Adani shares plunge as company faces allegations of market manipulation and fraud

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Some Adani companies are suspended as heavy selling of Adani-linked shares continues to wipe billions of dollars' worth of market value.

abc.net.au/news/adani-group-fraud-accusation-stocks/101902692Shares in India's Adani Group have plunged up to 20 per cent as the company considers legal action over allegations of stock market manipulation and accounting fraud.Investors began selling Adani shares after a Hindenburg Research report alleged market manipulationSome Adani companies have been suspended amid the sellingled investors to dump Adani's stocks.

So far, the impact of the accusations has been mainly to Adani Group companies, though India's Sensex index fell 1.5 per cent on Friday and its Nifty index shed 1.6 per cent.Gautam Adani and his family have built a vast fortune mining coal to fuel energy-hungry India's fast-growing economy. After this week's losses, Bloomberg's index ranked him fourth richest in the world with a fortune worth $US113 billion .

Hindenburg said it judged the seven key Adani-listed companies to have an "85 per cent downside, purely on a fundamental basis owing to sky-high valuations".

 

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Hope this finance debacle flows down to thier transport clusterfk..monies!!!!

Gee, I was so surprised this happened (not).

is shameful organisation which publishes the political/corporate hit jobs, but does not report on attacks in Aus (by terrorist associated entities).👇🏾

this guy is a prime example of a crook.. adani are enviromental vandals that prey on 3rd world countries

Fraud? In Australia? That never happens...

Who'd have thought?

Sweet 😄

Does the relationship between foreign companies and our politicians fall under the federal ICAC remit? MrRexPatrick marquelawyers

lol - the whole sector is corrupt - this is stolen land and the licenses are being handed out by the thieves

ADANI - The LNP's coal poster boy - up to their necks in corruption (as usual)...

How much did he pay to the LiberalAus? Why has this project not been stopped.. let an Indian come and trash our country for short term profit then bail back to India. Australia is truely demented.

Hindenburg Research: claims is the “biggest con in corporate history” has dared the company to counter sue, given it would open the coal producer to further scrutiny.

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