Short-seller attack on Adani

Shares in India’s Adani Group continue to plunge after U.S. short-seller Hindenburg Research accused the conglomerate of accounting fraud, leading investors to dump its stocks


Jan 24: Report by Hindenburg Research alleges decades of “brazen stock manipulation and accounting fraud”

Jan 24-30: Allegations wipe more than $62 billion off Adani Group’s market capitalisation


Fall in stock values and market cap (Jan 24-Jan 30)

Adani Total
-39.8%
-$21.45bn

Adani Transmission 
-38.2%
-$14.16bn

Adani Green 
-38.0%
-$15.34bn

Adani Ports 
-20.6%
-$0.35bn

Adani Enterprises 
-17.0%
-$7.89bn

Adani Power
-14.2%
-$1.88bn

Adani Wilmar
-12.6%
-$1.01bn 
  
      
Gautam Adani, 60: Founder and Adani chairman. Stock rout wipes $27.9 billion off his fortune. Bloomberg’s index ranks him world’s seventh richest, now worth $92.7 billion
  

Sources: Bloomberg, Refinitiv, Reuters 
Picture: Getty Images 
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