Five days of "bad streak" in the stock market left Indian tycoon Gautam Shantilal Adani
a little poorer
and out of the top spot on the podium of Asia's richest men.
This Wednesday his flagship company, Adani Enterprises
, fell on the Bombay Stock Exchange
, which has caused the tycoon to leave the top 10 of the great world fortunes established by Forbes magazine.
In addition, his personal fortune has melted down, losing $40 billion, according to Forbes real-time rankings.
Adani, chairman of the multinational conglomerate Adani Group, also lost his job as Asia's richest man on Wednesday, after
a week of losses in an ambitious stock trade
torpedoed by accusations of market manipulation.
Adani, with an estimated fortune of
74,700 million dollars,
fell to second place after registering a loss of 13,000 million on Wednesday, according to the Forbes list, giving up his position to Mukesh Ambani, also an Indian, at the head of the Reliance Industries group, with 84,300 million. .
Headquarters of the Adani Group, in Ahmedabad, India.
Photo: Bloomberg
US$ 4 billion in one morning
The losses of the last hours of this Wednesday represent a depreciation in the list of the richest in the world, just a few hours after it had fallen from the eighth to the tenth step during the morning, when it lost about 4,000 million.
Adani's downfall follows a week of pressure on the conglomerate, which
carried out a massive stock
deal with a secondary offering initially estimated at $2.5 billion, one of the largest public listings on the Indian stock market.
However, the ambitious move was overshadowed by the publication of a report by US investment group Hindenburg Research, which accused the billionaire
of decades-long "equity manipulation and accounting fraud"
, two days before the massive offer.
Contrasts in Ahmedabad, headquarters of the Adani Group offices.
Photo: Bloomberg
With the value of the shares
plummeting
since opening day, the businessman was forced to go on the defensive to turn back the losses and keep afloat the three-day offer that, although it closed on Tuesday with all the shares sold, it left company prices in the red and below expectations.
Shares of Adani Enterprises, the conglomerate's flagship company, posted
a 26.4% drop by
market close on Wednesday, according to data from the Indian National Stock Exchange (NSE).
The week of falls cost Adani's companies a depreciation of more than 50,000 million dollars, after, until eight days ago, he remained
the third richest in the world.
Adani Group, with
multinational companies focused mainly on the industrial and energy sector
, was founded by Gautam Adani himself in 1988 as a trading company that soon expanded into the import and export of goods and, later, the development of their own ports.
The conglomerate began a meteoric growth in 2014, coinciding with the coming to power of Prime Minister Narendra Modi, to whom Adani has shown open sympathy and support, going on to amass a fortune that went from 2.4 billion dollars to more than 80 billion estimated dollars. Today.
The recent acquisition of the Indian television channel NDTV, seen by Modi's detractors as the country's last great independent outlet, has been seen by critics as a political move by Adani to help boost the image and
contain criticism of the prime Indian minister
with his sights set on next year's general election.
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