Adani Group: Fortune of Asia's richest man hit by fraud claims - BBC News

A report of fraud has sparked a mass sell-off in businesses led by Indian billionaire Gautam Adani.

22 hours agoShareclose panelShare pageCopy linkAbout sharingImage source, Getty ImagesImage caption, Indian billionaire Gautam Adani is a self-made tycoonIndian billionaire Gautam Adani saw more than $20bn (£16bn) wiped off his fortune on Friday, after investors fled his companies for a second day prompted by fraud claims made by a US investment firm.

The Adani Group has dismissed the report as malicious, but the response has failed to stem the uproar.

India's main opposition party has demanded an investigation.

The firm's publicly listed companies have lost about $50bn in market value.

Shares in the firm's flagship Adani Enterprises dropped by nearly 20% on Friday, while some of the group's other publicly listed firms tumbled even further, triggering automatic halts in trading in Mumbai.

https://www.bbc.co.uk/news/business-64431235?at_medium=RSS&at_campaign=KARANGA

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