Business tycoon Gautam Adani suffered a severe loss with the publication of the Hindenburg report on one of the richest people. Adani Group's stock prices fell once earlier this month, and Adani Enterprises' shares opened the day with a roughly 10% decline. In the early trade, the stock prices of other Adani companies were also falling.
Adani was not the only Indian industrialist who experienced a significant decline in wealth; Mukesh Ambani's fortune fell by more than $5 billion. The two Indian businessmen Mukesh Ambani and Gautam Adani have so far lost the most money on the list of the world's richest people for 2023.
Loss suffered by Gautam Adani this year
The Adani Group's market damages reached over $100 billion in February as equities continued to plummet, with the majority impacting lower circuits. On Wednesday, all 10 of the equities from magnate Gautam Adani's empire ended in the negative, further worsening the crisis in the Adani Group stocks. Over Rs 51,294 crore in market value was lost today.
According to data from the Bloomberg Billionaires Index, Adani's fortune has shrunk by more than $78 billion year to date (YTD), while Ambani's net worth has dipped by more than $5 billion, for a loss of more than $83 billion overall. Ambani overtook Adani earlier this month to become the wealthiest Indian in the world.
Loss suffered by Mukesh Ambani this year
As of 23 February 2023, Mukesh Ambani's net worth is $81.5 billion, placing him 12th among the world's wealthiest people. As this is going on, another Indian, Gautam Adani, whose fortune is valued at $42.7 billion, has dropped from the second-richest man in the world to the 29th slot in the list.
Since the January 24 report by Hindenburg Research, which claimed that it had taken a quick role in certain securities of the group and was alleged of misconduct, which the Group has publicly rejected as "baseless," share prices of the seven listed companies owned by the Adani Group have suffered stress.
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