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Hindenburg fallout: Gautam Adani no longer Asia’s richest, drops to number 15 on Forbes rich list
Indian Billionaire Gautam Adani, Wednesday, dropped to 15th on the Forbes rich list with an estimated net worth of $76.8 billion as the shares of his conglomerate plunged once again in the aftermath of the Hindenburg group report.

Indian Billionaire Gautam Adani, Wednesday, dropped to 15th on the Forbes rich list with an estimated net worth of $76.8 billion as the shares of his conglomerate plunged once again in the aftermath of the Hindenburg group report.
Before the damning report by the US short-seller, Adani was ranked third on the list and also ranked Asia’s richest person, a title which he also lost after his personal fortune reportedly fell by over $40 billion.
According to a report by Bloomberg, the rout has wiped out around $92 billion of the value of the conglomerate’s listed units since last week with Adani’s personal fortune plummeting by over $40 billion during the same period.
The industrialist’s business interests, ranging from ports and airports to mining and cement, have plunged after the fallout from the Hindenburg report and now, Adani, who has vehemently denied the allegations levelled by the short seller, is fighting to stabilise his businesses and defend his reputation.
It comes just a day after the group managed to muster support from investors for a $2.5 billion share sale for flagship firm Adani Enterprises on Tuesday, in what many saw as a stamp of investor confidence.
Hindenburg Research published a report last week, accusing the Adani Group of indulging in improper use of offshore tax havens and stock manipulation while also raising concerns about high debt and the valuations of seven listed Adani companies.
The group has denied the allegations, saying the short-seller’s narrative of stock manipulation has “no basis” and stems from an ignorance of Indian law, adding that it has always made the necessary regulatory disclosures.
Read Also: Several steps taken in Union Budget 2023 to empower middle class: PM Modi
Shares in Adani Enterprises, often described as the incubator of Adani businesses, plunged 30 per cent on Wednesday. Adani Power fell 5 per cent, while Adani Total Gas slumped 10 per cent, down by its daily price limit, Reuters reported.
Adani Transmission was down 6 per cent and Adani Ports and Special Economic Zone dropped 20 per cent. Adani Total Gas, a joint venture with France’s Total, has been the biggest casualty of the report, losing about $27 billion.
Underscoring the nervousness in some quarters, Bloomberg reported on Wednesday that Credit Suisse had stopped accepting bonds of Adani group companies as collateral for margin loans to its private banking clients.
India’s markets regulator, which has been looking into deals by the conglomerate, has said it will add Hindenburg’s report to its own preliminary investigation.
State-run Life Insurance Corporation (LIC) said on Monday it would seek clarifications from Adani’s management on the short seller report. The insurance giant was, however, a key investor in the Adani Enterprises share sale.
Hindenburg Research on Monday hit back at the Adani Group, day after the business house dubbed the New York-based firm’s report as “calculated attack on India.”
In a 413-page response titled “Fraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation we raised,” Hindenburg Research accused the Adani Group of holding back India’s progress by draping itself in the Indian flag while systematically looting the nation.
Hindenburg said it believes that India is a vibrant democracy and an emerging superpower with an exciting future. However, the research group alleged that the country’s future was being held back by the Adani Group, “which has draped itself in the Indian flag while systematically looting the nation.”
Hindenburg stressed that it’s a firm believer in the fact that fraud is fraud even when perpetuated by one of the wealthiest individuals globally.
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Rapido to introduce cab services soon
The company intends to introduce Rapido taxis in Delhi-NCR as early as next week, according to sources.

