Adani Group loses over $100 billion in stock market value

Bangkok Gautam Adani, the founder of the Indian industrial group Adani, made his first public statement on Thursday about the crash of his company. The crisis was triggered by massive allegations of fraud in a report by the activist investment group Hindenburg Research.

In a recorded video message, the 60-year-old multi-billionaire, who until recently was the third richest man in the world through his stake in the company, was combative: “The fundamentals of our company are strong, our balance sheet is healthy,” said Adani. He promised his investors: “We will continue to focus on creating long-term value.”

Adani actually wanted to issue new shares this week and thus collect around two and a half billion US dollars. But a few hours before the group published the founder’s video message, he withdrew the planned placement.