The diverse financial activities of the richest man in India and Southeast Asia are in turmoil, Gautam Adani, as the market value of his diverse group fell by at least $51 billion in three meetings. The reason for the mass sale of shares and bonds of his companies was the report of the American group specializing in shorts, Hindenburg Research. And this exposure proved disastrous for the empire of Gautam Adani, the self-made tycoon who dropped out of university and built a slew of businesses spanning media, metals and energy, transportation and ports, which he says want to honor his memory for infrastructure projects. in his country of India.

After the publication of the report, the capitalization of the Adani group decreased by $51 billion in three days.

The Hindenburg Research report comes just as Gautam Adani is trying to attract investors to sell shares in the flagship of his conglomerate, Adani Enterprises, for $2.5 billion. He strongly contested her findings and filed an appeal in court. The businessman has had numerous instances of mismanagement of his empire, according to Hindenburg Research, and last summer Credit Sights reported that the Adani Group was heavily leveraged. Especially yesterday, the share price of Adani Enterprises fell nearly 19%, the most in five years. Some other units such as Adani Green Energy and Adani Total Gas dropped 20%, as did the daily trade limit. The volume of these shares, which were sold in droves, was at least three times their quarterly average.

Meanwhile, the sell-off spread yesterday across the Indian stock market, which reopened after a local holiday on Thursday, with the NSE Nifty 50 core index falling 1.6%, the worst performance in Southeast Asia. The Banking Sector Index suffered some of its biggest losses due to fears of their impact on Adani’s group. Over the past five years, the explosive growth in the share price of the group’s flagship, Adani Enterprises, has outpaced that of Tesla, bringing the publicity-averse creator into the spotlight. Last April, Gautam Adani’s net worth exceeded $100 billion, and now, after the mass sale, his net worth reaches $93 billion. The tycoon, who according to Forbes last September was the third-richest person with $152.2 billion, made money from commodities and port management and bought a majority stake in Mumbai International Airport in 2020. He first appeared on the Forbes billionaire list in 2008, and at that time his fortune was … only $ 9.3 billion, and before that it was 15 times more.