Business Standard

Adani stocks drop after Hindenburg accuses firm of manipulation and fraud

Adani rocketed up the Bloomberg Billionaire's Index last year past the likes of Bill Gates and Warren Buffett

Asia’s richest man Gautam Adani
Premium

Chris Kay and Abhishek Vishnoi | Bloomberg
Shares in Adani Group companies fell after well-known US activist investor Hindenburg Research LLC said it was shorting the empire’s stocks and accused firms owned by Asia’s richest man of “brazen” market manipulation and accounting fraud.
 
Billionaire Gautam Adani’s flagship firm Adani Enterprises Ltd. and Adani Ports and Special Economic Zone Ltd. dropped as much as 2.5% and 5% respectively on Tuesday after Hindenburg, an US-based investment research firm that specializes in activist short-selling, made wide-ranging allegations of corporate malpractice following a two-year investigation into the tycoon’s companies. Cement makers ACC Ltd. and Ambuja Cements Ltd., acquired by Adani recently,

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jan 25 2023 | 11:20 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com