactions without comprehending Indian law.