India's Gautam Adani, the school drop-out turned billionaire who rose to become Asia's richest man, faces possibly his biggest challenge after shares in his companies slumped when a U.S. short seller cast doubts on their business practices.
Adani, from Gujarat in western India, built his empire from scratch after starting out as a commodities trader. India's Prime Minister Narendra Modi is from the same state and their relationship has long come under scrutiny by Modi's opponents.
Despite his riches the 60-year-old, who comes from a middle-class textile family, was far lesser known than other billionaires in a country where many inherit their wealth. In a 2014 interview with Reuters, when asked if he was friends with Modi, Adani said he had friends across the political spectrum, but avoids politics.
, for example, partnered with Adani last year to develop the world's biggest green hydrogen ecosystem.
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India's Gautam Adani: Asia's richest man in the eye of a stormIndia's Gautam Adani, the school drop-out turned billionaire who rose to become Asia's richest man, faces possibly the biggest challenge of his career after a U.S. short seller cast doubts on his business practices, hammering shares in his companies and his reputation.
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Fraud claims wipe $48B off India's Adani Group stocksShares of Gautam Adani's business empire sink nearly 20 percent as scathing report by Hindenburg Research ignites rout in conglomerate's listed firms, casting doubts on how investors will respond to company's record $2.45 billion secondary sale.
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Exclusive: India's Adani says $2.5 billion share sale on track even as bankers mull changesBankers may extend the sale or cut the issue price, sources said. Seven Adani companies have lost a combined $48 billion in market value since a research report flagged concerns about debt levels and their use of tax havens.
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MSCI seeks feedback on Adani Group over Hindenburg reportIndex provider MSCI said on Saturday it was seeking feedback on Adani Group and associated securities and was aware of a report issued by short-seller Hindenburg Research.
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Exclusive: Bankers on Adani $2.5 bln share sale consider delay, price cut after routBankers on the $2.5 billion share sale of India's Adani Enterprises are considering extending the sale or cutting the issue price after shares plunged on a U.S. short seller's report, said three people familiar with the deal.
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Hindenburg report crushes Adani empire: $52 billion evaporate in a weekU.S. investor Hindenburg Research has released a report and a statement accusing Indian conglomerate Adani Group of being the “biggest con in corporate history.'
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