Hindenburg to comeback: Adani is Asia’s richest person, again

The Hindenburg shockwave in late January 2023 sent shockwaves through the financial world. A report by a New York-based short-seller accused the Adani Group, led by industrialist Gautam Adani, of a brazen stock manipulation and accounting fraud scheme. This allegation triggered a nosedive in the share prices of Adani Group companies, erasing over $100 billion in market value. Gautam Adani, the richest Indian and Asian, saw his wealth plummet, dropping him to the 22nd spot in the Forbes billionaire list.

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