After Hindenburg report, Mukesh Ambani replaces Gautam Adani as richest Indian

Industrialist Gautam Adani is not the richest Indian in the world anymore as Reliance Industries Chairman and Managing Director Mukesh Ambani replaced him following the Hindenburg report fiasco. The new rankings were published in the Forbes Real-time Billionaires list.

With this, Gautam Adani who was earlier in the third spot, slipped down to seventh place in the Bloomberg Billionaires Index on Tuesday.

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US-based short-seller Hindenburg Research severely criticised Indian conglomerate Adani in a 24 January report ahead of its flagship company's $2.5 billion share sale, triggering a $70 billion rout in the group's domestically listed stocks and a sell-off in its bonds listed overseas.

Hindenburg disclosed that it holds short positions in Adani companies through US-traded bonds and non-Indian-traded derivative instruments.

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It released a report alongside that accused the conglomerate of improper use of tax havens and flagged concerns about its debt levels. The Adani group has called the report baseless and termed the allegations "unsubstantiated speculations".

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India's capital markets regulator, the Securities and Exchange Board of India, has investigated some of these issues over the past year following local media reports.

Reuters reported the regulator will continue this scrutiny and draw on any fresh information in the Hindenburg report.

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