According to a Bloomberg index of the world’s billionaires, Gautam Adani of India reclaimed his title as Asia’s richest man on Friday, one year after claims of market manipulation severely damaged his company’s stock prices.
With the release of a shocking report by US investment research firm Hindenburg Research, which accused Adani Group of “brazen” corporate fraud, the company’s market value was wiped out by more than $150 billion.
The founder of the family-run business, the second richest person in the world behind Elon Musk, the founder of Tesla, witnessed a roughly $80 billion decline in his wealth. However, as the public’s attention subsided, Adani and his company have since reduced many losses.
Adani’s net worth increased by about $7.7 billion this week to reach $97.6 billion, barely surpassing that of fellow Indian tycoon Mukesh Ambani, according to the Bloomberg Billionaires Index.
Based on the measure, the two men are currently ranked 12th and 13th in the world’s wealthiest persons, respectively.
This week, shares of listed Adani Group firms surged after India’s top court rejected a petition to expand an inquiry into the Hindenburg claims, stating that current market regulator inquiries were adequate.
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