(MENAFN- Kashmir Observer)
Srinagar- Asia's and India's richest billionaire- Gautam Adani's fortune fell sharply on Friday and his ranking in the global rich list came down to the seventh spot following a rout in the Adani Group stocks post Hindenburg's report.
According to Forbes World's Real Time Billionaires List, Adani's wealth fell by USD 22.6 billion on Friday, taking him to the 7th spot on the list.
Hindenburg on Wednesday had alleged group companies to be involved in stock manipulation, money laundering and accounting fraud.
Adani Group on Thursday had said that it was evaluating relevant provisions under US and Indian Laws for remedial and punitive action against Hindenburg Research.
Shares of Adani Group's seven listed companies crashed for the second straight day on Friday. Adani Transmission and Adani Total Gas sank nearly 20 per cent in their biggest daily drop since mid-March 2020.
Adani Enterprises, Adani Green and Adani Ports also tumbled 18 per cent, 20 per cent and 16 per cent respectively.
Shares of recently acquired Ambuja Cements witnessed their biggest intraday fall since 2006, with the share price dropping 17.33 per cent to Rs 380.45 apiece on the NSE.
Hinderburg Research in a report on January 24 accused Adani of stock market manipulation, called the share prices of its seven listed companies 'overvalued', and questioned the role of close family members - two among many serious allegations.
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