Is Hidden Burg Responsible For Sir Gautam Adani's Huge Loss?

?The Bloomberg Billionaires Index is a daily ranking of the world?s richest people. Details about the calculations are provided in the net worth analysis on each billionaire?s profile page. The figures are updated at the close of every trading day in New York.?- http://Bloomberg.com As of 29 January 2023, that is today, Gautam Adani is pushed to the 7th rank amongst the billionaires of the entire world from his third position. He lost nearly 20.8 billions in US dollars. Mukesh Ambani also lost nearly 1.52 billions and is relegated to 13th spot. This loss iOS on account of valuation due to stock market fluctuations due to allegations of stock manipulation by Adani Group.The stocks got a tumble because of 24 January 2023 report by Hindenburg Research. The summary of allegations are as below:- "Today we reveal the findings of our 2-year investigation, presenting evidence that the INR 17.8 trillion (U.S. $218 billion) Indian conglomerate Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades. Gautam Adani, Founder and Chairman of the Adani Group, has amassed a net worth of roughly $120 billion, adding over $100 billion in the past 3 years largely through stock price appreciation in the group?s 7 key listed companies, which have spiked an average of 819% in that period. Our research involved speaking with dozens of individuals, including former senior executives of the Adani Group, reviewing thousands of documents, and conducting diligence site visits in almost half a dozen countries. Even if you ignore the findings of our investigation and take the financials of Adani Group at face value, its 7 key listed companies have 85% downside purely on a fundamental basis owing to sky-high valuations. Key listed Adani companies have also taken on substantial debt, including pledging shares of their inflated stock for loans, putting the entire group on precarious financial footing. 5 of 7 key listed companies have reported ?current ratios? below 1, indicating near-term liquidity pressure. The group?s very top ranks and 8 of 22 key leaders are Adani family members, a dynamic that places control of the group?s financials and key decisions in the hands of a few. A former executive described the Adani Group as ?a family business.? The Adani Group has previously been the focus of 4 major government fraud investigations which have alleged money laundering, theft of taxpayer funds and corruption, totaling an estimated U.S. $17 billion. Adani family members allegedly cooperated to create offshore shell entities in tax-haven jurisdictions like Mauritius, the UAE, and Caribbean Islands, generating forged import/export documentation in an apparent effort to generate fake or illegitimate turnover and to siphon money from the listed companies. Gautam Adani?s younger brother, Rajesh Adani, was accused by the Directorate of Revenue Intelligence (DRI) of playing a central role in a diamond trading import/export scheme around 2004-2005. The alleged scheme involved the use of offshore shell entities to generate artificial turnover. Rajesh was arrested at least twice over separate allegations of forgery and tax fraud. He was subsequently promoted to serve as Managing Director of Adani Group. Zidane and Ronaldo. The latter suffered a convulsion the night before the final but was still a starter. Clearly affected Ronaldo was not himself while Zidane scored Two goals giving his French home crowd the first World Cup in great style. Party in the streets of Paris! 2002 - the first Asian cup co-hosted by Japan and Korea saw the return of Ronaldo after serious injuries. He came to play and was the top scorer leading Brazil along side Rivaldo and young Ronaldinho Gaucho. They toppled German and their wall, goalie Oliver Kann for the fifth and final title. Read Also : How many times have Brazil reached the world cup final?