The devastating Hindenburg report led to a collapse in the value of the group’s shares. Analysts fear that this will negatively impact the entire Indian financial system.
The market losses of the Indian Adani Group, caused by the critical report of Hindenburg Research, exceeded 100 billion dollars. This was reported on February 2 by Reuters.
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It was noted that the day before, the owner of the group, Gautam Adani, had canceled the sale of shares in the parent company Adani Enterprises Ltd. of $2.5 billion, further worsening the market situation.
Adani Enterprises shares fell 27% on Thursday, closing at their lowest level since March 2022. Other group companies also lost their positions by 7-10%.
“Since the Hindenburg report, Adani Group companies have lost nearly half of their combined market value. Adani Enterprises, described as Adani’s business incubator, has lost $26 billion in market capitalization,” wrote agency.
The sharp drop in Adani’s stock has raised concerns about the possibility of a wider impact on India’s financial system.
Adani’s net worth nearly halved in a week to $64.6 billion. The businessman is no longer the richest man in Asia, dropping to 16th place in the ranking of Forbes billionaires.
Remember, on January 24, Hindenburg Research published a report on the results of a two-year investigation into numerous abuses by the tycoon’s companies.
It states that the Adani Group “has been engaged in a brazen scheme of stock manipulation and accounting fraud for decades.”
Earlier it was reported that by 2022 the fortune of Russian oligarch Roman Abramovich had dropped by more than 50%, to $7.8 billion.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.