It was the biggest single-day rout the US$189 billion Adani Group conglomerate has faced, dwarfing the hit it took from a US short seller’s allegations of corporate malfeasance over a year ago.
For Gautam Adani, an underwhelming election win for Narendra Modi’s party is worse than a short-seller attack.
The Indian tycoon’s wealth tumbled by almost US$25 billion on Tuesday, the biggest one-day loss for an Asian billionaire ever, after the Modi-led political alliance failed to deliver the landslide electoral victory predicted by exit polls.
All 10 Adani Group stocks plummeted, wiping out almost US$45 billion in group market value. It was the biggest single-day rout the US$189 billion conglomerate has faced, dwarfing the hit from Hindenburg Research’s allegations of corporate malfeasance over a year ago.
Adani’s wealth wipeout was the fourth-largest one-day decline on record caused by market swings, according to the Bloomberg Billionaires Index. The steep loss, exceeded only by Elon Musk and Mark Zuckerberg, toppled Adani as Asia’s richest person and left his fortune at US$97.
