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Group’s stocks in free fall as Gautam Adani seeks crucial funding

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Indian billionaire needs to do more to restore confidence in his conglomerate’s financial health after accusations of fraud

The brutal stock rout in Gautam Adani’s companies continued on Friday, an indication that the billionaire needs to do more to restore confidence in his conglomerate’s financial health after accusations of fraud by Hindenburg Research.

The group’s 10 stocks all fell in early Mumbai trading, with $120bn, or more than half of their combined value, erased since the US-based short seller last week claimed that offshore shell entities were used to inflate Adani group’s revenues and manipulate stock prices. Flagship Adani Enterprises sank as much as 25%, taking its decline to 66% in seven trading sessions...

 

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