Gautam Adani’s business empire suffered a loss of more than $50B this week in market value after Hindenburg Research, a US firm that makes money from short selling, published a report accusing it of fraud including stock manipulation, money laundering and accounting frauds by the group companies. After report was published, sharp sell-off in shares started on Wednesday, expedited on Friday and Adani’s worth reduced to less that $100B after Friday trade.
India based Adani Group has denounced Hindenburg’s allegations as “baseless” and “malicious,” and it is considering legal action against Hindenburg.
THE REAL-TIME BILLIONAIRES LIST (Forbes):
https://www.forbes.com/real-time-billionaires/#67b922603d78
Photo courtesy: Adani Group
