India under attack - Modi's man lost $27 billion in a month

[winnipegjets]

Adani Group said Hindenburg’s allegations were a “calculated attack on India, independence, integrity and quality of Indian institutions, and growth story and ambition of India,” in the response it released over the weekend.

“Fraud cannot be obfuscated by nationalism of a bloated response that ignores every key allegation we raised,” the short seller titled its response to Adani Group.

Founder Gautam Adani, the richest man in Asia and once second only to Elon Musk, fell out of the world’s top five richest to seventh place on the Bloomberg’s Billionaire Index.
His net worth fell $27.9 billion year-to-date, the index showed. It peaked at $150 billion on Sept. 20, 2022, before falling to to $92.7 billion as of last week’s close, according to the index.

https://www.cnbc.com/2023/01/30/adani-shares-hindenburg-report.html

 

[winnipegjets]

https://thewire.in/business/with-the-adani-crisis-is-narendra-modis-house-of-cards-at-risk

By early Friday morning New York time, Adani’s group had lost $51bn in value. This is a shocking blow to a business that is synonymous with the success story trumpeted by Delhi and the BJP leadership.

As Mody makes clear in his forthcoming book, India is Broken, the rise of Gautam Adani is deeply connected not just with rise of Indian equity market but more specifically with Modi’s vision & the Gujarat connection. As the FT reported back in 2020. Adani’s firms own everything from ports to coal mines.

“Nation building” is Mr Adani’s motto and he likes to talk about helping India achieve energy security.

 

[birdie69]

Did our Temasek suffer any loss?

 

[laksaboy]

It's time to be contrarian again, we can afford it!