Wednesday, February 21, 2024

‘Accident’ like Gautam Adani happened with this businessman, had to sell his business worth Rs 12000 crore for just ₹ 73

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Gautam Adani and B. R. Shetty

In 2019, exactly the same incident happened with a businessman born in Udupi, India, as happened with Gautam Adani, one of the richest industrialists of the country, in 2023. The net worth of this businessman at that time was more than Rs 18,000 crore. Due to this ‘accident’ he had to sell his business at throwaway prices.

Yes, B. was born in Udupi during the British Raj before independence. R. Shetty had shifted to Gulf countries long ago. He had gone there with only Rs 665. There he started a medical business and his company NMC Health was at one time the largest private health operator in the United Arab Emirates (UAE). But due to the ‘accident’ he had to sell his business worth Rs 12,400 crore for just Rs 74.

Short selling ruined

B. R. Shetty’s bad phase started in the year 2019. According to a news from Financial Express, in the same year, British investment research company Muddy Waters did short selling against him. The head of this company was the famous short seller Carson Block. Short selling company b. R. Shetty was accused of showing artificial cash flow in his business so that ‘window dressing’ of the loan outstanding on the company could be done. After this, a period of terrible decline in the shares of his company started. B. R. Shetty had to sell his business worth Rs 12,478 crore to an Israeli company for just Rs 74.

This is exactly the same as when Hindenburg Research published a report against Gautam Adani Group in January 2023. Hindenburg Research also does short selling business. This short selling was no less than a ‘disaster’ for Gautam Adani and his business. After the arrival of this report, a very sharp fall was recorded in the shares of Gautam Adani Group. Gautam Adani had to repay the huge loan outstanding on the company before time. Although he did not sell his business.

B. R. Shetty’s luxury life

Before the short selling incident B. R. Shetty was known for his lavish luxury life. He had bought entire 2 floors of Burj Khalifa for Rs 207 crore. His car collection included cars like Rolls Royce and Maybach. B. R. Shetty owns property in Dubai’s World Trade Center and Palm Jumeirah. He also has 50% stake in a private jet.

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