Mumbai: Indian billionaire Gautam Adani lost $ 9 billion after a media report raised questions about some foreign investors, causing the six listed shares in his conglomerate. The 58-year-old magnate lost more money this week than anyone else in the world, with his personal fortune falling by about $ 9 billion to $ 67.6 billion. A few days ago, he narrowed the gap with Mukesh Ambani as the richest man in Asia. Shares of Adani Group continued to fall on Thursday. The turnaround in equities began on Monday after the Economic Times reported that India’s national shareholder had frozen the accounts of three funds in Mauritius due to insufficient information about the owners. The majority of the holdings of Albula Investment Fund, Cresta Fund and APMS Investment Fund – approximately $ 6 billion – are shares of Adani’s businesses. Although the Adani group called the report “blatantly erroneous” and said it was “done to deliberately mislead the investment community”, investors worried about transparency rushed to the exit. Mauritius’ foreign funds hold more than 90 percent of their assets under management in Adani group companies, according to Bloomberg Intelligence.
A decade is worth it
These overseas funds “have been investors in Adani Enterprises Ltd. for more than a decade,” Adani Group said in a June 14 statement. “We call on all our stakeholders not to bother with market speculation.” In identical exchange notes the same day, Adani group companies said they had received a written confirmation from the registrar and transfer agent that the foreign funds’ demo accounts in which Adani shares are held were “not frozen”. Shares of Adani Green Energy fell 7.7 percent this week. Adani Ports & Special Economic Zone fell 23 percent within four days, Adani Power, Adani Total Gas and Adani Transmission tumbled by at least 18 percent, while the flagship Adani Enterprises fell by almost 15 percent.