India's Gautam Adani, the school dropout who rose to become one of the world's richest men, suffered a stunning defeat on Wednesday when his flagship firm withdrew a blockbuster share sale after an attack by a small U.S. investment firm over his business practices.
from scratch after starting out as a commodities trader. India's Prime Minister Narendra Modi is from the same state and their relationship has long come under scrutiny by Modi's opponents., according to Forbes, with a net worth of $127 billion, trailing only Bernard Arnault and Elon Musk. On Wednesday he had slipped to No. 15.Married to dentist Priti Adani, he has two sons, Karan and Jeet, both of whom are involved in the company businesses.
As Adani's empire swelled, stocks of his seven listed companies surged - in some cases more than 1,500% in the last three years amid aggressive expansion. He denied allegations by Modi's opponents that he had benefited from their close ties. , for example, partnered with Adani last year to develop the world's biggest green hydrogen ecosystem.over the use of off-shore entities in tax havens and high debt levels just as its public issue opened, the Adani group mounted a stout defence in a 413-page response.
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Breakingviews - Gautam Adani’s next hurdles may be harder to clearIt helps to have friendly investors and rich families on hand when finalising a tricky share sale. These groups dragged Gautam Adani’s $2.4 billion capital call across the finish line on Tuesday, despite a selloff triggered by Hindenburg Research’s short attack.
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Breakingviews - Breakingviews: Gautam Adani’s next hurdles may be harder to clearIt helps to have friendly investors and rich families on hand when finalising a tricky share sale. These groups dragged Gautam Adani’s $2.4 billion capital call across the finish line on Tuesday, despite a selloff triggered by Hindenburg Research’s short attack.
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Controversy Embroiled Gautam Adani Loses Asia’s Richest Title To Mukesh AmbaniGautam Adani on Wednesday slipped to the 10th spot of Forbes’ real-time billionaire’s list, falling behind fellow Indian billionaire Mukesh Ambani.
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Gautam Adani no longer Asia's richest person as stock rout deepens to $74 billionIndia's Gautam Adani lost his title of Asia's richest person on Wednesday as a rout in his conglomerate's stocks deepened to $74 billion after a short-seller report.
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How Gautam Adani Lost $50 Billion In A Week—And His Ranking As Asia's RichestA timeline of how Adani’s publicly listed companies have lost $92 billion in a stock market rout.
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