Chairman and founder of the Adani Group, Gautam Adani, at the News18 Rising India Summit on Feb. 25, 2019, in New Delhi, India. Since becoming a billionaire in 2008, Adani is now one of the richest people in the world, with a $113 billion fortune, according to the Bloomberg Billionaires Index.
Hindustan Times | Hindustan Times | Getty Images
Shares of Adani Group companies continued to see sharp losses for a second consecutive trading session in India, after short seller firm Hindenburg announced its short position in the conglomerate’s firms earlier this week.
In a lengthy report released earlier this week, Hindenburg detailed multiple allegations against the conglomerate’s companies, saying the group has “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.”
Adani rejected the claims in two separate statements, describing the short seller’s claims as an “intentional and reckless attempt by a foreign entity to mislead the investor community…
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