{"id":44245,"date":"2024-01-05T18:20:05","date_gmt":"2024-01-05T18:20:05","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/indias-adani-reclaims-asias-richest-mantle-after-scandal-the-express-tribune\/"},"modified":"2024-01-05T18:20:05","modified_gmt":"2024-01-05T18:20:05","slug":"indias-adani-reclaims-asias-richest-mantle-after-scandal-the-express-tribune","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/indias-adani-reclaims-asias-richest-mantle-after-scandal-the-express-tribune\/","title":{"rendered":"India’s Adani reclaims Asia’s richest mantle after scandal | The Express Tribune"},"content":{"rendered":"
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India’s Gautam Adani once again became Asia’s richest man on Friday, according to a Bloomberg index of the world’s billionaires, a year after allegations of market manipulation hammered his conglomerate’s stock prices.<\/p>\n

Adani Group saw more than $150 billion wiped from its market value after a bombshell report by US investment research firm Hindenburg Research accusing it of “brazen” corporate fraud.<\/p>\n

The family-run conglomerate’s founder, the world’s second-richest person ahead of Tesla founder Elon Musk, saw his personal fortune collapse by around $80 billion.<\/p>\n

But both Adani and his business have since pared much of those losses as public scrutiny receded.<\/p>\n

Read more:\u00a0Adani Group firms to raise $2.57b<\/a><\/strong><\/p>\n

The Bloomberg Billionaires Index showed Adani’s net worth gained around $7.7 billion this week to reach $97.6 billion, narrowly eclipsing fellow Indian tycoon Mukesh Ambani.<\/p>\n

The two men are now respectively the 12th and 13th richest people in the world, according to the measure.<\/p>\n

Shares in listed Adani Group companies jumped this week after India’s 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

“The honourable supreme court’s judgement shows that: Truth has prevailed,” Adani said on X, formerly known as Twitter, after the ruling.<\/p>\n

Also read:\u00a0India regulator probing Adani offshore deals<\/a><\/strong><\/p>\n

“I am grateful to those who stood by us. Our humble contribution to India’s growth story will continue,” he added.<\/p>\n

Hindenburg, a short-seller investment house, not only tracks corporate wrongdoing but also makes money by betting on stocks falling.<\/p>\n

Adani has denied the allegations of fraud documented in its report, last year calling it a “deliberate attempt” to damage the image of his conglomerate for the benefit of short-sellers.<\/p>\n

Before the report, Adani Group’s share prices had risen meteorically with its main listed unit shooting up more than 1,000 percent the five years to January 2023, funding a breakneck expansion of the conglomerate.<\/p>\n

Its reach now spans a number of key sectors including coal mining, renewable energy, ports and airports.<\/p>\n

Adani is considered a close associate of Hindu-nationalist Prime Minister Narendra Modi, a fellow native of Gujarat state.<\/p>\n

Opposition parties and other critics say their relationship helped Adani to unfairly win business and avoid proper oversight.<\/p>\n<\/div>\n