Gautam Adani, chairman of the Adani Group and India's second richest person, saw his net worth plummet by USD 10.5 billion (Rs 88726 crore) in a single day on Thursday, according to Forbes' Real-Time Billionaires List. The billionaire now has a net worth of USD 59.3 billion, as per the index.
The massive drop in his net worth came hours after the US prosecutors charged him and his associates with participating in a scheme to pay over USD 250 million (about Rs 2,100 crore) bribe to Indian officials in exchange for favourable terms for solar power contracts.
However, the Adani group has denied charges of paying bribe to secure favourable terms for solar power contracts, saying the allegations by US prosecutors are baseless and the conglomerate is compliant with all laws. It said all possible legal recourse will be sought.
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Besides a massive decline in his net worth, Adani Group stocks faced heavy drubbing during the morning trade on Thursday—the combined market valuation of all the listed firms getting eroded by Rs 2.45 lakh crore. The stock of the group's flagship firm Adani Enterprises plunged 22.99 per cent, Adani Ports dived 20 per cent, Adani Energy Solutions tanked 20 per cent, Adani Green Energy plummeted 19.53 per cent and Adani Total Gas tumbled 18.14 per cent on the BSE.
(With inputs from PTI)
