Home / News / India News / Article / Adani's wealth down 60 per cent; cedes richest Indian tag to Ambani: Report

Adani's wealth down 60 per cent; cedes richest Indian tag to Ambani: Report

Updated On: 22 March, 2023 06:02 PM IST | Mumbai | PTI

US-based short-seller Hindenburg Research had published a report accusing the Adani group of large-scale accounting fraud and stock manipulation, leading to serious concerns and a free fall in Adani group companies' share prices. The Gautam Adani-led conglomerate has denied these allegations

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Gautam Adani. File Pic

Gautam Adani. File Pic

Gautam Adani's fortunes have suffered a severe setback on concerns over corporate governance and accounting fraud, leading to Reliance Industries' Mukesh Ambani replacing the Ahmedabad-based industrialist as the richest Indian.

Adani lost Rs 3,000 crore of wealth every week over the last year and his overall networth is down 60 per cent from its peak, as per the M3M Hurun Global Rich List, which pegged Adani's overall fortune at USD 53 billion as of mid-March.

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