Gautam Adani’s $50 Billion Losses Trigger Concerns Over Impact on Indian Economy

Indian billionaire Gautam Adani has spoken out for the first time about the market mayhem that has slashed his personal fortune by nearly $50 billion in just over a week. In a recorded video address, Adani said that the interest of his investors is paramount and that he would review his capital market strategy once the market stabilizes.

Adani’s businesses have been hit hard by the stock market meltdown, with shares in his conglomerate falling by $100 billion in value. The losses were triggered by allegations from a U.S.-based short-selling firm, Hindenburg, that Adani was involved in “the largest con in corporate history.” Adani has denied the allegations, accusing Hindenburg of a “calculated attack” on India.

In response to the market turmoil, Adani has abandoned a $2.5 billion deal to sell new shares in his flagship company, Adani Enterprises. The move has raised concerns about a potential broader impact on India’s economy.

Adani’s losses have been felt across the country, with many investors and analysts concerned about the impact of the market meltdown on India’s economy. For now, Adani has said he will review his capital market strategy once the market stabilizes, but it remains to be seen if he will be able to recover his losses.