Kidnapped for ransom, 26/11 survivor Adani faces his biggest challenge yet

He was kidnapped by bandits in 1998 for ransom and when terrorists attacked Mumbai almost 11 years later, he was among the hostages held at the seafront Taj Hotel. College-dropout Gautam Adani's knack of surviving crises and his business acumen has propelled him to the ranks of India's richest but he now faces possibly the biggest challenge of his career. Hindenburg Research, a tiny New York firm that specialises in short selling, brought out a scathing report that has led to his group shedding more than USD 50 billion in market value in just two trading sessions and Adani himself losing in excess of USD 20 billion, or about one-fifth of his total fortune. The 60-year-old tycoon has now slipped behind Bill Gates and Warren Buffett to be the seventh-richest person in the world from the pre-Hindenburg position of being the third richest. More than his personal status, at stake is the reputation of an empire the first-generation entrepreneur built over three-and-half decades. The ...

from Companies https://ift.tt/cMmvyTY
via IFTTT