According to a Bloomberg report, Gautam Adani has dropped out of the top 10 richest persons in the world. The businessman had previously been ranked fourth on the Bloomberg Billionaires Index.
Tuesday morning saw the majority of the Adani Group companies’ shares trading in the red and down for the fourth straight day due to worries about a report by US-based short seller Hindenburg Research.
Stocks of Gautam Adani’s company were hit hard on the exchanges when Hindenburg published a report in which it laid a long list of accusations against it, including share price manipulation and illegal activities. The organization denies the accusations.
However, Ambuja Cements increased by 5.25 percent, ACC increased by 2.91 percent, and Adani Enterprises increased by 5.26 percent.
On Monday as well, shares of the majority of Adani Group companies closed down.