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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Adani Enterprises shares rise but other group stocks plunge after short-seller attackNEW DELHI : Shares in India's Adani Enterprises rose as much as 9.5 per cent on Monday but those of several other group companies plunged for the third straight day, extending their losses after a U.S. short-seller's report that criticised the group. Adani has locked horns with U.S.-based Hindenburg Re
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