The richest man in Asia lost more than $50 billion in two days
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The fortune of the Indian billionaire Gautam Adana, who is the richest man in Asia, decreased by more than $50 billion in two days due to the fall in the shares of his company Adani Group. This is reported by Bloomberg.
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Falling shares
Adani Group shares fell sharply after a negative report by the American company Hindenburg Research.
So, on January 24, the American company published a report based on the results of a two-year investigation into numerous allegations of corporate malfeasance in the billionaire’s companies.
“This devastating report is weighing on the Indian tycoon as it threatens to dampen investor sentiment over the $2.5 billion sale of shares in his flagship company, Adani Enterprises. The losses mounted even after Adani Group denied the allegations during a phone call with bondholders on Thursday and promised to publish a detailed rebuttal on Friday,” writes Bloomberg.
On Friday, shares of Adani Enterprises lost more than 19%, falling below the level of 3,276 rupees (about $40).
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“These problems touch the very heart of the Indian corporate sector, which is dominated by a number of family-controlled conglomerates,” said Gary Dugan, chief executive officer of the Global CIO Office.
He also noted that the Indian stock market may be under threat of further decline, and Adana may become a catalyst.
The fall in Adani’s shares follows stunning growth in recent years, including some of the biggest gains in Asia in 2022. The five-year growth of Adani Enterprises has surpassed even such companies as Tesla and brought Adani out of relative obscurity into the ranks of the world’s richest people.
The current problems have plunged Adana’s fortune below the threshold of $100 billion, which he exceeded in April last year. According to the Bloomberg Billionaires Index, his fortune is about $97 billion, which is about 15% less than at the close of trading on Wednesday.
Author: 
Roman Myronchuk
Source: Ministry of Finance
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