Gautam Adani has slipped down the Forbes rich list after companies in his conglomerate lost $A119 billion amid the fallout from a critical short-seller report.
Adani loses Asia’s richest crown after $119b stock rout
Indian tycoon Gautam Adani has lost his title of Asia’s richest person as a rout in his conglomerate’s biggest companies deepened to $US84 billion ($A119 billion) following a short-seller report.
A report by Hindenburg Research last week alleged improper use by the group of offshore tax havens and stock manipulation, as well as concerns about high debt and the valuations of seven listed Adani companies.
It has heightened scrutiny of the conglomerate with an Australian regulator saying on Wednesday that it would review the allegations to see if further inquiries are warranted.
The Adani Group denies Hindenburg’s allegations, saying the short-seller’s narrative of stock manipulation has “no basis” and stems from an ignorance of Indian law. It has always made necessary regulatory disclosures, it says.