Most of Adani’s shares continue to lose ground. Founder loses $28 billion a month

Gautam Adani, Chairman of Indian conglomerate Adani Group, at the International Conference of Accountants in Mumbai on November 19, 2022. The founder of Gautam Adani, the richest man in Asia who is second only to Elon Musk, was among the top five richest people in the world ranking seventh in the index Bloomberg for Billionaires.

Indranil Mukherjee Afp | Getty Images

Shares of most Adani Group companies continued sharp losses for the third consecutive session as the company tried to refute the short selling company. Hindenburg Reportwho accused the conglomerate of stock manipulation and an “accounting fraud scheme”.

Adani projects Erasing previous gains of up to 10%, it was last settled in Mumbai afternoon trade after Group A posted prolonged response of more than 400 pages to Hindenburg’s report over the weekend, saying it would exercise its rights to “pursue remedies” to protect its investors “in front of all appropriate authorities.”

Refinitiv data showed that Adani Enterprises share price is still down more than 25% in the month to date. It proceeded with a $2.5 billion secondary stock sale, which was Defeat overwhelmed him That wiped out a total of $48 billion as of last week’s close.

Its founder, Gautam Adani, was once the richest man in Asia second only to Elon Musk, He fell from the five richest people in the world to the seventh place in the world Bloomberg Billionaire Index.

his net worth He fell The index showed $27.9 billion since the beginning of the year. It peaked at $150 billion on Sept. 20, 2022, before dropping to $92.7 billion by last week’s close, according to the index.

Despite small gains for Adani Enterprises, other subsidiaries of the Adani Group continued to decline.

attack on India

The Adani Group said the Hindenburg allegations were a “calculated attack on India, the independence, integrity and quality of Indian institutions, and the story of India’s growth and ambition,” in the response it released over the weekend.

Group Chief Financial Officer Jugeshinder Singh He said In an interview with CNBC-TV18, an affiliate of CNBC, Adani Enterprises’ value has not changed “just because” of stock price volatility, adding that it lies instead in its “ability to incubate new business.”

He added that he was confident Adani projectsThe follow-up IPO will be fully underwritten, calling the Hindenburg report “a total lie” and the timing of the report “sly”.

Hindenburg Sabah on Monday described the group’s response as “bloated” and claimed it “ignores every major allegations” against the group that it has raised.

“Fraud cannot be obscured by nationalism for a bloated response that ignores every major claim we have raised,” the seller wrote in a short titled Response Adani group.

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