Adani fails to soothe investors

Published January 31, 2023

MUMBAI: Gautam Adani’s vast Indian business empire lost billions more dollars in value on Monday after its rejection of claims of widespread fraud failed to reassure investors.

The slump was sparked by a report by US investment group Hindenburg Research that last week alleged a “brazen stock manipulation and accounting fraud scheme over the course of decades”.

The three-day selloff has now erased a total of about $68 billion in the conglomerate’s market value, according to Bloomberg News.

Adani Total Gas and Adani Green Energy both plunged another 20 percent on Monday and saw trading halted, after suffering the same fate Friday.

Adani Transmission ended 14.91 per cent lower, although the group’s flagship Adani Enterprises was 4.21pc higher.

Published in Dawn, January 31st, 2023

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