Gautam Adani Group

Adani Group chairman Gautam Adani could lose the title of world's richest Asian to Reliance Industries chairman Mukesh Ambani.

That’s a huge drop from the $121 billion fortune he was estimated to have at the beginning of the year (which put Adani in third place, behind LVMH CEO Bernard Arnault and [Tesla](https://fortune.com/company/tesla/) CEO Elon Musk). Fears over the Adani Group are dragging down other Indian companies. On Monday, the share sale got a Adani’s wealth surged in 2022 due to an increase in share price in Adani Group companies. If Adani’s fortune continues to drop, he risks losing the position of Asia’s richest person to Ambani. [$75 billion](https://www.bloomberg.com/news/articles/2023-01-31/adani-s-2-5-billion-share-offering-faces-critical-final-day?srnd=fixed-income) in value. [the following day](https://hindenburgresearch.com/adani-response/), arguing that “the Adani Group has attempted to conflate its meteoric rise and the wealth of its Chairman, Gautam Adani, with the success of India itself.” [accused](https://fortune.com/2023/01/25/hindenburg-research-accused-gautam-adani-of-multibillion-dollar-fraud/) the Adani Group of stock manipulation, poor governance, and “pulling the largest con in corporate history.” As of Jan. [Reliance Industries](https://fortune.com/company/reliance-industries/), is right behind Adani in 12th place, with a fortune of $82.2 billion. [Bloomberg Billionaires Index](https://www.bloomberg.com/billionaires/). [losing his title](https://www.bloomberg.com/news/articles/2023-01-31/asia-s-richest-man-gautam-adani-drops-off-list-of-world-s-top-10-wealthiest) as Asia’s richest person.

Abu Dhabi's International Holding Company to invest US$400m in Indian conglomerate as it tries to complete share sale.

[Adani Group](https://www.adani.com/) has denied the allegations, which it described as a “malicious combination of selective misinformation and stale, baseless and discredited allegations” and accused Hindenburg of attempting to damage its reputation before a large share offering. It is using financial instruments to profit from its falling share prices. The funding from IHC represents about 16% of Adani’s fundraising offer. Shares in Adani Total Gas were down 10% on Tuesday, hitting a daily limit imposed by the Indian exchange designed to prevent rapid share price movements. He has fallen to 11th place in the daily-updated Bloomberg billionaires index after a personal wealth wipeout of $34bn in just four days of trading since the accusations were published. The wild trading was sparked by a report by Hindenburg that claimed the Adani empire was laden with debt and engaged in a “brazen stock manipulation and accounting fraud scheme”.

Adani Enterprises FPO had received bids for 50.86 million shares against an offer size of 45.5 million shares. This represents an overall subscription of ...

One of the anchor investors, IHC, also put in an additional $400 million towards the share sale. However, Adani Group reacted strongly to the report and slammed Hindenburg for coming out with a bogus report that had been "copy-pasted" from its previous disclosures. The Adani Enterprises FPO that opened for subscription on January 27 has been successful despite the report released by US short seller firm, Hindenburg Research. Retail investors have bid for only 12 per cent of the shares that were set aside for them. The record Rs 20,000 crore Adani Enterprises FPO received bids for 50.86 million shares against an offer size of 45.5 million shares. Adani Enterprises FPO had received bids for 50.86 million shares against an offer size of 45.5 million shares.

Gautam Adani is facing perhaps his biggest challenge yet as a small U.S. investment firm accuses his Indian conglomerate of fraud and stock manipulation.

Mr. As Mr. Previously, Mr. That, said Mr. The fight could have geopolitical implications, given the United States’ courting of India as a counterweight to China, as part of a grouping called the Quad that also includes Japan and Australia, Mr. Among Hindenburg’s allegations are that offshore shell companies run by Mr. “The big issue is that Adani has spent the last four years in raising debt on Wall Street,” Mr. [publishing its report](https://hindenburgresearch.com/adani/) on Jan. (Hindenburg has criticized the ownership structure of his company.) Even though he remains enormously wealthy, on paper Mr. In the last decade, he secured one of his biggest international deals — the Carmichael project in Australia, one of the And he is facing perhaps the biggest challenge of his career.

Hours after Abu Dhabi and other investors salvaged the Adani Group's latest stock offering, Israeli Prime Minister Benjamin Netanyahu posed for photos with ...

“I am very confident that with the support from the Government of Israel, the local authorities, and our partner Gadot, we will transform the entire port landscape,” Adani said in his remarks. And I promise you that in the years to come we will transform the skyline we see around us,” said Adani. In Dubai, meanwhile, the state-owned bank NBD Emirates has underwritten ten foreign bond offerings for Adani Group companies since 2019, helping its companies raise $5.8 billion, according to Refinitiv, a financial data provider. He did not disclose a dollar amount or a specific timeline for the future investments. “We will deliver on this commitment and do our part to transform this city.” Hours later, at a press briefing at Israeli’s Haifa port, Gautam Adani posed for photos with Israeli Prime Minister Benjamin Netanyahu. Other investors included Goldman Sachs and London-listed Jupiter Asset Management, according to the New York Times and the The Adani Group has denied all wrongdoing and threatened legal action. Shares in Adani Enterprises rose 3.3% on Tuesday, lifting Adani's fortune by about $900 million and marking the first day since Hindenburg's report that Adani's fortune has grown. Adani had lost $22 billion on Friday, sinking him from No. Sheikh Tahnoon bin Zayed Al Nahyan, a member of Abu Dhabi’s ruling family and UAE security advisor, came to the rescue of Adani’s new offering on Monday. It’s been a tough week for Gautam Adani.

New York-based short-seller Hindenburg Research last week flagged concerns at Gautam Adani's conglomerate, triggering a $65 billion rout in the Indian ...

