Probe order comes after allegations by US short-seller Hindenburg Research that accused Adani companies of engaging in market manipulation and other fraudulent practices.
Investors have lopped off more than $100 billion from the market capitalisation of seven of the group's listed stocks since Hindenburg Research last week questioned the group's debt levels and use of tax havens.
Embattled Indian billionaire Gautam Adani calls off his flagship company's share sale after a
tumultuous week saw his conglomerate shed tens of billions of dollars in market value after claims of fraud from US-based short-selling firm.
The multinational conglomerate lost over $90 billion since a report accused it of "the largest con in corporate history."
Shares of Gautam Adani's business empire sink nearly 20 percent as scathing report by Hindenburg Research ignites rout in conglomerate's listed firms, casting doubts on how investors will respond to company's record $2.45 billion secondary sale.
"I found Hindenburg report highly credible and extremely well researched," says billionaire hedge fund manager, adding Adani Group's response "speaks volumes. Caveat emptor."
The Adani Group is led by Gautam Adani, the third richest man in the world (now the fourth). It has lost billions in market value in two days, all due to a report by Hindenburg Research, specialising in “forensic financial research”.
Asia's richest man Gautam Adani's group vehemently denies allegations of "stock manipulation and accounting fraud" by Hindenburg Research that plunged the group's shares and swiftly eroded $10.73 billion from Adani's wealth.
For three months, a fishing community in India's southern state of Kerala has blocked construction vehicles from entering the site of Adani Group's Vizhinjam seaport.
Gautam Adani is “the world’s biggest wealth-gainer this year“, with an almost $12 billion jump in his personal fortune.
Campaigners slam German engineering group for opting to develop a controversial coal mine project in Australia with catastrophic bushfire season there fanning more anger against the proposed mine, owned by India's Adani group.
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