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.

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