In just 10 days, Indian billionaire Gautam Adani, whose vast empire has become the third richest person in the world, has seen more than half of his fortune disappear.
His Adani group lost more than $110 billion in market value as investors pulled out, and the 60-year-old tycoon’s fortune plummeted by about half, knocking him off Forbes’ top three list. rice field.
reason? A small US short-selling firm called Hindenburg Research accused Adani Group of fraud and stock manipulation, sparking a market crisis that forced the company to abandon his $2.5 billion public offering. The Adani Group vehemently denied the allegations, but the crisis looming over his second-largest conglomerate in India is deepening both economically and politically.