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Adani Group loses $50 billion in market cap following Hindenburg report

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Adani Group sheds $50 billion in market value as the world's richest Asian weathers accusations of 'stock manipulation'

India's Adani Group has seen more than $50 billion in market value evaporate in less than two days as the world's richest Asian weathers accusations of market manipulation,The Indian energy-to-infrastructure conglomerate – spearheaded by Gautam Adani – came under fire this week after New York-based shortseller Hindenburg Research alleged in a report that the Adani Group"has engaged in aShares in Adani Enterprises tumbled more than 19% on Friday, while those in Adani Green Energy...

Adani, who is the world's richest Asian and the fourth richest person, has seen sharp declines in his fortune following the Hindenburg report, given most of his wealth is derived from the shareholdings in his companies. His wealth crashed by $5.5 billion in a day, after ending 2022 on a high note with a $121 billion fortune.

 

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Hindenburg says if Adani Group files lawsuit it will demand company documentsHindenburg Research said on Thursday it will demand documents in legal discovery process if Adani Group files a lawsuit in the United States against the short seller for its report on the Indian conglomerate.
Source: Reuters - 🏆 2. / 97 Read more »