Adani Group companies’ stocks saw a significant dip today, resulting in a drop of USD 3.1 billion in the net worth of its founder and chairman, Gautam Adani.
His net worth has fallen significantly, causing him to slip out of the $50 billion club. Currently, his net worth stands at USD 49.4 billion, down from USD 119 billion when Hindenburg released a report against the group.
Adani, who was the third richest person in the world before the release of the Hindenburg report, now stands at the 24th position on the world billionaire list.
Why did Adani group stocks dip?
Adani Enterprises, Adani Power, Adani Wilmar, Adani Green, Adani Port, ACC, Ambuja Cement, Adani Transmission, NDTV, and Adani Total Gas Limited’s shares are trading in the red, affecting Gautam Adani’s net worth.
The reason behind the dip in shares is a report that suggests US authorities are looking to scrutinize the representations made by Adani companies to American investors following the Hindenburg report earlier this year.
Out of all the Adani group stocks, Adani Enterprises saw a huge dip of over 7 percent. The second-highest dip, 6.01 percent, was witnessed by Adani Transmission.
