Mumbai: Gaumat Adani was third in the list of world’s richest people till 10 days ago. The report of the American research firm Hindenburg came on 24 January. From 25 January, his wealth started declining. Now the situation is that in the last ten days, Gautam Adani’s wealth has decreased by more than half. If we look at the figures of the last 24 hours, then there has been a loss of $ 12.5 billion in the meantime. Adani’s net worth has decreased by about $ 65 billion in ten days. He has also slipped out of the top 15 in the list of rich.
Know what has happened so far?
January 18: The stock market was informed about the FPO by Adani Enterprises. The full form of FPO is Follow-on Public Offer. Through this, companies already listed in the stock market offer to sell their shares to raise funds.
January 24: Hindenburg, an American firm, released a report on the companies of the Gautam Adani-led group. The report accused the Adani group of being involved in stock manipulation and accounting fraud. On January 24, Gautam Adani’s net worth was 126 billion dollars.
January 25: Shares of Adani Group’s listed companies took a big hit after the Hindenburg report came out. Adani’s net worth reduced to $120 billion. However, Adani remained at number three in the list of the rich. Adani Group CFO Jugshinder Singh issued a video message dismissing Hindenburg’s allegations.
January 26: Adani Group said it is considering legal options against US financial research firm Hindenburg Research. American financial research firm Hindenburg Research said it stood by its report.
January 27: Shares of Adani Group suffered heavy losses due to selling. Due to this, there was a huge decline in Gautam Adani’s net worth. Adani dropped out of the list of five richest person in the world. His wealth was reduced to $ 98.1 billion. Adani reached number seven in the list of rich.
January 29: Adani Group termed Hindenburg’s allegations as a systematic attack on India, its institutions, the country’s growth story and its ambitions. In its 413-page reply, the Adani group also replied to 88 questions raised in the report.
January 30: The Adani group suffered another major setback as the market opened on Monday. The company’s shares continued to decline heavily. Gautam Adani’s net worth decreased by $9.9 billion to reach $88.2 billion.
January 31: The follow-on public offering (FPO) of Adani Enterprises, the flagship company of Adani Group, got fully subscribed. The Rs 20,000-crore FPO found support from non-retail investors on Tuesday, the last day of the sale. The demand for 4.62 crore shares was against the offer of 4.55 crore shares. Adani’s net worth also got the benefit of this. Adani’s net worth increased to $89.1 billion.
February 1: Rating agency Credit Suisse refused to accept Adani Group’s bonds and downgraded its bond value to zero. It had a bad effect on the market. Adani’s net worth fell to $74.7 billion. Adani slipped to number 15 in the list of rich. On the night of February 1 itself, Adani Enterprises Limited (AEL) called off its Rs 20,000 crore follow-on public offer (FPO).
February 2: Heavy selling in Adani Group shares continued after withdrawal of FPO. Along with this, the decline in Adani’s assets also continued. His net worth decreased by more than $10 billion in one day. Adani reached number 16 in the list of rich. His net worth came down to $64.2 billion.
February 3: Shares of Adani’s company continued to decline as the market opened. Along with this, his property also continued to decline. Within an hour and a half of the opening of the market, Adani reached number 22 in the list of the rich. However, after the statements issued by rating agencies Moody’s and Fitch in the afternoon, Adani shares had a positive impact. His company’s shares improved by about 56 per cent from the bottom. Due to this, Adani once again joined the list of top-20 rich. By the end of the day, his wealth had increased by $16.9 billion. Adani came at number 17 in the list of rich.
What will happen next?
According to stock market research expert Manoj Dadlani, the selling in Adani Group shares is in reaction to the negative report of Hindenburg. On Friday, the statement of Moody’s and Fitch also had a better effect on the shares of his company. They have a diversified portfolio of strong brands. SBI and LIC have also not raised concerns regarding Adani group companies, which is giving a positive message. However, this movement in Adani’s property may continue for a few more days.
