New Delhi [India], February 1 (ANI): Adani Group chairman Gautam Adani, who stood at the 10th spot on the Forbes Real-time billionaire list for 2023 after being overtaken by Reliance Industries Chairman Mukesh Ambani on Wednesday, further slipped and came to the 15th spot on the list.
According to the Forbes list, Adani’s current net worth is USD 75.1 billion while it was USD 83.9 billion earlier during the day.
Earlier in the day, Reliance Industries Chairman Mukesh Ambani has overtaken Adani to become the richest Indian in the world with a net worth of USD 84.3 billion, according to Forbes Real-time billionaire list for 2023.
Ambani overtook Adani after the Reliance Industries Chairman’s assets went up 0.19 per cent with an increase of wealth by USD 164 million while Gautam Adani’s assets had gone down by 4.62 per cent with the industrialist’s wealth pegged at USD 84.1 billion according to the real-time tracker of Forbes of 5 pm EST on Tuesday.
Adani who figured among the top three billionaires in the world has dropped in the ranking to number 10 just below Mukesh Ambani. At the top of the list is French luxury fashion giant’s LMVH’s Bernard Arnault and family. In December 2022, Louis Vuitton’s founder and CEO Bernard Arnault overtook Elon Musk as the world’s richest person.
However, these values fluctuate constantly. If there is a gain in Adani’s stock, it is expected Adani’s personal wealth will rise too. This comes following a report by US short-seller Hindenburg Research on the Adani Group alleging a decades-long fraud scheme, “brazen accounting fraud, stock manipulation and money laundering.”
The Adani Group, however, said it was mulling legal options in the US and India against Hindenburg Research after its report accused firms owned by Gautam Adani of market manipulation and accounting fraud.
In a sharp and focused response to Hindenburg Research’s report on its businesses, the Adani Group responded to all 88 questions raised by Hindenburg including the young age of its auditors. Hindenburg then hit back stating that the Adani Group’s accusations are “baseless.” Shares of Adani Group firms fell in morning trade today. However, the key market indices opened with gains as investors’ sentiments were boosted over Union Budget expectations.
Shares of Adani Enterprises, the flagship firm of the group, fell 3.02 per cent to Rs 2,880.20 apiece on the BSE. In a span of five days, the shares were down 15 per cent. Adani Green declined 3.82 per cent to Rs 1,177.15 apiece and the shares had fallen about 38 per cent in a span of five days. (ANI)
Shares of Adani Enterprises nosedive 27 per cent on Wednesday
New Delhi [India], February 1 (ANI): Shares of Adani Enterprises nosedived sharply on Wednesday, a day after its follow-on public offer closed for the subscription. The shares of Adani Group flagship company closed at Rs 2,179.75 with a sharp decline of 26.70 per cent. Its intraday low was Rs 1,941.2, over 30 per cent lower than Tuesday’s settlement price.
On Tuesday, the last day for subscription, the follow-on public offer (FPO) issued by Adani Enterprises was fully subscribed.
A follow-on public offering (FPO) is the issuance of shares to investors by a company listed on a stock exchange after its initial public offerings.
Data showed the demand for the FPO was led by non-institutional investors, and they subscribed to the shares 3.26 times. The portion for institutional investors was also oversubscribed.
On Monday, an Abu Dhabi-based diversified conglomerate International Holding Company announced that it will invest about USD 400 million (AED 1.4 billion) into the Adani Enterprises’ follow-on public offer (FPO) through its subsidiary Green Transmission Investment Holding RSC Limited.
Adani Enterprises had filed a red herring prospectus with the markets regulator Securities and Exchange Board of India (SEBI) for the Rs 20,000 crore follow-on public offer (FPO), the largest ever in India.
There were concerns that the FPO may not receive a strong response from investors amid a report by a US-based Hindenburg Research that surfaced on January 24, which claimed the Adani Group of having weak business fundamentals among others.
The US-based firm, in its report, raised concerns about shares of Adani group companies having a possibility of declining from their current levels, owing to high valuations. In response, Adani Group on Sunday said the recent report by Hindenburg Research was not an attack on any specific company but a “calculated attack” on India, its growth story, and ambitions. It added the report was “nothing but a lie”. (ANI)
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