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Adani Group shares continue to slide as Hindenburg rout deepens | CNN Business

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Shares in Adani Group companies continued to plunge on Friday, as the embattled conglomerate grapples with stock market mayhem unleashed after a US short seller accused it of fraud

Adani Enterprises, the group’s flagship firm, was down over 15% in Mumbai, bringing the cumulative fall in share price to more than 60% since the allegations surfaced. The plunge has wiped out over $29 billion in the firm’s market capitalization. On Wednesday, the company abruptly abandoned a $2.5 billion deal to sell new shares, just 24 hours after it was sealed.

The unprecedented crash in value of Adani Group shares started when an American short seller, Hindenburg Research, accused the conglomerate of fraud and stock market manipulation. The Adani Group has denounced the report as “baseless” and “malicious,” but analysts say the group hasn’t convincingly answered the questions raised by Hindenburg’s report. Adani is seen as a close ally of India’s prime minister, Narendra Modi.

 

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