Nearly $58 billion has been wiped out from Gautam Adani’s fortune in six days, a steep nosedive that has few parallels in history. According to Bloomberg Billionaires Index, Adani’s downfall is over 3 times bigger than ‘crypto king’ Sam Bankman-Fried’s loss of $16 billion in less than a week. TheContinue Reading
Reuters | | Posted by Singh Rahul Sunilkumar Axis Bank on Saturday said its exposure to Adani Group entities stood at 0.94% of its net advances on December 31, adding that it remained comfortable with its exposure. Read: How Adani’s $58 billion wipeout in 6 days fares vs Bankman-Fried’s wealthContinue Reading
The Securities and Exchange Board of India on Saturday said it is committed to ensuring market integrity and structural strength, referring to the controversy surrounding the Hindenburg report on Adani Group. After the fallout of the report, the Adani Group’s shares have been on a free fall as the sevenContinue Reading
Microsoft co-founder Bill Gates has made it clear he will not join the ‘billionaire space race’ as he feels funding vaccines is more important than colonising Mars; the comment has been seen as a dig at Twitter boss Elon Musk and his ambitions. In an interview to British broadcaster BBC,Continue Reading
A jury on Friday decided Elon Musk didn’t deceive investors with his 2018 tweets about electric automaker Tesla in a proposed deal that quickly unraveled and raised questions about whether the billionaire had misled investors. The nine-member jury reached its verdict after less than two hours of deliberation following aContinue Reading
A beaming Gautam Adani stood beside Israeli Prime Minister Benjamin Netanyahu on Tuesday, looking relaxed as hundreds of people gathered for the ceremonial signing at the Haifa Port, which the Indian billionaire is co-developing. The 60-year-old tycoon had reason to be buoyant: last-minute bids had helped the flagship of hisContinue Reading
As he sat stoically in court, Elon Musk on Friday was both vilified as a rich narcissist whose reckless behaviour risks “anarchy” and hailed as a visionary looking out for the “little guy”. The contrasting portraits of the enigmatic billionaire came during closing arguments in a trial focused on whetherContinue Reading
A higher tax buoyancy than 2022-23 is among the most crucial assumptions in the 2023-24 Budget. Tax buoyancy measures changes in taxes per unit change in GDP. Here are four charts that explain why this assumption is critical, and provide a wider context to the Budget’s tax calculations. Gross TaxContinue Reading
Union finance minister Nirmala Sitharaman said the new tax system will be the default, with the old system remaining an option. Presenting the last full budget of the Narendra Modi government before the 2024 Lok Sabha election, Sitharaman raised the income tax rebate cap under the new tax system fromContinue Reading
Four Adani Group companies’ shares, including Adani Enterprises and Adani Ports, recovered on Friday after taking a significant beating over the previous six days, with many trading near their lower circuit limits. Which Adani Group firms’ stock recovered? 1. Adani Enterprises stock recovered 1.25 per cent to settle at ₹1,584.20Continue Reading