Gautam Adani is now ranked 24th on the list of the world’s richest people. This is because of the ongoing dispute over the bad report about the Group by the US-based short seller Hindenburg Research.
Due to the ongoing controversy over the damaging research by US-based short seller Hindenburg Research against the Adani Group, Gautam Adani, chairman of the ports-to-power giant Adani Group, has dropped to the 24th spot on the list of the world’s billionaires. As of February 14, Bloomberg’s Billionaires Index said that Adani had a net worth of $52.4 billion. According to the Forbes Real-Time Billionaires Index, the business mogul has a net worth of $53 billion.
The problem with the Adani Group started when a company in the US called Hindenburg Research accused the group of manipulating the stock market, using shell companies to launder money, and making false accounting entries. The news caused the value of Adani Group firms’ stock to drop by a lot.
In other news, Adani Group has hired the accounting firm Grant Thornton to do an independent audit of some of its companies in order to clear its name of the serious accusations made by the US short-seller Hindenburg Research and reassure investors and government regulators. Reports say that the main reason for the audit is to show regulators like the Reserve Bank of India (RBI) that the group has nothing to hide and is following the law.
SEBI, which is in charge of regulating the capital markets, told the Supreme Court that it is already looking into Hindenburg’s claims against the Adani Group and the stock market activity before and after the report came out.
According to the statement, Hindenburg is a short seller research company that, among other things, looks into businesses that are said to have governance and/or financial problems.