New York-based short-seller Hindenburg Research last week flagged concerns at Gautam Adani's conglomerate, triggering a $65 billion rout in the Indian billionaire's stocks. Also read:

Hindenburg Research said evidence that the Group has engaged in a 'brazen stock manipulation and accounting fraud scheme over the course of decades.'

All transactions entered into by us with entities who qualify as 'related parties' under Indian laws and accounting standards have been duly disclosed by us," Adani said in the 413-page response issued late on Sunday.Hindenburg response to this:The short-seller has said that listed Adani companies have seen a number of changes in chief financial officers (CFOs) and that auditors used by the group are relatively unknown.It said Adani Enterprises has had five chief financial officers over the course of eight years, citing this a "a key red flag indicating potential accounting issues".Adani response:The Adani group said that several of the CFOs that the Hindenburg report points to have remained within the group and moved on to new roles.On the quality of audits, it said that the audit committee of each of the listed companies is composed entirely of independent directors, and auditors are appointed on their recommendation." Given his history, why was he subsequently promoted to Executive Director of the critical Adani Australia division?What has been the full extent of Vinod Adani’s role in the Adani Group to date, including all roles on deals and entities that have transacted with the Adani Group?4) The Adani Group has previously been the focus of 4 major government fraud investigations which have alleged money laundering, theft of taxpayer funds and corruption, totaling an estimated U.S. Hindenburg Research said evidence that the Group has engaged in a 'brazen stock manipulation and accounting fraud scheme over the course of decades.'What did Hindenburg Research say?The Hindenburg Research said that the seven listed companies of the Adani group, have an 85% downside on a fundamental basis due to sky-high valuations, Hindenburg said in the report.The report pointed out the debt on the company. Adani family members allegedly cooperated to create offshore shell entities in tax-haven jurisdictions like Mauritius, the UAE, and Caribbean Islands, generating forged import/export documentation in an apparent effort to generate fake or illegitimate turnover and to siphon money from the listed companies, the report added.Response of Adani Group:In a 413-page rebuttal filed late Sunday night, the Adani group labelled the US short seller as the “Madoffs of Manhattan." 5 of 7 key listed companies have reported ‘current ratios’ below 1, indicating near-term liquidity pressure," the report said.The report said that 8 of 22 key roles are held by the family members of Gautam Adani, Founder and Chairman of the Adani Group.At the end of the report Hindenburg asked some questions:a)Gautam Adani’s younger brother, Rajesh Adani, was accused by the Directorate of Revenue Intelligence (DRI) of playing a central role in a diamond trading import/export scheme around 2004-2005. US short seller Hindenburg Research in a report on January 24 had publsihed a report on Adani Group accusing it of improper use of offshore tax havens and flagging concerns about high debt that sent the Group stocks to crash.The group holds short positions in Adani group companies.

The share sale is critical for Adani because its success will be seen as a mark of investor confidence as he faces one of his biggest business and ...

Hindenburg said in its report it had shorted U.S.-bonds and non-India traded derivatives of the Adani Group. Adani had in recent days repeatedly said investors were standing by its side and the share offering would go through. dollar-denominated bonds issued by Adani Ports and Special Economic Zone continued their fall into a second week. Demand from retail investors garnered bids only worth around 10% of the shares on offer for that segment. Adani Group’s total gross debt in the financial year ended March 31, 2022, rose 40% to 2.2 trillion rupees ($26.83 billion). It added that shares in seven Adani listed companies have an 85% downside due to what it called “sky-high valuations”.

Adani Group stocks are down up to 60 per cent from their respective 52-week highs, wiping out more than $100 billion dollars from their cumulative market ...

Groups latest debutant, Adani Wilmar is down 47 per cent from its 52-week high and has lost Rs 54,475 crore of valuation. Adani Total Gas' mcap loss is little less than Rs 1 lakh crore as the company stock is down 47 per cent from its 52-week high to Rs 2112.90. The stock is down 29 per cent from its 52-week high at Rs 4,189.55 on December 21, 2022 to Rs 2,975 on January 31, 2023. Adani Green Energy is among the worst performing Adani stock as its has plunged 60 per cent to Rs 1,224.05 on Tuesday, January 31, 2023 from its 52-week high at Rs 3,048 on April 19, 2022. It is followed by Adani Transmission, whose stocks is down 58 per cent to Rs 1,773.95 on Tuesday from Rs 4,238.55 on September 16, 2022. In Indian currency, Gautam Adani's ten listed entities have cumulatively lost more than Rs 8.8 lakh crore of marketcap from their peak valuations.

India's Gautam Adani lost his title of Asia's richest person on Wednesday as a rout in his conglomerate's stocks deepened to $74 billion after a ...

[(ADEL.NS)](https://www.reuters.com/companies/ADEL.NS) lost 5% on Wednesday to bring its losses since the Hindenburg report to more than $8 billion. [(TTEF.PA)](https://www.reuters.com/companies/TTEF.PA) and Adani Group, has been the biggest casualty of the short seller report, losing about $27 billion. Adani Power [(ADAN.NS)](https://www.reuters.com/companies/ADAN.NS) fell 5%, while Adani Total Gas [(ADAG.NS)](https://www.reuters.com/companies/ADAG.NS) slumped 10%, down by its daily price limit. [share sale](/markets/deals/indias-adani-enterprises-enters-final-day-crucial-25-bln-share-sale-2023-01-31/) for flagship firm Adani Enterprises Ltd [(ADEL.NS)](https://www.reuters.com/companies/ADEL.NS) over the line on Tuesday. [(RELI.NS)](https://www.reuters.com/companies/RELI.NS) who has an estimated $84.4 billion. Register for free to Reuters and know the full story