New Delhi [India], February 3 (ANI): Industrialist Gautam Adani slipped out of the top 20 richest people on World’s Real-time Billionaires list of Forbes and was placed in 22nd position on Friday.
Gautam Adani‘s wealth had declined 21.77 per cent or USD 16.2 billion.
The current net worth of the industrialist was USD 581.1 billion at 1.23 pm (IST) on Friday afternoon, while Reliance Industries Mukesh Ambani‘s net worth was at USD 82 billion.
On Thursday, Adani Group Chairman Gautam Adani, who stood at the 10th spot on the Forbes Real-time billionaire list for 2023 after being overtaken by Reliance Industries Chairman Ambani on Wednesday, further slipped and came to the 15th spot on the list.
On Thursday morning, Ambani overtook Adani to become the richest Indian in the world with a net worth of USD 84.3 billion, according to Forbes.
However, at the top of the list is French luxury fashion giant Louis Vuitton’s founder and CEO Bernard Arnault Bernard Arnault.
However, these values fluctuate constantly. If there is a gain in Adani’s stock, it is expected Adani’s personal wealth will rise too.
The decline of Gautam Adani on the Forbes‘ list happened, following a report by US short-seller Hindenburg Research on the Adani Group alleging a decade-long fraud scheme, “brazen accounting fraud, stock manipulation and money laundering.”
According to the data available on BSE, Shares of Adani Group‘s flagship firm, Adani Enterprises, were down 27.47 per cent to Rs 1,143.50 apiece on Friday morning. According to data available, in just five sessions, it has lost more than Rs 1,926.55 or declined over 62 per cent. (ANI)
Exposure in Adani Group 0.88 pc, no cause for concern: SBI Chief
Mumbai [Maharashtra], February 3 (ANI): State Bank of India (SBI) chairman Dinesh Khara on Friday said the bank’s total exposure amounting to Rs 27,000 crore in Adani Group is 0.88 per cent of its loan book. Addressing a press conference after announcing October-December quarter earnings, Khara said: “We have lent to Adani (group) for projects having tangible assets and adequate cash. They have met obligations…our total exposure to Adani group is 0.88 per cent as of December 31.”
Khara added those loans were against assets or businesses that are cash-generating, and the bank does not see any challenge. “There’s no cause for concern for us,” he added.
This comment by the SBI chief comes almost a week after a report by a US-based Hindenburg Research, which claimed the Adani Group of having weak business fundamentals, allegations of stock manipulation and accounting fraud, among others.
The report raised concerns about shares of Adani group companies having a possibility of declining from their current levels, owing to high valuations. Following the report, the shares of all Adani Group companies have been consistently declining, though with varying degrees.
In a long response, Adani Group had said on Sunday that the report by Hindenburg Research was not an attack on any specific company but a “calculated attack” on India, its growth story, and ambitions. It added the report was “nothing but a lie”. (ANI)
