Shares in Indian tycoon Gautam Adani’s business empire plummeted 30 percent in Wednesday afternoon trade, the fifth day of falls after allegations of massive accounting fraud from a short-seller investment group.
Flagship Adani Enterprises stocks were down 891.40 rupees ($10.88), or 29.97, percent on the Bombay Stock Exchange minutes before the bourse’s scheduled close.
India’s capital markets regulator is studying the Hindenburg report as it may help its own probe into offshore fund holdings of Adani Group, two other sources said. Spokespersons for the regulator and Adani had no immediate comment.
Adani Group dismissed the Hindenburg report as baseless and said it is considering whether to take legal action against the New York-based firm.
With a net worth of $96.6 billion, billionaire Gautam Adani is now the world’s seventh richest man, according to Forbes, slipping from the third position due to the stock rout.
The 60-year-old hails from the western state of Gujarat, the home state of Prime Minister Narendra Modi. India’s main opposition Congress party has often accused Adani and other billionaires of getting favourable policy treatment from Modi’s administration, allegations the billionaire denies.
The Adani Group was established in 1988, beginning with commodities trading. The conglomerate’s business interests now extend from ports and airports to mining and renewable power.
The anchor portion of the share sale that began on Friday saw participation from investors including the Abu Dhabi Investment Authority and Maybank Securities on Wednesday.
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Shares in Indian tycoon Gautam Adani’s business empire plummeted 30 percent in Wednesday afternoon trade, the fifth day of falls after allegations of massive accounting fraud from a short-seller investment group.
Flagship Adani Enterprises stocks were down 891.40 rupees ($10.88), or 29.97, percent on the Bombay Stock Exchange minutes before the bourse’s scheduled close.
India’s capital markets regulator is studying the Hindenburg report as it may help its own probe into offshore fund holdings of Adani Group, two other sources said. Spokespersons for the regulator and Adani had no immediate comment.
Adani Group dismissed the Hindenburg report as baseless and said it is considering whether to take legal action against the New York-based firm.
With a net worth of $96.6 billion, billionaire Gautam Adani is now the world’s seventh richest man, according to Forbes, slipping from the third position due to the stock rout.
The 60-year-old hails from the western state of Gujarat, the home state of Prime Minister Narendra Modi. India’s main opposition Congress party has often accused Adani and other billionaires of getting favourable policy treatment from Modi’s administration, allegations the billionaire denies.
The Adani Group was established in 1988, beginning with commodities trading. The conglomerate’s business interests now extend from ports and airports to mining and renewable power.
The anchor portion of the share sale that began on Friday saw participation from investors including the Abu Dhabi Investment Authority and Maybank Securities on Wednesday.
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