India’s Gautam Adani lost his title of Asia’s richest person as a rout in his conglomerate’s stocks deepened to $74 billion after a short-seller report. | Reuters
Wednesday’s stock losses saw Gautam Adani slip to 10th on Forbes rich list with an estimated $84.1 billion, just below rival Mukesh Ambani, the chairman of Reliance Industries Ltd who has an estimated $84.4 billion. Before the Hindenburg report, Adani had ranked 3rd.
“There was a slight bounce yesterday after the share sale went through, after seeming improbable at a point, but now the weak market sentiment has become visible again after the bombshell Hindenburg report,” said Ambareesh Baliga, a Mumbai-based independent market analyst. Adani Enterprises lost 5 percent on Wednesday to bring its losses since the Hindenburg report to more than $8 billion. Adani Power fell 5 percent , while Adani Total Gas slumped 10 percent , down by its daily price limit.
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