Shares of companies linked to Indian billionaire Gautam Adani plunged after short seller Hindenburg Research published a scathing report accusing his company of wide-ranging fraud. WSJ’s Ben Foldy explains what to know. Illustration: Ryan TrefesThe shares of some companies owned by India’s Adani Group rallied Tuesday, showing investors had a mixed view of the embattled conglomerate near the start of a crowded week of earnings releases from its subsidiaries.
Adani Enterprises Ltd., the flagship part of the group of companies owned by billionaire Gautam Adani, closed the day 14.6% higher, reversingit sustained in the wake of a scathing report by U.S. short seller Hindenburg Research. Adani Ports & Special Economic Zone Ltd. and Adani Wilmar Ltd. also ended the day higher, but four other companies bearing the Adani name continued to fall.
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