The flight of capital at companies of the Indian businessman and until recently the richest person in Asia Gautam Adani continues unabated on Wednesday. A total of $ 92 billion in lost stock market value.
The Indian industrialist has built up a fortune in recent years. He is active in various sectors: from ports and coal to data and media companies and renewable energy. That put him in the top three richest people on earth last year.
But a report from the American Hindenburg Research – a shortseller that speculates on falling prices – puts Adani in a tight spot. According to the report, published on January 24, Adani is guilty of all kinds of financial malpractice, which the industrialist denies.
The report has sparked a selloff in shares of Adani companies on the Mumbai stock exchange in recent days. Adani Enterprises’ share price fell another 28 percent on Wednesday after reports that Credit Suisse no longer accepts bonds from Adani companies as collateral. Adani Enterprises is the most important part of the group around the industrialist.
This already means $ 92 billion in lost stock market value, according to the financial news agency Bloomberg.
The conglomerate also canceled a planned $2.5 billion (2.3 billion euro) share sale at Adani Enterprises on Wednesday that was already fully underwritten.
Gautam Adani’s personal fortune is also suffering from the stock market loss. The Indian has already lost more than $ 40 billion since the report. He immediately lost his title of richest person in Asia to his compatriot Mukesh Ambani.
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