Less than two weeks ago, Gautam Adani was the fourth-richest person in the world. Adani’s firms have lost $110 billion in value since then, and his own wealth has been halved
Then Hindenburg Research, an American short seller with bets against Adani’s companies, accused him of pulling off “the largest con in corporate history.” Adani’s firms have lost $110 billion in value since then, and his own wealth has been halved to little more than $61 billion as investors pull their support. While the Adani Group has condemned the report as “baseless” and “malicious,” investor questions about its claims linger, and the fallout is growing.
India’s stock exchanges halted trading in five listed Adani firms after their shares crashed by the daily limits, set at 5% and 10%. Meanwhile, TotalEnergies, a major business partner, said Adani had agreed to let one of the “big four” accounting firms carry out a “general audit.” There was no confirmation from Adani. The French energy giant described its $3.1 billion exposure to Adani, via joint investments in India, as “limited”.
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