Subhechcha Ganguly 
According to Forbes Real-time billionaire list for 2023, Reliance Industries Chairman Mukesh Ambani has surpassed Adani Group Chairman Gautam Adani to become the wealthiest Indian in the world with a net worth of $84.3 billion. After starting the day worse than usual, benchmark stock markets were fluctuating between gains and losses, but they are still under pressure as six out of ten listed Adani-owned firms have struck their lower circuits. The change occurred after Adani Group cancelled the FPO for its flagship company, Adani Enterprises.
Adani Enterprises announced in a regulatory filing late on Wednesday (February 1) evening that it has cancelled its Rs 20,000 crore follow-on public offer (FPO). The firm, which was bailed out in significant part by corporations and foreign investors on Tuesday, will return the profits it had received as part of its FPO. According to Gautam Adani, the choice was made after the group’s equities saw swings during the day’s trading.
He reaffirmed that with a strong emphasis on ESG, every business of the Adani Group will continue to produce value in a “responsible way,” and that the Adani Group will review its capital market strategy once the market has stabilised. The numerous international collaborations we have, he continued, “are the best support of our governance principles. The remarkable incident occurred when the Adani Group stock market had a significant sell-off after Hindenburg Research published a study accusing the company of “brazen stock manipulation and accounting fraud.”
The Adani Group has refuted the accusations, labelled them as unfounded, and asserted that it has always made the required regulatory filings.The company and Adani’s personal value have both decreased by around 40% over the past five days, split over a variety of stocks.
