Who is India's Adani and why is his company tanking?

MUMBAI: The business empire of Gautam Adani has shed tens of billions of dollars in value on the back of a report alleging accounting fraud that the Indian tycoon's firm has strenuously rejected.Adani, 60, is a publicity-shy school dropout of humble origins who rose to become the world's third-richest man with a fortune - until last week - of about US$130 billion.

On the back of eye-watering rises in the share prices of his firms, Adani became Asia's richest man. Globally only Elon Musk and Bernard Arnault and family were wealthier, according to Forbes.- an activist US investment group that bets on stocks falling - accused Adani Group of committing"a brazen stock manipulation and accounting fraud scheme over the course of decades".

The report has sparked a huge sell-off in shares in Adani's firms, wiping out more than US$68 billion in market value, according to Bloomberg News. Trading in some stocks was temporarily halted. On Sunday the firm issued a 413-page statement that it said rebutted all of Hindenburg's claims, calling the group the"Madoffs of Manhattan" - a reference to crooked financier Bernie Madoff.

Brasil Últimas Notícias, Brasil Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Adani flagship rises but some other group stocks dive in short-seller attack aftermathNEW DELHI :Shares in India's Adani Enterprises climbed 6 per cent on Monday, paring some initial gains, but several other Adani group companies plunged for the third straight day despite a detailed rebuttal by the group of a U.S. short-seller's criticisms.Adani, led by Asia's richest man Gautam Adani, has loc
Fonte: ChannelNewsAsia - 🏆 6. / 66 Consulte Mais informação »

Adani Enterprises shares rise but other group stocks plunge after short-seller attackNEW DELHI : Shares in India's Adani Enterprises rose as much as 9.5 per cent on Monday but those of several other group companies plunged for the third straight day, extending their losses after a U.S. short-seller's report that criticised the group. Adani has locked horns with U.S.-based Hindenburg Re
Fonte: ChannelNewsAsia - 🏆 6. / 66 Consulte Mais informação »

Adani group's market loss swells to $65 billion in short-seller attack aftermathNEW DELHI :Most Adani group shares extended their sharp falls to Monday as a detailed rebuttal of a U.S. short-seller's criticisms by the Indian conglomerate failed to pacify investors whose market losses have now risen to $65 billion over three days.Flagship Adani Enterprises, which is facing a crucial test
Fonte: ChannelNewsAsia - 🏆 6. / 66 Consulte Mais informação »