Gautam Adani’s business empire has had more than $145bn wiped from its value in the month since a US short seller alleged fraud, laying bare the battle the Indian tycoon still faces in regaining the confidence of investors.
The sell-off triggered by Hindenburg Research, which accused Adani of stock manipulation and accounting fraud, has erased more than 60 per cent from the value of Adani’s publicly traded companies and rocked an empire that spans ports to airports to energy.
Adani has strenuously denied Hindenburg’s allegations, but shares have remained under pressure. Falls on Friday left the overall market capitalisation of the listed groups at the lowest level since Hindenburg levelled its accusations.
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