According to the report, assets of Gautam Adani, the richest person in India and Asia, have decreased by 20 billion US dollars in a period of 48 hours.
Adani Group’s share price has fallen sharply after a US-based investment company alleged that Adani had conducted its business fraudulently.
Accordingly, with the situation that has arisen, Adani Group has declared the accusation made by the relevant US company as false and malicious. Still, the company has not been able to nullify the impact.
Along with the accusations of fraud against the Adani Group, the opposition party in India has also demanded an immediate investigation into the matter.
However, Indian media reports reveal that Adani Group has lost about 50 billion US dollars in market value.
Shares of a flagship company in Adani Group, Adani Enterprises, tumbled nearly 20% on Friday, while shares of some of the group’s other publicly listed companies tumbled even more, as active trading on the Mumbai Stock Exchange came to an automatic halt with this situation.
With an estimated net worth of more than $96 billion, Adani has dropped to the seventh position on Forbes’ richest list, where he was previously named the third richest person in the world.
