The Adani Group had dismissed the Hindenburg report as unfounded and is considering legal action against the New York company.
(Photo: AP)
Bombay The group of companies of one of the world’s richest people, Adani Enterprises, does not come to rest after a critical report by a US short seller: shares in the Indian conglomerate of billionaire Gautam Adani slipped by 20 percent on Friday.
Other listed companies in the group also fell under the wheels: Adani Transmission, Adani Total Gas, Adani Green Energy and Adani Ports also collapsed by up to 20 percent.
Collectively, seven companies in the conglomerate have wiped out a total of $48 billion in market capitalization as of Wednesday. The Indian banking index was also hit by the wheels because investors fear the impact on banks that have lent to the conglomerate.
Short seller report sends stocks tumbling as Adani Group considers legal action
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