MUMBAI: Shares in Adani Group companies lost $12 billion in market value after US investor Hindenburg Research said it was shorting the conglomerate’s stocks and accused firms owned by Asia’s richest person of “brazen” market manipulation and accounting fraud.
Bonds and shares of Adani-related entities slumped after Hindenburg, an investment research firm that specializes in short-selling, made wide-ranging allegations of purported corporate malpractice following a two-year investigation into Gautam Adani’s companies.
Hindenburg’s January 24 report details a web of Adani-family controlled offshore shell entities in tax havens, from the Caribbean, Mauritius and the United Arab Emirates. It claims these were used to facilitate corruption, money laundering and taxpayer theft, while siphoning money from the group’s listed companies, whose businesses range from ports to power.
