Accusations of fraud bring down the price of the conglomerate that belongs to the richest man in Asia

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Gautam Adani Perfil/Twitter The shares of the Indian conglomerate that belongs to the richest man in Asia, Gautam Adani, fell by 15% this Friday (27), which caused the suspension of the quotation on the Stock Exchange, a few days after the accusation of fraud against the group presented by an American investment company. Who got richer in 2022? See rankings of billionaires The title of Adani Enterprises fell to 508.45 rupees (US$ 6.23) on the Mumbai Stock Exchange during the afternoon, which caused the suspension of trading for 105 minutes. Adani Total Gas subsidiary was also suspended after the share fell 20%. The company Hindenburg Research alleged this week that the Adani group had developed a “decades-long system of accounting fraud” and manipulated profits “to maintain the appearance of good financial health and solvency” of its listed subsidiaries. The conglomerate hit back at the allegations, which it called “malicious”. With the crisis, in just two days the tycoon Gautam Shantilal Adani, 60 years old, went from the third position in the ranking of the greatest fortunes in the world to the seventh, according to Forbes magazine. The businessman lost 19 billion dollars. The Adani conglomerate includes activities ranging from coal mines in Australia to major ports in India. The capitalization of its seven listed companies exceeds 218 billion dollars. The shares of these branches have risen 2,000% in the last three years and have added more than 100 billion dollars to the net worth of its founder, who is currently estimated at 120 billion dollars. Adani was the richest in 2022 Among the 10 men who had the biggest increase in their fortunes, the Indian billionaire Gautam Adani was the richest in 2022. In the Bloomberg ranking, he is currently in 4th place among the richest , behind Frenchman Bernard Arnault and Americans Elon Musk and Jeff Bezos.

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