Billionaire Gautam Adani’s net worth took a major hit after the Hindenburg report made waves in the business world.
Billionaire Gautam Adani witnessed the biggest wealth loss in India in 2023, losing over 30 per cent of his net worth due to the Hindenburg report released on his organisation. However, the businessman paved a path towards quick recovery, raising almost $15 billion in debt and equity this fiscal year.
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Adani, who is trailing behind Mukesh Ambani as the second richest man of India, ended up raising $5 billion in equity and around $10 billion in debt in 2023, leading to the slow and steady recovery of Adani Group shares.
Star investor GQG Partners bought stakes worth almost USD 4.3 billion in five group companies between March and August while Qatar Investment Authority (QIA) and French energy giant TotalEnergies poured in USD 770 million in renewable energy firm Adani Green Energy Ltd, according to company filings and stock exchange data.
The acquisition of Ambuja Cement and ACC was also a turning point for Adani Group, after which the USD 3.5 billion debt to fund the deal was refinanced, increasing the firm’s bankability.
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Since then, Adani Group has ramped up its industrial business, acquiring Sanghi cement for USD 431 million, 49.38 per cent in Indian Oil Tanking for USD 128 million, Karaikal port for USD 181 million and Coastal Energen for USD 420 million.
Diversifying from just the ports and coal business, Adani Group is making active investments in airports, green energy, data centres, digital services and media, leading to the rapid growth of its shares.
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Gautam Adani’s massive net worth loss
While top businessmen in India like Mukesh Ambani and Shiv Nadar added billions of dollars to their net worth, Gautam Adani saw the biggest net worth drop of 2024, losing almost $60 billion after the Hindenburg saga broke out.
Adani’s net worth was over $110 billion before the Hindenburg report, and he had replaced Mukesh Ambani as the richest man in India. However, the significant drop in share prices and major deals falling through led to Adani losing nearly 34 per cent of his wealth.
Adani is currently the second richest man in the country, right behind Mukesh Ambani, with a net worth of $72.5 billion, according to Forbes data.
(With inputs from PTI)
