Indian billionaire Gautam Adani briefly fell off from the top 10 spots of the Bloomberg Billionaire Index, as stocks of Adani's companies continued to tank on Tuesday, 31 January. He retained the tenth spot on Wednesday morning.
This comes in the backdrop of investment investigation firm Hindenburg Research accusing Adani Group of carrying out the the "largest con in corporate history."
Ahead of Hindenburg accusations, Adani was stationed at the fourth spot in the Bloomberg list, with an estimated $119.5 billion fortune.
Stocks remain volatile: On Wednesday, Adani Group's stocks continued to fluctuate with Adani Total Gas and Adani Power in free fall, even as Adani Wilmar and Adani Ports and SEZ managed to recover.
Meanwhile, Adani Enterprises, whose Rs 20,000 crore follow-on public offer (FPO) eventually pulled through on the final day of bidding, was down 1.12 percent at Rs 2,941.60 on the Bombay Stock Exchange (BSE).
The accusations: In its report, Hindenburg Research alleged that Adani Group had ties to offshore shell companies that were used to launder money, manipulate the stock market, and "maintain the appearance of financial health and solvency” of its businesses.
Adani's response: The conglomerate offered a 413-page rebuttal to the US short seller, saying that the allegations were not only an attack against the company but a "calculated attack on India."
"This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," a statement by the Adani Group read.
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