Share sale fails to halt Adani market slide in India

📆 2023-02-01 6:45 AM
📰 ChannelNewsAsia

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MUMBAI: A successful public offer failed to stop investors dumping shares in Indian tycoon Gautam Adani's business empire for a fifth day on Wednesday (Feb 1) after allegations of massive accounting fraud from a short-seller investment group. The rout has now wiped out nearly a third - or US$76 billion - o

MUMBAI: A successful public offer failed to stop investors dumping shares in Indian tycoon Gautam Adani's business empire for a fifth day on Wednesday after allegations of massive accounting fraud from a short-seller investment group.

Leading the decline on Wednesday was Adani Total Gas - in which French giant TotalEnergies owns 37.4 per cent - with trading suspended again after another 10 per cent drop. This helped make him, as of last week, the world's third-richest man behind Elon Musk and Bernard Arnault and family, but by Wednesday he had tumbled to ninth place.

This"brazen stock manipulation and accounting fraud scheme" is"the largest con in corporate history", Hindenburg said in its explosive report issued last week.

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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. Who is Gautam Adani? Adani, 60, is a publicity-shy school dropout of humble origins wh
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