The topsy-turvy 2023 for Gautam Adani: Hindenburg hit to mighty fightback

economictimes.indiatimes.com:

Gautam Adani and his conglomerate by storm.

Since the turn of the year, Adani’s company was accused of corporate misdoings, the Opposition said the Centre favoured him over others, the Supreme Court got involved, and his investors lost money. Yet, as we approach the end of 2023, he has yet to be charged for any of the allegations.

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An ET analysis has shown that the total market value of all 10 listed Adani companies was down from Rs 19.6 lakh crore at the end of 2022 to Rs 13.6 lakh crore as of December 22. To understand what led to this loss, let us delve into some of the prominent developments for Adani in 2023.

JANUARY

Gautam Adani's flagship company Adani Enterprises announces its intention to raise Rs 20,000 crore by offering investors a discount of around 10-15 per cent, as a part of India's biggest follow-on share sale.

Chaos ensues for Dalal Street as US-based short-seller Hindenburg Research accused the Adani Group of companies of indulging in offshore shell entities, corruption, money laundering and taxpayer theft. The group's stocks shed at least $12 billion in market value as of January 25. Adani denies allegations of any wrongdoings. Investors grow worried about the $2.5 billion share sale.

The stock market rout hit Adani home, as he fell out of the list of the world's top 10 richest people on the Bloomberg Billionaires Index as his personal wealth saw a fall of $34 billion in as few as three trading days.

FEBRUARY

Some may say he won the battle of