Industrialist Gautam Adani’s fortunes have suffered a severe setback on concerns over corporate governance and accounting fraud, leading to Reliance Industries’ Mukesh Ambani replacing the Ahmedabad-based industrialist as the richest Indian. Adani lost Rs 3,000 crore of wealth every week over the last year and his overall networth is down 60% from its peak, as per the M3M Hurun Global Rich List, which pegged Adani’s overall fortune at $53 billion as of mid-March. Ambani also suffered a decline in his fortune but could displace Adani as the richest Indian as his networth declined by 20% to $82 billion.
Earlier, US-based short-seller Hindenburg Research published a report accusing the Adani group of large-scale accounting fraud and stock manipulation, leading to serious concerns and a free fall in Adani Group companies’ share prices. The Gautam Adani-led conglomerate has denied these allegations.
Hindenburg: Adani’s wealth down 60%
