Gautam Adani’s net worth tanks nearly 60% to USD 49.1 billion post Hindenburg report; billionaire slips to 25th spot

Gautam Adani has slipped to 25th spot in the global rich list with his net worth tanking by a whopping 71.5 billion or nearly 60 per cent on the year-to-date (YTD) basis to USD 49.1 billion from USD 120.6.  The billionaire businessman’s personal net worth has been falling since 24 January 2023, after a US-based short selling company Hindenburg Research published a report alleging Adani Group of stock manipulation and fraud.

Adani’s fall from number two spot is triggered by the Hindenburg report as all 10 listed companies of the Adani Group continue to bleed with intermittent recoveries.       

The top three positions are occupied by French businessman Bernard Arnault (USD 192 billion), Elon Musk (USD 187 billion) and Jeff Bezos (USD 121 billion) according to Bloomberg Billionaire Index.      

 Source: Bloomberg

While Musk’s fortunes have gone up by 50 billion on the YTD basis, Arnaults personal wealth has risen by USD 29 billion during this period.

Zee Business brings an exclusive research on Adani Group’s cash flows. 

The research report highlights fall in 10 listed companies of the Adani Group  

Company                        % fall in share price 

Adani Total             76.5% 

Adani Green              69.8%

Adani Transmission       68%      

Adani Enterprises          53%   

Adani Power             40.8%

Ambuja                33%

NDTV                 26.2%

Adani Port               26% 

Adani Wilmar           22.5% 

ACC                  22.5% 

In a 14 February investor presentation, the Adani Enterprises gave details of cash and cash equivalent of its group companies putting it at Rs 31,646 crore. The company has included money deposits and security deposits older than 12 months. The channel checked past records of the company to see if it had included these heads in the past as well.  

On looking at the annual reports of Adani Group companies, it was found that money and security deposits were put as ‘Other Non-current Assets’. It has now been removed from there and put into cash and cash equivalent.  

In March 2022 annual report, margin money and deposits worth Rs 2,000 crore were there in Adani Ports and Special Economic Zone, in Adani Transmission it was around Rs 1,000 crore and in Adani Green it was around Rs 1,800-2,000 crore. In 4-5 companies, these heads were worth nearly Rs 5,000-Rs 6,000 crore. 

This figure is included in the Rs 31,646 crore amount. The research said that the latest figures are not available as of now.  

Many investors have raised concerns pertaining to this and have asked for clarification in this. 

See Full Report Here

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— Zee Business (@ZeeBusiness) February 20, 2023

Selling pressure in Adani Group companies’ stocks remain unabated.