Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul class="summary-list"><li>Adani Group – owned by Asia's richest man – has lost over $50 billion in market value in less than two days, per Bloomberg. </li><li>The plunge follows a Hindenburg Research report this week accusing the Indian conglomerate of market manipulation. </li></ul>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, <a href="https://www.bloomberg.com/news/articles/2023-01-27/adani-group-stocks-plunge-extend-rout-from-short-seller-report" target="_blank" rel="noopener">according to Bloomberg</a>. 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 a <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-hindenburg-allegations-net-worth-crash-2023-1" target="_blank" rel="noopener">brazen stock manipulation</a> and accounting fraud scheme over the course of decades."Shares in Adani Enterprises tumbled more than 19% on Friday, while those in Adani Green Energy and Adani Total Gas plunged by their daily lower limt of 20%, per Bloomberg. At the time of writing, Adani Enterprises' stock was down about 15% to 2,848 rupees ($34.93). 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. Still, Adani's wealth overtakes that of business moguls like Bill Gates and Warren Buffet, <a href="https://www.bloomberg.com/billionaires/" target="_blank" rel="noopener">according to Bloomberg's Billionaire's Index</a>. Adani Group has shot back at the hindeburg report since its publication, calling it "maliciously mischievous" and "unresearched." It's looking at potentially launching <a href="https://markets.businessinsider.com/news/stocks/adani-group-legal-action-hindenburg-short-seller-2023-1">legal action</a> against Hindenburg Research over the allegations.It's also issued a <a href="https://markets.businessinsider.com/news/stocks/adani-hindenburg-fraud-allegations-share-sale-2023-1" target="_blank" rel="noopener">18-page presentation</a> titled "<a href="https://www.adani.com/-/media/Project/Adani/Invetsors/Adani%20Portfolio%20January%202023%20Global%20Call%20Short%20Seller%20Response" target="_blank" rel="noopener nofollow">Myths of Short Seller,</a>" in order to address some of the Hindeburg Research allegations levelled against the company.Meanwhile, Billionaire investor Bill Ackman voiced his support for Hindenburg Research's report, saying on Twitter Thursday that "I found the Hindenburg report <a href="https://markets.businessinsider.com/news/stocks/bill-ackman-billionaire-investor-pershing-square-adani-group-short-seller-2023-1">highly credible and extremely well researched.</a>"

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

<ul class="summary-list"><li>Adani Group has lost nearly $72 billion in market value in a matter of days as its public spat with a short-seller intensifies. </li><li>The wipeout comes even after the Indian conglomerate issued a 413-page rebuttal against Hindenburg Research. </li></ul>Indian conglomerate Adani Group has lost nearly $72 billion in market value over just three days as a public spat between Asia's richest man and a short-seller escalates, <a href="https://www.bloomberg.com/news/articles/2023-01-30/most-adani-stocks-drop-as-rebuttal-draws-hindenburg-response" target="_blank" rel="noopener">according to Bloomberg</a>. Shares in nearly all of the company's listed businesses – founded by Gautam Adani – tumbled Monday even after the energy-to-infrastructure empire issued a <a href="https://www.adani.com/-/media/Project/Adani/Invetsors/Adani-Response-to-Hindenburg-January-29-2023" target="_blank" rel="noopener nofollow">413-page rebuttal</a> against Hindenburg Research, saying it's report is "nothing but a lie." Adani Transmission and and Adani Green Energy were down as much as 15% and 20%, respectively, on Monday. "This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," the Adani Group said in its Sunday report.Hindenburg <a href="https://hindenburgresearch.com/?p=2500" target="_blank" rel="nofollow noopener">snapped back</a> on Sunday saying "fraud is fraud, even when it's perpetrated by one of the wealthiest individuals in the world.""India's future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation," the short seller added.The public spat between the Adani group and Hindeburg kicked off after the short-seller accused the company of <a href="https://markets.businessinsider.com/news/stocks/adani-group-loses-50-billion-market-value-hindenburg-2023-1">stock manipulation</a> and accounting fraud, in a scathing <a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener nofollow">report</a> published last Tuesday.Adani has vehemently opposed the allegations, previously calling the report "maliciously mischievous" that has brought "unwanted anguish for Indian citizens." It also said the company was considering legal action against Hindenburg.As the squabble intensifies, Adani has also seen his <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-net-worth-billionaire-world-richest-list-hindenburg-shortseller-2023-1">personal wealth dramatically drop</a> by $28 billion in the first month of 2023. The Indian billionaire slid down the rankings on <a href="https://www.bloomberg.com/billionaires/" target="_blank" rel="noopener nofollow">Bloomberg's Billionaires Index</a> to the seventh place after being the world's fourth richest person early last week.

