MUMBAI: India’s securities regulator said Satur­day that markets were stable and protected from further volatility, following a phenomenal share rout that hit the business empire of tycoon Gautam Adani.

The combined market cap of Adani Group’s listed companies has collapsed by around $120 billion – about half of the conglomerate’s value — since US short-seller Hindenburg Research released an explosive report in late January.

It accused Adani of accounting fraud and artificially boosting its share prices, calling it a “brazen stock manipulation and accounting fraud scheme” and “the largest con in corporate history”.

The Securities and Exchange Board of India (SEBI) said in a statement that India’s financial market had “demonstrated ongoing stability and is continuing to function in a transparent, fair and efficient manner”.

Published in Dawn, February 5th, 2023