$84 billion in stock market value wiped out

Bengaluru After the attack by the US short seller Hindenburg on the Indian conglomerate Adani Group, the share prices of the companies involved continued to plummet. Overall, the price losses since the allegations of fraud against the conglomerate have piled up to $ 84 billion by Wednesday. Multi-billionaire Gautam Adani’s successful secondary offering of shares worth $2.5 billion on Tuesday only gave him a brief breather.

The shares of Adani Enterprises, which is seen as the center of the conglomerate, fell by more than a quarter in the middle of the week. Adani Ports and Special Economic Zone fell nearly 20 percent, while Adani Total Gas fell 10 percent.

The sell-off pushed Adani down from third to 15th on the Forbes list of the super-rich with an estimated net worth of $76.8 billion. His empire spans ports, airports, mining, power generation, cooking oils, renewable energy, media and cement.