Fraud claims wipe $48B off India's Adani Group stocks

Gautam Adani — who now has an estimated fortune of $96.6 billion — is considered a close supporter of PM Narendra Modi.

Five other group companies hit their own stock exchange circuit breakers, with shares in Adani Total Gas, Adani Green Energy and Adani Transmission falling 20 percent apiece. Legal chief Jatin Jalundhwala said Adani was exploring its punitive action against the research advisory in US and Indian courts.

The report said a pattern of "government leniency towards the group" stretching back decades had left investors, journalists, citizens and politicians unwilling to challenge the group's conduct "for fear of reprisal". Hindenburg's report landed days before Adani's ambitious $2.5 billion follow-on public offer — India's biggest-ever — opened for bids on Friday, aimed at bolstering the business empire's balance sheet.

…hindenburg research…! …you cant make this stuff up…

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Indian shares sink; Adani Group stocks plunge to lower circuitIndian shares fell more than 1% to an over three-month low on Friday as some Adani Group companies plunged 20% and hit their lower circuits in the wake of a short-seller attack on the conglomerate, which also dragged down financials. its going to hurt lot of people invested in this crook AdaniOnline but hope and pray these m0f0s end up paying for their crimes.
Source: Reuters - 🏆 2. / 97 Read more »