Stung by the Hindenburg Research report in January 2023 that alleged the Adani group had engaged in brazen stock manipulation and accounting fraud scheme, improper use of offshore tax havens, and flagged concerns about the group’s high debt, Gautam Adani lost $28 billion in wealth, or Rs 3,000 crore a week in 2022-2023, suggests M3M Hurun Global Rich List report.
As a result, Gautam Adani & family lost the second richest Asian title to Zhong Shanshan of YST, a Russia-based seller of the alloy and steel wheels. It estimates the wealth of Gautam Adani & family at $53 billion now.
First Published: Mar 22 2023 | 1:32 PM IST