Adani market cap plunge deepens to nearly $72 billion even after the conglomerate issued a 413-page rebuttal to short-seller Hindenburg

<ul class="summary-list"><li>Hindenburg Research accused India's Adani Group of "brazen stock manipulation" in report published this week.</li><li>Pershing Square CEO Bill Ackman said he found the short-seller's report "highly credible and extremely well researched".</li></ul>Bill Ackman has voiced his support for Hindenburg Research's report accusing the Indian conglomerate Adani Group of "brazen stock manipulation and accounting fraud".Short-sellers Hindenburg accused the world's third-richest man Gautam Adani of "<a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener">pulling the largest con in corporate history</a>" in a report published Tuesday, which the research firm said revealed the findings of a two-year investigation. Adani Group had inflated its own valuation by manipulating the stock market and committing accounting fraud, the report had said."I found the Hindenburg report highly credible and extremely well researched," Pershing Square Capital Management CEO Ackman aid on Twitter late Thursday.Adani has said <a href="https://markets.businessinsider.com/news/stocks/adani-group-legal-action-hindenburg-short-seller-2023-1">it could explore legal action</a> against Hindenburg, with CFO Jugeshinder Singh calling the activist investor's report <a href="https://www.adani.com/Newsroom/Media-Release/Media-Statement-on-Hindenburg-Research-Report" target="_blank" rel="noopener">"maliciously mischievous" and "unresearched"</a>.It's since issued an <a href="https://markets.businessinsider.com/news/stocks/adani-hindenburg-fraud-allegations-share-sale-2023-1">18-page presentation called "Myths of Short Seller"</a> where it sought to double down on its fightback against Hindeburg's report."Adani Group's response speaks volumes," Ackman said. "Caveat emptor."Ackman also compared Adani Group to <a href="https://markets.businessinsider.com/stocks/hlf-stock">Herbalife</a> – the multi-level marketing company that <a href="https://markets.businessinsider.com/news/currencies/bill-ackman-biggest-trades-hong-kong-dollar-short-covid-netflix-2022-12#3-herbalife-2012-3">Pershing Square unsuccessfully shorted between 2012 and 2017</a> in one of the billionaire investor's biggest-ever losses."Adani's response to Hindenburg Research is the same as Herbalife's response to our original 350-page presentation," he added. "Herbalife remains a pyramid scheme."Ackman added that his funds don't have long or short positions in either Adani or Herbalife – and said readers should view the tweets as his judgment on Hindenburg's latest report rather than investment advice.Read more: <a href="https://markets.businessinsider.com/news/currencies/bill-ackman-biggest-trades-hong-kong-dollar-short-covid-netflix-2022-12">Bill Ackman's latest short is a 'smart lottery ticket' bet against the Hong Kong dollar – here are 7 of his biggest trades</a>

Bill Ackman says he finds short-seller's Adani Group report 'highly credible' – and notes similarities to 'pyramid scheme' Herbalife

You Searched For "Hindeburg" and got 3 results

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

Zahra Tayeb

Adani market cap plunge deepens to nearly $72 billion even after the conglomerate issued a 413-page rebuttal to short-seller Hindenburg

Zahra Tayeb

Bill Ackman says he finds short-seller's Adani Group report 'highly credible' – and notes similarities to 'pyramid scheme' Herbalife

George Glover

Popular Keywords

Buying Guides