Rapido, the two- and three-wheeler ride-hailing platform with the quickest growth, is getting ready to introduce the taxi service on a wide network shortly. According to reports, Rapido’s planned facility will offer a service comparable to that of Ola and Uber.
According to the report, a daily choice would be made to provide passengers with a flawless travel experience. The brand hasn’t yet disclosed the precise launch information, though.
The company is currently testing out a taxi service in Hyderabad and is receiving positive feedback from users. According to reports, the company is testing the service at an advanced stage and may expand the network to further locations once it receives more positive feedback.
The company intends to introduce Rapido taxis in Delhi-NCR as early as next week, according to sources.
A statement from Rapido that read, the company is thrilled to share that our test run for Rapido Cabs in Hyderabad is off to a fantastic start. The dynamic market of the city has welcomed us with open arms, and the encouraging feedback is quite encouraging. We sincerely hope to expand our cutting-edge services to further cities and are dedicated to keeping you fully updated on our progress as we forge ahead.
Additionally, the article mentioned that Rapido wants to work with Zingbus, a company based in Gurugram, to integrate intercity bus ticketing into its app.
Meanwhile, for the previous eight years, Rapido has been providing bike taxi services. Since its founding in 2015, the organisation has expanded its network to encompass over 100 communities across the country, and it has received overwhelmingly positive feedback. Following its popularity, the brand expanded to include the 3-wheeler category with the same service.
Based on information found on Tracxn, Rapido has raised $324 million in total. Swiggy, an online meal delivery business, spearheaded the company’s $180 million fundraising effort in April of last year.
India News
BSE Sensex, Nifty fall due to tension in Middle East
The 30 share Bombay Stock exchange fell 407.19 points in the early trade. The Nifty fell 142.7 points. Asian Paints, IndusInd Bank, Titan, Tata steel and State Bank of India were the major stock which lagged behind.

The BSE Sensex, Nifty fell on early trade on Monday as rising tensions in the middle east has set off a risk off in the market. According to market analysts investors preferred to remain on the sidelines and did not take any big risks as Hamas-Israel conflict has caused huge uncertainity for the markets.
The 30 share Bombay Stock exchange fell 407.19 points in the early trade. The Nifty fell 142.7 points. Asian Paints, IndusInd Bank, Titan, Tata steel and State Bank of India were the major stock which lagged behind. But Sun Pharna, Hindustan Unilever, Infosys, Wipro, TCS, Tech Mahindra and HCL technologies did not go according to the market trend and traded in the positive territory.
The BSE had gone up 364.06 points or 0.55 percent to settle at 65,995.63 points on Friday. The Nifty had gone up 107.75 points to settle at 19,653.50. The Hamas-Israel conflict has caused a huge uncertainity in the market. VK VijayaKumar, chief investment strategist at Geojit Financial services said No one knows how this war is going to evolve.
He said the war is not going to cause disruption to the oil supplies, the situation will change if Iran is drawn to the war. As Iran is a major Hamas supporter. Vijayakumar said this can cause disruption in oil supplies which will further lead to increase in crude oil prices. He said it is a time to remain cautious in the market.
The manufacturing data and industrial production for the month of August are going to be announced on October 12. Inflation rate for September will be announced after the Wholesale price index (WPI) data on October 13.The Reserve Bank of India had left its key interest rate unchanged. RBI signaled to keep liquidity tight by using bond sales to bring prices closer to market.
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First look of Air India’s aircraft following changes to the logo and design revealed | See here
Air India uploaded images of its A350 aircraft parked in a paint shop in Toulouse, France, on X, formerly known as Twitter. This winter, the jet will touch down in India.

Prominent airline Air India posted the first image of its aircraft on Saturday after changing its name, logo, and livery after being acquired by the Tata Group.
Air India uploaded images of its A350 aircraft parked in a paint shop in Toulouse, France, on X, formerly known as Twitter. This winter, the jet will touch down in India.
Here is the majestic A350 in our new livery for the first time, as seen in Toulouse’s paint shop. This winter, our A350s start returning home… @Airbus, tweeted Air India.
As part of its rebranding effort, Air India earlier in August announced its new logo and colour palette.
The new logo, which features a more stylized style and a new colour scheme of red, white, and purple, is a contemporary interpretation of the airline’s well-known Maharaja mascot.
The strong red lettering of Air India is still present in the new colour scheme but is in a different font. Air India is written in white in a red area on the underside of the aircraft as part of the colour scheme.
According to the airline, the new livery and design of the aircraft incorporates a pattern that is inspired by the chakras and a colour scheme of deep red, aubergine, and gold highlights.
The airline’s previous logo, which depicted a red swan embellished with the recognisable orange Konark Chakra, has been replaced.
Tata Sons Chairman N Chandrasekaran stated the new logo signifies limitless possibilities at the time of unveiling it.
In January 2022, Tata Sons bought Air India through Talace Private Limited, an entirely owned subsidiary. Later, it was revealed that Air India and Vistara, a different Tata Sons division, will be combined to form a more cohesive organisation. By March 2024, this merger is expected to be finished.
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