Gautam Adani’s net worth currently stands at $88.2 billion, making him the world’s 11nth richest person. On Monday alone, Adani’s net worth fell by $8.5 billion as the market selloff in some of his listed companies continued.
Since Hindenburg’s report became public, Adani has fallen from third place in the list of the world’s richest and has shed $38 billion from his total net worth.
The statement said: “This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity, and quality of Indian institutions, and the growth story and ambition of India.”
Adani Group CFO Jugeshinder Singh addressed some of the allegations in a recent video but came under some criticism from opposition parties in India.
Questions were raised as to why Singh’s address was made in front of an Indian flag instead of a company banner or logo.
Hindenburg said: “To be clear, we believe India is a vibrant democracy and an emerging superpower with an exciting future.
We also believe India’s future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation.”
