Gautam Adani, the billionaire lost more money than anyone else this week.
According to the Bloomberg Billionaires Index, this 58-year-old millionaire lost more funds than any other individual on Thursdays this week, with his worth crumbling from $13.2 billion to $63.5 billion.
The dream of Indian billionaire Gautam Adani is rising in the international ranking of riches, following a news article raises doubts about some offshore investors that have triggered the six stocks in its company.
According to the Bloomberg Billionaires Index, this 58-year-old millionaire lost more funds than any other individual on Thursdays this week, with his worth crumbling from $13.2 billion to $63.5 billion. He had only days closed the gap as Asia's richest man with Mukesh Ambani. On Friday group equities in Adani dropped further and for a sixth straight day some fall by the daily ceiling.
On Monday after the Economic Times the turnaround of shares began, the Indian national stock depositaries blocked the accounts of three Mauritian fund holdings due to inadequate information about their owners. The Albula Investment Fund, Cresta Fund, and APMS Investment Fund interests are mostly shared in the Adani companies, which account for around $6 billion.
While Adani labeled the study “blatantly erroneous” and said it was “done to deliberately mislead the investing community,” the investment group worried about transparency fled out in a hurry.
According to Bloomberg Intelligence, Mauritius Offshore Funds own more than 90% of its assets under administration in Adani Group entities.
An independent research analyst of Mumbai Hemindra Hazari said, “There should be greater clarity to ensure who the final owners of the shares are".
An Adani group representative refused to comment on this afternoon's exchange fillings. "These overseas funds have been investors in Adani Enterprises Ltd. for more than a decade, “We urge all our stakeholders not to be perturbed by market speculations," Adani Group said in a June 14 statement.
At 9:21 AM in Mumbai Friday, the shareholdings for Adani Green Energy, the most valuable asset for Mogul, fell 12.4% this week. Adani Ports & Special Economic Zone Ltd. has fallen by 22%, Adani, and Adani, Total Gas Ltd., and 22%, while the ADANI flagship has fallen by more than 13%.
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