India’s richest man, Gautam Adani has dropped to seventh in the latest billionaire ranking after $51bn was wiped off his stock.
Adani stock dropped drastically after a New York short seller’s accusations of having a substantial debt, putting the conglomerate on a precarious financial footing.
Accordingly, the group also said, increased valuations had pushed Adani’s seven companies to share prices as high as 85% above their actual value.
The two-day sell-off accusations wiped out $51bn of the market value of Adani’s companies, putting his shared value at around $90bn.
The head of Adani Group legal department, Jatin Jalundhwala on Thursday said, they’re poised for a charge against Hindenburg Research.
The legal department regarded the Hindenburg Research short seller’s allegations as maliciously mischievous, and unresearched.