Short sellers Hindenburg Research accused the Indian mega-conglomerate of the “largest con in corporate history.”
Shares of one of India’s wealthiest business empires, the Adani Group, have dropped nearly $68 billion in value over just four days of trading after a bombshell report by short seller Hindenburg Research accused the company of pulling the “largest con in corporate history” consisting of “brazen stock manipulation” and “accounting fraud” over decades.
The report also highlighted major government investigations against billionaire founder Gautam Adani and other members of the Adani family for money laundering in the Caribbean and theft of Indian taxpayer funds and corruption. The biggest losses were felt at Adani Total Gas Ltd. and Adani Green Energy, which plummeted by 20 percent on Monday, according to Bloomberg. Adani Group fired back at the accusations with a 413-page rebuttal on Sunday, framing them as attacks on India.
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