In the last three days, nearly $72 billion were lost in the market by Indian conglomerate Adani Group. This comes as a public spat between Asia’s richest man and a short-seller escalates, Bloomberg reported.
Even after company released a 413-page rebuttal against Hindenburg Research, saying it’s report is “nothing but a lie”, shares in nearly all of the company’s listed firms — established by Gautam Adani — fell on Monday.
Adani Transmission and Adani Green Energy were down as much as 15% and 20%, respectively, on Monday.
“This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India,” the Adani Group said in its Sunday report.
Hindenburg snapped back on Sunday saying “fraud is fraud, even when it’s perpetrated by one of the wealthiest individuals in the world.”
“India’s future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation,” the short seller added.
The public spat between the Adani group and Hindeburg kicked off after the short-seller accused the company of stock manipulation and accounting fraud, in a scathing report published last Tuesday, according to Business Insider report.
Adani earlier said that the company was considering legal action against Hindenburg.