Hindenburg effect: Gautam Adani at 25th position in the list of rich, now this much wealth is left

Indian industrialist Gautam Adani’s troubles are not taking the name of abatement since the Hindenburg report came out. Billionaire Gautam Adani’s net worth fell below $50 billion on Monday, according to updated data from the Bloomberg Billionaires Index. His net worth is now $49.1 billion. Just a month ago, the 60-year-old industrialist’s net worth stood at around $120 billion, making him the third richest person in the world. But things changed completely after Hindenburg Research came out with sensational report on Adani Group.

The short seller report created a storm in the Indian stock market as well. Also impacted the market valuation of the listed companies of Adani Group. It is worth noting here that the seven leading Adani group firms have lost a combined market valuation of $120 billion. While the Adani Group has rejected the allegations made by Hindenburg, the report has raised concerns among investors and financial institutions, resulting in a steady decline in the share prices of its listed companies.

But it has had a severe impact on the personal wealth amassed by the industrial tycoon, who has seen his wealth drop by $71 billion since the start of the year. This makes Adani’s wealth erosion the fastest among the 500 richest people listed in the Bloomberg Billionaires Index.