Shares in India's Adani plunge 15% after fraud claims

MG News | January 27, 2023 at 03:01 PM GMT+05:00

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January 27, 2023: Trading in the business empire of Asia's richest man, Gautam Adani, was halted on Friday following a 15% plunge in its share price, days after a US investment firm, Hindenburg Research, claimed it had committed "brazen" corporate fraud.

Adani Enterprises, the flagship company of Adani Group, tumbled to 508.45 rupees ($6.23) in Mumbai, triggering an automatic 105-minute trading halt, while subsidiary Adani Total Gas also halted after it tanked 20%.

Hindenburg Research this week alleged in a report that Adani Group had used undisclosed related-party transactions and earnings manipulation to "maintain the appearance of financial health and solvency" of its listed business units.

Adani Group denied these allegations, calling them a "maliciously mischievous" reputational attack, and said they are exploring legal action against Hindenburg in the US and Indian courts.

The report comes as Adani Group is preparing for a major fundraising round.

AFP/APP

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