Pro IQRA News Updates.
Indian businessman Gautam Adani is no longer Asia’s richest man after his company’s market value has dropped by $74 billion.
Earlier, at the end of January, Gautam Adani was removed from the list of the 10 richest people in the world and now he has also been stripped of the title of the richest person in Asia.
According to the American magazine Forbes, his rival Mukesh Ambani, instead of Gautam Adani, has now become the richest person in Asia.
According to the report, the share price of Adani Group fell further on February 1, further reducing Gautam Adani’s wealth to $75.1 billion and he reached the 15th position on the list of the richest people in the world.
In comparison, Reliance Industries chairman Mukesh Ambani has become the 9th richest person in the world and the richest in Asia with $83.6 billion.
The reason for Gautam Adani’s sharp decline in fortune was a report released on January 25 by Hindenburg, an American short-selling firm.
The report said Adani Group has been involved in stock market manipulation and accounting fraud for decades.
The report also called Gautam Adani the biggest fraudster in corporate history.
Following the report, Australia’s regulatory body said it was reviewing the allegations and would conduct further investigations if necessary.
Adani Group denied these allegations and called them baseless.
But even this denial did not satisfy investors and foreign investors have sold billions of dollars worth of stocks since the report was issued.
Since this report was published, Gautam Adani’s fortune has declined by more than $40 billion.
He started 2023 as the third richest person in the world with $119 billion and within a month he has moved from third to 15th place.