Asia's second richest billionaire Gautam Adani has suffered heavy losses after reports of national stock depositories freezing the accounts of foreign investors. Till last week, Gautam Adani, Asia's second-richest billionaire, was on his way to becoming Asia's richest, overtaking Mukesh Ambani. At the same time, his dream in the global wealth rankings seems to be faltering after reports of the National Share Depository (NSDL) freezing the accounts of foreign investors. At the same time, investors in the Adani group suffered a loss of more than Rs 2 lakh crore.
Let us tell you, even after making it clear that NSDL has not frozen the accounts of offshore investors in Adani firms, the investors continued to drop their shares. According to the Bloomberg Billionaires Index, Adani lost more than $11 billion this week.
Let us tell you, till the beginning of this month, Gautam Adani was one of the fastest-growing billionaires. According to information, he has added more money than anyone else in the world after French tycoon Bernard Arnault, president of the world's largest luxury goods manufacturer LVMH Moet Hennessy Louis Vuitton. Adani's net worth was estimated at $78.6 billion as of June 8, which fell by $11 billion to $67.6 billion by June 18. Nevertheless, Adani has managed to more than double his wealth since early 2021.
Six shares of Adani firms have lost more than Rs 2 lakh crore in the last week. Most of which touched 52-week highs. Albula Investment Fund, Cresta Fund, and APMS Investment Fund hold the bulk of Adani's firms worth around Rs 43,600 crore and they have more than 90% of the assets under management in the Adani group of companies.
Shares of Adani Enterprises settled at Rs 1487.8 on Friday. Which were from the 52-week high of Rs 1718 on 7 June. Shares of Adani Port and SEZ have fallen from Rs 901 on June 9 to Rs 695. Similarly, the shares of Adani Power fell from their 52-week high of Rs 167.5 on Friday to Rs 114.9 on June 9. While the shares of Adani Transmission fell from Rs 1647 on Friday to Rs 1236 on June 7. Shares of Adani Green Energy fell to Rs 1063 on Friday from Rs 1265 on June 7, while shares of Adani Total Gas Limited fell from Rs 1626 on June 11 to Rs 1258.
Soon after the Adani Group's shares began to fall on Monday, the group clarified that reports of freezing of foreign investors' accounts are "blatantly false". He said this was done "to deliberately mislead the investor community". These foreign funds "have been investors in Adani Enterprises for over a decade," the Adani Group said in a June 14 statement. "We urge all our stakeholders not to get bogged down by market speculation."
The Adani group of companies also shared the written confirmation from the registrar and transfer agent and said that the Demat accounts of offshore funds in which Adani's shares were "not frozen". However, investors kept selling Adani's shares throughout this week.
Let us tell you, on Friday, the shares of Adani Enterprises closed 8.76% higher at Rs 1487.85. Shares of Adani Port and SEZ closed 7.39% higher at Rs 694.60. While the shares of Adani Power registered a fall and closed at Rs 114.9. At the same time, Adani Transmission closed down at Rs 1235.9. Adani Grain Energy closed down at Rs 1062.75 and shares of Adani Total Gas Limited closed 5% down at Rs 1258.
Despite having a combined market capitalization of over Rs 9 lakh crore till last week, six of the Adani group companies had little or no analyst coverage, barring Adani Ports and SEZs. Surprisingly, Adani Green Energy Ltd., the most valuable firm of the Adani Group, had no analyst coverage, according to data from Trendline, a capital market insights firm. Some brokerages track leading firms Adani Enterprises and Adani Total Gas Ltd, while over two dozen brokerages track Adani Ports and SEZs.
The decline in Adani's fortune made China's Zhong Shanshan the second richest Asian after Mukesh Ambani with a net worth of $69.4 billion. Shanshan, chairman of bottled water company Nongfu Spring, is now the second richest Asian despite a loss of $8.8 billion this year. The reason behind this is that Adani has lost a lot of money in the last week. Also, Adani's loss widened the gap with Asia's richest Mukesh Ambani. Whose net worth is 84.5 billion rupees, making him the 12th richest in the Bloomberg billionaire list.
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