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- Adani Group has lost nearly $72 billion in market value in a matter of days as its public spat with a short-seller intensifies.
- The wipeout comes even after the Indian conglomerate issued a 413-page rebuttal against Hindenburg Research.
- The ongoing rout has also seen the richest Asian’s wealth plunge by $28 billion in the first month of 2023.
Indian conglomerate Adani Group has lost nearly $72 billion in market value over just three days as a public spat between Asia’s richest man and a short-seller escalates, according to Bloomberg.
Shares in nearly all of the company’s listed businesses – founded by Gautam Adani – tumbled Monday even after the energy-to-infrastructure empire issued a 413-page rebuttal against Hindenburg Research, saying it’s report is “nothing but a lie.”
Adani Transmission and 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.
Adani has vehemently opposed the allegations, previously calling the report “maliciously mischievous” that has brought “unwanted anguish for Indian citizens.” It also said the company was considering legal action against Hindenburg.
As the squabble intensifies, Adani has also seen his personal wealth dramatically drop by $28 billion in the first month of 2023. The Indian billionaire slid down the rankings on Bloomberg’s Billionaires Index to the seventh place after being the world’s fourth richest person early last week.