Indian billionaire Gautam Adani’s dream run up the global wealth rankings is faltering after a media report raising questions about some offshore investors triggered a rout in his conglomerate’s six listed stocks.
The 58-year-old tycoon lost more money this week than anyone else in the world, with his personal fortune tumbling by about $9 billion to $67.6 billion, according to the Bloomberg Billionaires Index based on Wednesday closing prices. Just days ago, he was closing the gap with Mukesh Ambani as Asia’s richest man. Adani Group stocks continued to fall on Thursday.
The U-turn in shares started Monday after the Economic Times reported that India’s national share depository froze the accounts of three Mauritius-based funds because of insufficient information on the owners. The bulk of the holdings of Albula Investment Fund, Cresta Fund and APMS Investment Fund – about $6 billion – are shares of Adani’s firms.
Although the Adani group called the report “blatantly erroneous” and said it was “done to deliberately mislead the investing community,” investors concerned over transparency rushed for the exit.
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{Matzav.com}
Terrible terrible news. So much suffering. How can a human wrap their mind around this?