• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

Asia’s Richest Man Gautam Adani In The Eye Of A Storm

OMMCOM NEWS by OMMCOM NEWS
January 28, 2023
in Business

New Delhi: India’s Gautam Adani, the school drop-out turned billionaire who rose to become Asia’s richest man, faces possibly the biggest challenge of his career after a US short seller cast doubts on his business practices, hammering shares in his companies and his reputation.

Adani, who hails from Gujarat, built his business empire from scratch after starting as a commodities trader. Adani’s business empire grew rapidly and his wealth ballooned. His interests span ports, power generation, airports, mining, edible oils, renewable power and more recently media and cement.

He rose to become the world’s third-richest person according to Forbes, with a net worth of $127 billion, trailing only Bernard Arnault and Elon Musk. Despite his riches, the 60-year-old, who comes from a middle-class textile family, was far lesser known than other billionaires in a country where many inherit their wealth. His business style was described as “very hands-on”, according to one person with direct knowledge of his dealings.

As Adani’s empire swelled, stocks of his seven listed companies surged – in some cases more than 1,500% in the last three years amid aggressive expansion.  In recent years, the $220 billion Adani Group empire has attracted foreign investment – France’s TotalEnergies, for example, partnered with Adani last year to develop the world’s biggest green hydrogen ecosystem.

Appearing in a popular Hindi TV show this month called the ‘People’s Court’, Adani sat in a mock witness box inside a courtroom setup and answered questions about his conglomerate – offering an unusual level of scrutiny. He described himself as “a shy person” and credited the rise of his popularity in part to the political attacks he has faced.

Three weeks later, shares of his group’s listed companies plunged on Friday, taking their cumulative losses to $48 billion this week. Short seller Hindenburg Research on Wednesday accused Adani’s businesses of improper use of offshore tax havens and flagged concerns about high debt. Adani has called the report baseless and said he was considering taking action.

Adani Group’s website says its vision is to balance “growth with goodness” as it aims to build assets of national relevance and transform lives through self-reliance and sustainability.

Adani is no stranger to controversies. The most recent was months of protest by fishermen against the construction of a $900-million port in Kerala, in which he sued the state government and fishermen leaders. And in Australia, environmental activists for years protested against Adani’s Carmichael coal mine project in Queensland of concerns about carbon emissions and damage to the Great Barrier Reef.

His latest challenge is how to deal with an unprecedented share price rout as the group’s flagship firm Adani Enterprises launched the country’s biggest public secondary share offering this week, aiming to raise $2.5 billion.

The stock’s price on Friday fell well below the offer price, casting doubts on its success.

(IANS)

Tags: Adani Group
ShareTweetSendSharePinShareSend
Previous Post

US Reports 100 Pediatric Flu Deaths This Season

Next Post

Odisha Achieves Highest Revenue Growth Without Compensation In Post-GST Period

Related Posts

Business

Adani Ports Sets New Robust Record In Cargo Handling In May

June 3, 2025
Business

Adani Stocks Defy WSJ Report; Market Shrugs Off Allegations Amid Group’s Resilience

June 3, 2025
Business

RBI Expected To Cut Repo Rate By 100 Basis Points By 2025 End: Nomura

June 3, 2025
Business

Tesla India Leases Rs 25 Crore Service Centre In Mumbai

June 3, 2025
Business

India’s Economy To Grow By 6.3 Pc In 2025, 6.4 Pc In 2026 As Global Growth Slows: OECD

June 3, 2025
Indian Stock Market
Business

Stock Market Ends Lower On 3rd Consecutive Trading Day As Weak Global Cues Continue

June 3, 2025
Next Post

Odisha Achieves Highest Revenue Growth Without Compensation In Post-GST Period

Greek Govt Survives Motion Of Censure Over Wiretapping Affair

3-Metre-High Flood Submerges Indonesia, 1 Killed

Khimji
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.