Adani lost 3000cr rupees every week;wealth down 60%

 Gautam Adani was the worlds 2nd richest person till january 23.On january 23 hindenburg , an investment  research firm with a focus on activist short-selling founded by Nathan Anderson in 2017 which is based on Newyork published a report which alleged that Adani group has engaged in brazen stock manipulation and accounting fraud , Improperly used offshore tax havens , and flagged concern about group's high debt. Due to this allegation the stock price of adani's every comapany faced a huge dip and which made a loss of $28 billion in wealth or 3000 cr rs in 2022-23.

                                                                  Due to this allegation Adani and family lost the second richest Asian title to Zhong Shanshan of YST .The allegation mainly frames that Adani Group has grown about 80%within the last 3 years even the world was affected with the pandemic .It is because Adani Group is collecting Debt-Fueled fund which means that buying huge amount as debt from others and raising the price of their shares to fake the stock market .And also the Adani family's wealth has increased heavily with this short span of time .This was the main allegation put forward by Hindenburg Agency .From the worlds second largest richest person almost 60% wealth has dipped. The combined market capitalization of all listed Adani group firms plunged nearly 7.1 trillion since January 24 when the Hindenburg report was published.

                                                                 The report published by Hindenburg agency shares a 32000 words report and it contains 88 questions to Adani group. Adani Group has given answers to the Hindenburg with a 413 pages report and Adani states that this the attack against the growing nature of India and Hindenburg have not researched much about Adani group. Hindenburg has raised 88 questions to Adani group and Adani group have given answers for 65 questions and the remaining questions are irrelevant says Adani group .Adani enterprises share value was 3443 rs and now it dippd down to 1824 rs. Like this way every stock of Adani Group was heavily affected due to this allegations.

                                                                 Also Mukesh Ambani's RIL(Reliance Industries Limited)too saw a dip on its wealth of 20%to $82 billion during thus period. This fall in the market, analysts observation is that it is overall dip in the markets and a risk-off sentiment which impacted large-caps including RIL.Even though Adani is facing this huge dip but Adani group is placed 7th in the Biggest losers in 2023 list.It means that Adani is slowly raising in the market. Meanwhile the fall in the Billionare wealth is not restricted to India ,at global level number of billionares dropped to 3112 in 2023.