MUMBAI - Shares in Adani Group companies lost US$12 billion (S$15.8 billion) in market value after US investor Hindenburg Research said it was shorting the conglomerate’s stocks and accused firms owned by Asia’s richest person of “brazen” market manipulation and accounting fraud. The report is “a malicious combination of selective misinformation and stale, baseless and discredited allegations,” Adani Group chief financial officer Jugeshinder Singh said in a statement. The billionaire’s flagship firm Adani Enterprises fell 1.5 per cent. There are some signs the bull run is slowing, with most Adani group stocks starting the year with declines even before Hindenburg’s report. Gross debt at six Adani firms - Adani Enterprises, Adani Green Energy, Adani Ports, Adani Power., Adani Total Gas and Adani Transmission - stood at 1.88 trillion rupees (S$30.3 billion) as of March-end 2022.
Continue reading...
