Adani loses over half of his net worth in 22 days as stocks continue to bleed

Gautam Adani, founder, and chairman of Adani Group who is witnessing dip in his net worth ever since the release of the Hindenburg report has lost over USD 66 billion in just 22 days as his firms’ stocks continue to trade in red today.

Today, he lost USD 3.40 billion as all most all of his stocks are either locked in lower circuits or trading in the red.

Most Adani stocks locked in lower circuits

As of 1 pm today, the stocks of most of the Adani Group companies including Adani Green, Adani Power, Adani Transmission, NDTV, and Adani Total Gas Limited are locked in lower circuits.

Apart from them, Adani Enterprises, ACC, and Ambuja Cement are trading in the red. Adani Port is the only stock of Adani Group which is trading in green.

Adani slips to 24th position in world’s billionaire list

After a dip in his net worth from USD 119 billion on January 24, when Hindenburg research released a report against Adani Group, to USD 52.4 billion now, he slipped from third to 24th position in the world’s billionaire list.

Apart from it, due to the massive sell-off of Adani companies’ stocks, he also lost India’s richest person title to Reliance Industries Limited (RIL) chairman Mukesh Ambani.

Demand for JPC in Hindenburg-Adani issue

Amid ongoing sell-offs, many political leaders are demanding a joint parliamentary committee to examine the Hindenburg-Adani issue.

In the parliament, many MPs were seen raising slogans, ‘we want JPC’.

When the matter reached Supreme Court, the central government said that the existing structure, which includes the Securities and Exchange Board of India (SEBI) and other agencies, are fully equipped to handle the situation which occurred after the Hindenburg report on Adani group, and it would not oppose the court’s suggestion to constitute a committee to strengthen the existing regime.