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The Guardian - AU
The Guardian - AU
Business
Jonathan Barrett and Hannah Ellis-Petersen

Adani crisis: Indian group has value cut in half after stock market rout

Gautam Adani India Hindenburg Hindenburg Research
Gautam Adani, the chair of Indian conglomerate Adani Group
Gautam Adani, the chair of Adani Group. More than US$115bn has been wiped from the value of Adani companies in the two weeks since Hindenburg Research’s accusations. Photograph: Indranil Mukherjee/AFP/Getty Images

The beleaguered empire of the Indian billionaire Gautam Adani is spiralling into crisis, as an escalating stock rout triggered by fraud claims cuts the value of his conglomerate in half.

Traders sent shares in the listed flagship Adani Enterprises down more than 25% shortly after markets opened in Mumbai on Friday, despite attempts by the company to restore investor confidence. Other listed entities, such as Adani Green Energy and Adani Ports, were also down sharply.

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