Adani Group companies shed as much as $19 billion in market value on Monday after Hindenburg Research accused the Indian market regulator probing the group of having links to offshore funds also used by Adani.
Billionaire Gautam Adani’s flagship firm Adani Enterprises fell 2% in morning trade, while other companies in the group fell between 2% and 4.5%. Adani Enterprises and Adani Ports were among the biggest losers on India’s blue-chip Nifty 50 index. Total losses in Adani companies narrowed to $9 billion after the early plunge.
Hindenburg, named after the 1937 airship disaster, is a New York-based short seller. It caused one of the most stunning upheavals in India’s corporate history in January 2023 when it alleged improper
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