New Delhi: Following a report by Hindenburg Research that claimed that the Adani Group companies participated in a clear stock manipulation and accounting fraud scheme over decades, the shares of the Indian giant were trading in the red zone on Wednesday.
As per a report in Livemint.com, as a reaction to the Hindenburg allegations, the seven Adani Group stocks lost Rs 46,086 crore in market cap on Wednesday. If one were to look at the finer nuances, the report adds that Adani Total Gas lost Rs 12,366 crore, followed by Adani Ports that lost Rs 8,342 crore and then Adani Transmission, that lost Rs 8,039 crore.
The Hindenburg Research report was prepared after two years of research and investigation by this forensic financial research firm, the report said.
In an official tweet, Hindenburg Research writes, “Today we reveal the findings of our 2-year investigation, presenting evidence that the INR 17.8 trillion (U.S. $218 billion) Indian conglomerate Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.”
The research alleges that Gautam Adani, the founder and Chairman of the Adani Group has managed to amass a net worth of nearly $120 billion, largely through stock price appreciation over the last three years. It also alleges that the group’s seven key listed companies have spiked at an average of 819 per cent over the entire period.
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