Last week, Gautam Adani, Chairman of Adani Group had gone from world’s third’s richest person on 17 January 2023 to not even being among the top 20.
Gautam Adani, Chairman of Adani Group, re-entered the Forbes list of richest people in the world. He is positioned at number 17.
Gautam Adani was one of the top gainers in the world, with an increase of $463 million, after the stocks of Adani group rose on February 7.
Last week, Gautam Adani, Chairman of Adani Group had gone from world’s third’s richest person on 17 January 2023 to not even being among the top 20.
Adani Enterprises‘ stock rose 25%, reaching a high of ₹1,965.50. The price of Adani Ports, increased by 9.64% to ₹598.70. Adani Transmission and Adani Wilmar both reached their upper circuit limits at ₹1,324.45 and ₹399.40, respectively.
The steep decline in Adani’s fortune came under fire after US short seller Hindenburg Research accused the Adani Group of ‘brazen stock manipulation and accounting fraud scheme over the course of decades.’
In the last few weeks, Adani Group stocks have erased more than $118 billion in market value triggered by the report from Hindenburg Research.
On 7 February, Adani Ports was down by 16per cent in December 2022 quarter to ₹1,315.54 crore, from ₹1,567.01 crore in Q3FY22 on consolidated basis.
While, Adani Group-backed Adani Transmission on Monday reported a 77.8 per cent rise in consolidated net profit of ₹474.72 crore for December 2022 quarter. This is against a net profit of ₹267.03 crore in the year ago period.
Other gainers in the list include Elon Musk ($3 billion), Tadashi Yanai ($708 million), Ravi Jaipuria ($675 million) and Low Tuck Kwong ($648 million), according to Forbes. Adani now stands at no. 17 among the richest people in the world.
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Livemint published this content on Feb 7, 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on Feb 7, 2023 03:23 PM IST.