Billionaire Gautam Adani’s sprawling conglomerate has raised over USD 5 billion (Rs 41,500 crore) in equity and a double of that in debt this year as the apples-to-airport group made a comeback since being hit by a bombshell short seller report.
Adani, who was the world’s second-richest man at the start of the year, saw almost USD 60 billion of his personal wealth erased after Hindenburg Research in a January 24 report accused his group of market manipulation and accounting fraud.
The group denied all allegations and reworked its strategy, fueling a comeback that now has the tycoon some USD 36 billion short of where he started the year and two notch and USD 12 billion shy of rival billionaire Mukesh Ambani.
