{"id":44173,"date":"2024-01-05T13:28:05","date_gmt":"2024-01-05T13:28:05","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/indias-gautam-adani-reclaims-asias-richest-mantle-after-scandal\/"},"modified":"2024-01-05T13:28:05","modified_gmt":"2024-01-05T13:28:05","slug":"indias-gautam-adani-reclaims-asias-richest-mantle-after-scandal","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/indias-gautam-adani-reclaims-asias-richest-mantle-after-scandal\/","title":{"rendered":"India\u2019s Gautam Adani reclaims Asia\u2019s richest mantle after scandal"},"content":{"rendered":"<p><\/p>\n<div dir=\"auto\">\n<p>India\u2019s Gautam Adani <a href=\"https:\/\/www.dawn.com\/news\/1734873\">once again<\/a> became Asia\u2019s richest man on Friday, according to a <a rel=\"noopener noreferrer\" target=\"_blank\" class=\"link--external\" href=\"https:\/\/www.bloomberg.com\/billionaires\/\"><em>Bloomberg<\/em> index<\/a> of the world\u2019s billionaires, a year after allegations of market manipulation hammered his conglomerate\u2019s stock prices.<\/p>\n<p>Adani Group saw more than $150 billion wiped from its market value after a <a href=\"https:\/\/www.dawn.com\/news\/1733633\">bombshell<\/a> report by US investment research firm Hindenburg Research accusing it of \u201cbrazen\u201d corporate fraud.<\/p>\n<figure class=\"media  sm:w-1\/2  w-full  media--right  media--embed  media--uneven\">\n<p>    <iframe class=\"nk-iframe\" onload=\"setInterval(()=&gt;{try{this.style.height=this.contentWindow.document.body.scrollHeight+'px';}catch{}}, 100)\" width=\"100%\" frameborder=\"0\" scrolling=\"no\" style=\"height:400px;position:relative\" src=\"https:\/\/www.dawn.com\/news\/card\/1734930\" sandbox=\"allow-same-origin allow-scripts allow-popups allow-modals allow-forms\"><\/iframe><\/p>\n<\/figure>\n<p>The family-run conglomerate\u2019s founder, the world\u2019s <a href=\"https:\/\/www.dawn.com\/news\/1710404\/indias-gautam-adani-briefly-listed-as-worlds-second-richest-person\">second-richest person<\/a> ahead of Tesla founder Elon Musk, saw his personal fortune collapse by around $80bn.<\/p>\n<p>But both Adani and his business have since pared much of those losses as public scrutiny receded.<\/p>\n<p>The <em>Bloomberg Billionaires Index<\/em> showed Adani\u2019s net worth gained around $7.7bn this week to reach $97.6bn, narrowly eclipsing fellow Indian tycoon Mukesh Ambani.<\/p>\n<p>The two men are now respectively the 12th and 13th richest people in the world, according to the measure.<\/p>\n<p>Shares in listed Adani Group companies jumped this week after India\u2019s top court dismissed a petition seeking to widen a probe into the Hindenburg allegations, saying that existing investigations by market regulators were sufficient.<\/p>\n<p>\u201cThe honourable supreme court\u2019s judgement shows that: Truth has prevailed,\u201d Adani said on X, formerly known as Twitter, after the ruling.<\/p>\n<p>\u201cI am grateful to those who stood by us. Our humble contribution to India\u2019s growth story will continue,\u201d he added.<\/p>\n<p>Hindenburg, a short-seller investment house, not only tracks corporate wrongdoing but also makes money by betting on stocks falling.<\/p>\n<p>Adani has <a href=\"https:\/\/www.dawn.com\/news\/1734405\">denied<\/a> the allegations of fraud documented in its report, last year calling it a \u201cdeliberate attempt\u201d to damage the image of his conglomerate for the benefit of short-sellers.<\/p>\n<figure class=\"media  sm:w-1\/2  w-full  media--right  media--embed  media--uneven\">\n<p>    <iframe class=\"nk-iframe\" onload=\"setInterval(()=&gt;{try{this.style.height=this.contentWindow.document.body.scrollHeight+'px';}catch{}}, 100)\" width=\"100%\" frameborder=\"0\" scrolling=\"no\" style=\"height:400px;position:relative\" src=\"https:\/\/www.dawn.com\/news\/card\/1737995\" sandbox=\"allow-same-origin allow-scripts allow-popups allow-modals allow-forms\"><\/iframe><\/p>\n<\/figure>\n<p>Before the report, Adani Group\u2019s share prices had risen meteorically with its main listed unit shooting up more than 1,000 per cent the five years to January 2023, funding a breakneck expansion of the conglomerate.<\/p>\n<p>Its reach now spans several key sectors, including coal mining, renewable energy, ports and airports.<\/p>\n<p>Adani is considered a close <a href=\"https:\/\/www.dawn.com\/news\/1735115\">associate<\/a> of Hindu-nationalist Prime Minister Narendra Modi, a fellow native of Gujarat state.<\/p>\n<p>Opposition parties and other critics say their relationship helped Adani to unfairly win business and avoid proper oversight.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s Gautam Adani once again became Asia\u2019s richest man on Friday, according to a Bloomberg index of the world\u2019s billionaires, a year after allegations of market manipulation hammered his conglomerate\u2019s stock prices. Adani Group saw more than $150 billion wiped from its market value after a bombshell report by US investment research firm Hindenburg Research [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":44174,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/i.dawn.com\/large\/2024\/01\/051813193174b88.jpg?r=181329","fifu_image_alt":"","footnotes":""},"categories":[10],"tags":[],"class_list":["post-44173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pakistan"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"India\u2019s Gautam Adani once again became Asia\u2019s richest man on Friday, according to a Bloomberg index of the world\u2019s billionaires, a year after allegations of market manipulation hammered his conglomerate\u2019s stock prices. 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