Short sellers Hindenburg Research accused the Indian mega-conglomerate of the “largest con in corporate history.”
Shares of one of India’s wealthiest business empires, the Adani Group, have dropped nearly $68 billion in value over just four days of trading after a bombshell report by short seller Hindenburg Research accused the company of pulling the “largest con in corporate history” consisting of “brazen stock manipulation” and “accounting fraud” over decades.
The report also highlighted major government investigations against billionaire founder Gautam Adani and other members of the Adani family for money laundering in the Caribbean and theft of Indian taxpayer funds and corruption. The biggest losses were felt at Adani Total Gas Ltd. and Adani Green Energy, which plummeted by 20 percent on Monday, according to Bloomberg. Adani Group fired back at the accusations with a 413-page rebuttal on Sunday, framing them as attacks on India.
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Asia's richest man, Gautam Adani, accuses short-seller Hindenburg of attacking IndiaIndia's Adani Group, run by Asia's richest man, has hit back at a report from U.S.-based short-seller Hindenburg Research, calling it 'malicious,' 'baseless' and full of 'selective misinformation.'
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Adani Group: Hindenburg report intended to create false marketIndia's Adani Group said on Sunday that a Jan. 24 report by short seller Hindenburg Research that led to a $48 billion rout in its stock was intended to create a false market to enable the short seller to book gains.
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Adani hits back at Hindenburg, says it made all disclosuresThe Adani Group issued a blistering riposte to a Hindenburg Research report that prompted a $48 billion rout in its stocks and marked a dramatic setback for Gautam Adani ahead of a major share sale.
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Adani responds to Hindenburg report, but stocks continue descent By Investing.com*INDIAN BILLIONAIRE ADANI RESPONDS TO HINDENBURG REPORT, BUT STOCKS CONTINUE SELLOFF 🇮🇳🇮🇳
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