Billionaire Gautam Adani is battling the worst crisis of his corporate life after US short-seller Hindemburg's bold claims eroded his wealth. The Adani Group has shed $108 billion in market value since Hindenburg Research accused it of stock manipulation and accounting fraud in a 24 January report. Adani’s rebuttal had failed to reassure investors. Once ranked No. 2 among the world’s wealthiest, he has tumbled to No. 21 on the Bloomberg Billionaires Index.
Questions are being raised about the future of multi-billion projects helmed by Gautam Adani's companies. In the financial capital Mumbai, Gautam Adani is sitting on three key projects, including the Dharavi Redevelopment Project (DRP) on 300 hectares of prime land; the Navi Mumbai International Airport, and the plans to expand the electricity distribution business to Navi Mumbai, which the billionaire took over from Anil Ambani in 2018.
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