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Gautam Adani’s empire hit by fresh allegations against India’s market regulator

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Adani Group companies shed as much as $19 billion in market value on Monday after Hindenburg Research accused the Indian market regulator probing the group of having links to offshore funds also used by Adani.

Billionaire Gautam Adani’s flagship firm Adani Enterprises fell 2% in morning trade, while other companies in the group fell between 2% and 4.5%. Adani Enterprises and Adani Ports were among the biggest losers on India’s blue-chip Nifty 50 index. Total losses in Adani companies narrowed to $9 billion after the early plunge. Hindenburg, named after the 1937 airship disaster, is a New York-based short seller.

Adani also rejected the fresh allegations on Sunday and said its overseas holding structure was fully transparent. The SEBI asked investors on Sunday to remain calm and exercise due diligence before reacting to such reports. The original 2023 Hindenburg report led to an inquiry by the regulator that Buch heads, which is still underway. “We do not think SEBI can be trusted as an objective arbiter in the Adani matter,” Hindenburg said on Saturday.

 

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