Latest News Business India’s Adani again among Asia’s richest men

India’s Adani again among Asia’s richest men

India’s Gautam Adani once again became Asia’s richest man on Friday, according to Bloomberg’s index of the world’s billionaires, a year after his group’s share price plummeted amid allegations of market manipulation.

According to a report by American investment research firm Hindenburg Research, the Adani Group lost more than $150 billion from its market value. The report accused the group of “blatant” corporate fraud.

Gautam Adani’s personal wealth was reduced by about 80 billion dollars. However, both Adani and his business have pared most of those losses since public scrutiny has eased.

According to the Bloomberg Billionaires Index, Adani’s net worth increased by about $7.7 billion this week to $97.6 billion. His net worth is slightly more than that of Indian tycoon Mukesh Ambani. Both of them are now the 12th and 13th richest people in the world by measurement.

Shares of listed Adani group companies soared this week after India’s Supreme Court rejected a petition seeking to expand the scope of the investigation into the Hindenburg allegations. The court said that the existing investigation by market regulators was sufficient.

“The honorable Supreme Court’s decision has shown that the truth has won”, Adani wrote on the social network X after the decision, “I am grateful to those who stand with us, our humble contribution to the development story of India will continue.”

Short-selling house Hindenburg makes money not only by looking at corporate wrongdoing, but also by betting on falling stocks. Adani had denied the allegations of fraud in its report last year. He called it a “deliberate attempt” to tarnish the image of his group for the benefit of short-term sellers.

Prior to the report, Adani Group’s share price had risen sharply, and the group’s main listed unit had gained more than 1,000 percent in the five years to January 2023. This helped finance the dangerous expansion of the group.

The group’s reach has now expanded into many key sectors including coal mining, renewable energy, ports, airports. Adani is a native of Gujarat state and considered a close ally of Hindu nationalist Prime Minister Narendra Modi.

Opposition parties and other critics say their relationship helped Adani unfairly win business and avoid proper oversight.

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