Shares of Adani Group saw a huge decline on Wednesday. Due to this, the net worth of the company’s chairman Gautam Adani decreased by six billion dollars i.e. about Rs 50,000 crore. This amount is sufficient for two months’ import of Pakistan going through economic crisis. A negative report from US-based short-selling firm Hindenburg Research led to a 10 per cent drop in shares of the Ambani Group. However, Adani Group has called this report a bundle of lies. The shares of Adani Group have declined this year. Shares of the group’s flagship company Adani Enterprises rallied 125 per cent last year, while shares of other companies rose over 100 per cent. But despite this, very few analysts cover the shares of Adani Group.
The Hindenburg Research report raised questions on the accounting and corporate governance of the Adani Group. After the arrival of this report, the share of Ambuja Cements was the biggest loser. It declined by 9.6 percent. Apart from this, ACC, Adani Ports, Adani Power and Adani Transmission declined at least five per cent. Adani Group recently bought media company NDTV. There was also a decline of five percent in this.
net worth left
According to Forbes’ Real Time Billionaire List, Adani’s net worth declined by $5.9 billion on Wednesday. Despite this, he remains the world’s richest man after Bernard Arnault of France and Elon Musk of Tesla. His net worth is $119.5 billion. In this list, Adani is ahead of Amazon’s Jeff Bezos and veteran investor Warren Buffett. The amount Adani lost on Wednesday was enough to cover two months of Pakistan’s imports. Pakistan is going through an economic downturn.
New Delhi: The third trading day of the week was very busy for the investors of the Indian stock market.