Embattled Indian tycoon Gautam Adani’s net worth has dropped below $50 billion for the first time since March 2021, as the stock rout in his eponymous group of companies continued overnight.
The Adani Group chairman now has a net worth of $46.1 billion, after shedding another $2.98 billion from his personal fortune on Tuesday, a sharp drop from the peak of his wealth of $150 billion in September last year.
He is now the world’s 27th-richest person, according to the Bloomberg Billionaires Index.
The self-made billionaire, 60, has seen $74.5 billion wiped from his personal fortune since January 24, when US short-seller Hindenburg Research accused companies owned by the billionaire of “brazen” market manipulation and accounting fraud.
Watch: How India's Gautam Adani lost title as Asia's richest man
In its report, Hindenburg Research alleged accounting fraud, improper use of offshore tax havens and stock manipulation by Mr Adani, triggering a sharp fall in his companies' share prices and wiping about $138 billion from the group’s market value.
The combined equity market value of the Adani Group’s 10 companies fell below $100 billion on Tuesday, as the ports-to-power conglomerate continues to struggle to reassure investors following Hindenburg’s scathing report, Bloomberg reported.
Mr Adani has repeatedly denied the accusations and has hired legal and communication teams, cut expenses and repaid debt as the conglomerate seeks to calm traders concerned about the group’s access to financing, Bloomberg said.
On February 10, Moody’s Investors Service changed its ratings outlook for four Adani Group companies.
The adjustment came after index provider MSCI said it would reduce the weightings of four of his businesses in its indexes after a review of the number of shares that are freely traded.
The rating agency said it changed its outlook on the Adani companies after their “significant and rapid decline” in market value following the Hindenburg report.
Mr Adani was one of the biggest wealth gainers in 2022, adding $42.2 billion to his net worth and overtaking Bill Gates and Warren Buffett on the Bloomberg Billionaires Index.
The tycoon started climbing the ranks of the world’s richest in April last year, when shares in his listed companies rocketed.
He ended 2022 as the world’s third-richest person with a fortune of $119 billion.
Mr Adani, a first-generation entrepreneur who began his career as a diamond trader in Mumbai in the 1980s, helped to run his brother’s plastics business in his home state of Gujarat before setting up Adani Enterprises — the group’s flagship company — as an agricultural commodities trader in 1988.
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Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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Final scores
18 under: Tyrrell Hatton (ENG)
- 14: Jason Scrivener (AUS)
-13: Rory McIlroy (NIR)
-12: Rafa Cabrera Bello (ESP)
-11: David Lipsky (USA), Marc Warren (SCO)
-10: Tommy Fleetwood (ENG), Chris Paisley (ENG), Matt Wallace (ENG), Fabrizio Zanotti (PAR)
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
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Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
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Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
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Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes.
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com
THE SPECS
Engine: 3.6-litre V6
Transmission: nine-speed automatic
Power: 310hp
Torque: 366Nm
Price: Dh200,000
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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Country-size land deals
US interest in purchasing territory is not as outlandish as it sounds. Here's a look at some big land transactions between nations:
Louisiana Purchase
If Donald Trump is one who aims to broker "a deal of the century", then this was the "deal of the 19th Century". In 1803, the US nearly doubled in size when it bought 2,140,000 square kilometres from France for $15 million.
Florida Purchase Treaty
The US courted Spain for Florida for years. Spain eventually realised its burden in holding on to the territory and in 1819 effectively ceded it to America in a wider border treaty.
Alaska purchase
America's spending spree continued in 1867 when it acquired 1,518,800 km2 of Alaskan land from Russia for $7.2m. Critics panned the government for buying "useless land".
The Philippines
At the end of the Spanish-American War, a provision in the 1898 Treaty of Paris saw Spain surrender the Philippines for a payment of $20 million.
US Virgin Islands
It's not like a US president has never reached a deal with Denmark before. In 1917 the US purchased the Danish West Indies for $25m and renamed them the US Virgin Islands.
Gwadar
The most recent sovereign land purchase was in 1958 when Pakistan bought the southwestern port of Gwadar from Oman for 5.5bn Pakistan rupees.
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War and the virus
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Towering concerns
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The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
