Mukesh Ambani is richest Asian as Adani tumbles out on Hindenburg row
New Delhi, Feb 01: Ports-to-energy tycoon Gautam Adani has tumbled on the world's top billionaire ranking and is no longer the richest Asian or Indian.
Rival business magnate Mukesh Ambani, who was richest Indian before Adani's eye popping gains in company stock prices catapulted him to top spot in April last year, has regained that position.
Adani, who ranked third richest in the world on the Forbes billionaire list just a week back, dropped to 15th position on Wednesday as his group stock continued to tumble in the aftermath of a damning report by a US short seller.
Ambani with USD 83.7 billion wealth is ranked No.9 on the list, according to Forbes website.
Adani, who has seen all of the USD 44 billion wealth gain he made last year vanish in one week, was ranked on 15th position with USD 75.1 billion wealth.
Since US-based short-seller Hindenburg in its January 24 report alleged that the group was "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades", Adani companies have lost USD 90 billion market value.
Adani group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements. It called the Hindenburg report baseless and has threatened to sue the short seller.
The drop in rank comes a day after the Adani group managed to muster support from investors for a Rs 20,000 crore share sale for flagship firm Adani Enterprises despite the trading price of the stock being lower than the offer price.
Shares of Adani Enterprises plunged 30 per cent on Wednesday while Adani Power fell 5 per cent, Adani Total Gas slumped 10 per cent and Adani Ports and Special Economic Zone dropped 20 per cent.
Adani Total Gas, a joint venture with France's TotalEnergie, has been the biggest casualty of the short seller report, as it has lost about USD 27 billion in market capitalisation.
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UP: Misled by GPS navigation, car falls into river from partially constructed bridge, 3 dead
Bareilly (UP), Nov 24: Three people died when their car fell into the Ramganga river from a partially constructed bridge here on Sunday, police said, adding that they suspect the driver was misled by its navigation system into taking the unsafe route.
The accident occurred around 10 am on the Khalpur-Dataganj road when the victims were travelling from Bareilly to Dataganj in the Badaun district, they said.
"Earlier this year, floods had caused the front portion of the bridge to collapse into the river, but this change had not been updated in the system," Circle Officer Ashutosh Shivam said.
The driver was using a navigation system and did not realise that the bridge was unsafe, driving the car off the damaged section, the police said.
There were no safety barriers or warning signs on the approach to the damaged bridge, leading to the fatal accident, Shivam said.
Upon receiving information, police teams from Faridpur, Bareilly and Dataganj police station rushed to the spot. They recovered the vehicle and the bodies from the river, Shivam added.
The circle officer said that bodies had been sent for post-mortem. Further investigation into the matter is underway.
— Bareilly Police (@bareillypolice) November 24, 2024
