Adani market cap plunge deepens to $72 billion as Hindenburg face-off escalates

Indian conglomerate Adani Group has lost nearly $72 billion in market value over just three days as a public spat between Asia's richest man and a short-seller escalates,Shares in nearly all of the company's listed businesses – founded by Gautam Adani – tumbled Monday even after the energy-to-infrastructure empire issued aAdani Transmission and and Adani Green Energy were down as much as 15% and 20%, respectively, on Monday.

"This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," the Adani Group said in its Sunday report.on Sunday saying"fraud is fraud, even when it's perpetrated by one of the wealthiest individuals in the world."

"India's future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation," the short seller added. The public spat between the Adani group and Hindeburg kicked off after the short-seller accused the company of

'413-page rebuttal' Doth protest too much. Short on the bounce.

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