Gautam Adani’s empire has suffered a major setback after the report of the American firm Hindenburg. His net worth is continuously declining. According to the Bloomberg Billionaires Index, due to the decline in Gautam Adani’s net worth, he has now slipped to the 21st position in the list of billionaires. His net worth has come down to $61.3 billion and he has lost $10.7 billion in the last 24 hours.
Nathan Anderson is the owner of the Hindenburg
A man named Nathan Anderson graduated in International Business from Connecticut University, USA. After this he starts looking for a job. His search stops at the threshold of a data research company. Here he gets a job. His work in this company is related to the investment of money.
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Company started in the year 2017
While working, Anderson understands the nuances of data and the stock market. He gets an idea that the stock market is the biggest hub of the world’s capitalists. A lot is happening in this (stock market) which is beyond the understanding of common people. For this reason, the idea of starting a financial research company comes to Anderson’s mind. In the year 2017, Anderson starts a company named Hindenburg.
Hindenburg does research on these matters
The main work of this company is to do research on the stock market, equity, credit, and derivatives. Through this research, the company finds out whether there is any misappropriation of money in the share market. Are big companies doing account mismanagement for their own benefit? For its own benefit, isn’t any company harming the stock market by placing bets on the shares of other companies in a wrong way?
Its report has shown effect many times
In this way, after research, the ‘Hindenburg’ company publishes a report. On many occasions, the impact of the reports of this company has been seen on the stock market around the world. This Hindenburg recently issued a report regarding the Adani Group.
Was accused of manipulation and fraud
In this report, Adani Group was accused of market manipulation and account fraud. After this, there has been a huge decline in the shares of Adani Group. However, the Gautam Adani-led Adani Group called the allegations baseless and misleading. He claimed that the public has been misled in this report.
This matter reached the Supreme Court
On the other hand, this matter has now reached the Supreme Court. By filing a petition in the court, action has been demanded against Anderson, the owner and founder of the controversial company Hindenburg. This petition has been filed by advocate Manohar Lal Sharma.
Demand for compensation to investors
Describing Anderson as a short seller in the petition, a probe has been demanded against him for exploiting and cheating innocent investors. The petition has demanded compensation to the investors while taking legal action against Anderson.
Ruckus on Adani in Parliament
On the other hand, Parliament has been stalled in the name of Adani for the last two days, the budget has been presented but the budget has not been discussed. The opposition is adamant that the Parliament will not function until the JPC is formed. That means this ruckus is not going to stop now.
These banks gave loan to Adani Group
Many banks of the country including SBI have given loans of Rs 81,200 crore to Adani Group companies. SBI has told RBI that it has given a loan of Rs 23000 crore to Adani Group. Punjab National Bank has told that it has given a loan of 7000 crores. It has been said on behalf of the chairman of SBI that people need not fear about the loan given to Adani Group. RBI has sought details of loans and investments given to Adani Group from all the banks in the country. However, banks have said that their investment in Adani Group is safe.
(Aaj Tak Bureau)