Suspected of stock manipulation, Indian billionaire loses money every day

Suspected of stock manipulation, Indian billionaires lose money every day - Photo 1.

Indian billionaire Gautam Adani – Photo: REUTERS

According to News Agency Bloomberg, the last 5 trading sessions have blown away $ 92 billion in market capitalization of companies under Adani Group. Accordingly, billionaire Adani’s fortune has been reduced by more than 40 billion USD.

Closing the trading session on 1-2 on the Mumbai stock market (India), Adani Enterprises’ share price closed at 28.45% lower.

Shares of Adani Total Gas – 37.4% owned by French oil and gas group TotalEnergies – fell another 10%, forcing the Mumbai Stock Exchange to halt trading shortly after the market opens the following session.

Adani Ports was down nearly 18 percent, while shares of Adani Power Energy and Adani Wilmar Foods were both down 5 percent.

Theo Bloombergdue to the fact that Swiss bank Credit Suisse has stopped accepting bonds of Adani Group companies as collateral, for margin loans to private banking customers.

Earlier, a report by Hindenburg Research accused Adani Group of using shell companies in tax havens to inflate the revenue and share prices of listed subsidiaries. Subsidiaries belonging to the “Adani family” were closely monitored after this news.

“This blatant stock-manipulation and accounting scheme is the largest scam in the company’s history,” Hindenburg Research said in a report that sent investors selling out of “Adani” stock. .

His personal wealth plummeted, causing Mr. Adani to fall out of the magazine’s list of the 10 richest people in the world ForbesAt the same time, his fellow Indian Mukesh Ambani won the title of the richest man in Asia.

Billionaire Mukesh Ambani is the chairman of Reliance Industries, India’s largest private company, listed in the Fortune 500 list of the world’s 500 largest companies.

According to AFP news agency, the empire of billionaire Gautam Adani, 60, has grown at breakneck speed in the past five years.

Just last week, Mr. Adani was still the third-richest person in the world, behind billionaires Elon Musk and Bernard Arnault.

Adani’s close relationship with Indian Prime Minister Narendra Modi is said to be the key to the billionaire’s success in business and avoiding regulatory scrutiny.

Prime Minister Modi has not commented publicly since Hindenburg Research published the shocking report. Analysts say this damages India’s image as it seeks to lure foreign investors away from China.

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