Adani loses 3 thousand crores every week

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News Desk
  • Update Time : Sunday, March 26, 2023

The Hindenburg Research Report came out in January this year. It alleged that the Adani group had openly manipulated shares, falsified accounts, took undue advantage of countries with very low taxes and the group’s debt was huge.

The M3M Hurun Global Rich List report stated that after this, $ 28 billion in Gautam Adani’s wealth was wiped out or in other words, Rs 3,000 crore was wiped out every week in 2022-23.

As a result, Adani and his family lost the title of second richest Asian. Zhong Shanshan of Russian alloy and steel company YST has now become the second richest person in Asia. The Hurun report has estimated that the wealth of Adani and the family is now only $ 53 billion.

Adani had also become the second richest person in the world for some time. But soon after that the Hindenburg Report came and more than 60 percent of his wealth was cleared. The Adani Group has significant business interests in India and abroad, ranging from ports and airports, power, gas, infrastructure, media, cement, green energy and edible oil.

The total market capitalization of all the listed companies of the Adani group has declined by about Rs 7.11 lakh crore since the Hindenburg report came out on January 24. The stock of Adani Enterprises, which was running at Rs 3,443 on that day, fell to around Rs 900 within a few days. However, now it has improved slightly and is trading at Rs.1,824.

Meanwhile, Mukesh Ambani of Reliance Industries Limited (RIL) also suffered a setback and his wealth declined by 20 per cent to $82 billion. But according to the report, he remains the richest Asian for the third year in a row.

Shares of Reliance Industries recently fell to Rs 2,180 on the Bombay Stock Exchange, which is its lowest price in the last 52 weeks. Its performance has been the worst in the calendar year 2023 among all the stocks included in the Sensex. During this period, Reliance shares were recorded in a decline of 11 per cent, while the Sensex declined only 5 per cent.

Analysts attributed the fall in the stock to the fall in the overall markets and risk aversion among investors. The report said that in contrast to the 2022 M3M Hurun Global Rich List, this time India was among the three countries in which wealth declined the most. The wealth of 178 billionaires in China and 123 in the US decreased by more than $ 1 billion this year. The number of such billionaires in India was 41.

imprint on the sky

The report said that India is also home to the world’s richest billionaires in the aviation sector. The richest aviation billionaires are Rakesh Gangwal with $3.6 billion and Rahul Bhatia with $3.3 billion, and the family of Indigo Airlines (Interglobe Aviation). Has reached 994th place in the list of rich with. Baiju is the second richest entrepreneur in the world in the education sector.

talk of the world

The decline in wealth didn’t just bother India’s billionaires. The number of billionaires worldwide is projected to drop to 3,112 in 2023, from 3,384 the year before. Anas Rehman Junaid, managing director and chief researcher at Hurun India, lists several reasons for the sharp decline in the billionaire’s wealth, including rising inflation, rate hikes by central banks and a strengthening dollar.

The biggest loss among billionaires was Amazon’s Jeff Bezos, whose wealth declined by $70 billion to $118 billion in 2023. It was followed by Tesla’s Elon Musk, whose wealth fell by $48 billion to $157 billion.

Junaid says, “The Russia-Ukraine war, developments in China, rising inflation and reaction from global central banks and non-availability of funds affected sentiment. All this had an impact on the stock market, causing losses to the promoters.

The wealth of the top 4 billionaires in the US (Jeff Bezos, Larry Page, Sergey Brin and Elon Musk) took a total dent of $200 billion during 2022-23. This figure is more than the total decrease in the wealth of all the billionaires of India during this period.

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