Shares in Adani Group companies fell on Wednesday after a US fund said it was shorting the Indian conglomerate’s stocks and accused companies owned by Asia’s richest man of “brazen” market manipulation and accounting fraud.
Billionaire Gautam Adani’s flagship Adani Enterprises Ltd fell 3.7% and Adani Ports and Special Economic Zone Ltd dropped 7.3% despite relatively small free-floats after Hindenburg Research, a US-based firm that specialises in activist short-selling, made wide-ranging allegations of corporate malpractice following a two-year investigation into the tycoon’s companies.
