What's happening with Adani Group? Hindenburg's fraud claims explained
Indian business tycoon Gautam Adani has lost tens of billions of dollars and his title as Asia’s richest man after short-selling firm Hindenburg accused him of fraud.
Gautam Adani rose from college dropout to become Asia’s richest man — but now he's seen his empire rocked by a week of turmoil.
The Indian tycoon has lost his title, and tens of billions in personal wealth, in a matter of days after a U.S.-based short-selling firm accused him of “the largest con in corporate history.”
Adani dismissed the allegations and accused the short-seller, Hindenburg, of a “calculated attack” on his country.
But the claims have triggered a meltdown for his company and sent shockwaves through the markets.
On Thursday, Adani abandoned his flagship company's planned stock offering as his conglomerate's losses topped $100 billion, deepening concerns about a potential broader impact on India's economy.
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