The Indian conglomerate’s founder Gautam Adani’s net worth dropped below $60 billion, pushing him out of Forbes’ list of the top 20 richest people in the world.
, Watchell will work on the Adani Group’s “legal, regulatory and public relations” response to allegations of fraud raised against it by Hindenburg, late last month.
Watchell was first approached by Indian law firm Cyril Amarchand Mangaldas which represents the Adani Group and is led by founder Gautam Adani’s son-in-law Cyril Shroff, the report adds. Late on Thursday index provider Morgan Stanley Capital International’s moved to lower the weightage for four Adani group companies—including the flagship Adani Enterprises—on its closely watched indicesIn its announcement MSCI said it had determined that the “characteristics of certain investors have sufficient uncertainty” that triggered a reassessment of the total number of Adani shares that were being freely traded by international investors.
Shares of Adani Group’s listed firms were hit by a selloff once again on Friday with the flagship Adani Enterprises being down more than 3% in afternoon trading.
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