Hindenburg report fallout: Gautam Adani's loss swells to $70 billion; 'escape route' now difficult for billionaire
Gautam Adani update: Gautam Adani has landed in a trouble, and escape route seems difficult now. An Indian billionaire, who was touted to be the world’s second richest person, is now having a tough and stressful time after startling revelations by US-based short sellers at Hindenburg Research.
He has been accused of fraud and market manipulation. Ever since this row has erupted, he has been losing and his companies are shedding tens of billions in value everyday.
As per the latest report, the shares of Adani Group companies slumped on Monday, though the Adani Group has filed a 413-page response to the Hindenburg Research report. Not only this, USD 70 billion of Adani Group firms had been wiped off in three days after the report.
In his response, Adani, accused of fraud, clarified that his companies compiled with all local laws. As per reports, Adani transmission (ADAI.NS), Adani Total gas (ADAG.NG), Adani Power
(ADAN.NS), Adani Wilmar (ADAW.NS) and Adani ports and Special Economic Zone (APSE.NS) fell between 4.2 per cent and 20 per cent on Monday.
Also Read | Biggest-ever wealth wipeout as Gautam Adani loses $20 billion in just 6 hours
On the other hand, Adani Group on Sunday said the recent report by Hindenburg Research was not an attack on any specific company but a "calculated attack" on India, its growth story, and ambitions.
"This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," the Adani Group said in a 413-page response. In its response to the Hindenburg Research, the Adani Group has attacked Hindenburg as "an unethical short seller". It added the report was "nothing but a lie".
Also Read | Adani Group answers all 88 questions raised by Hindenburg Research; reveals age of its auditors
- With inputs from agencies