The lengthy rebuttal of allegations of fraud by short seller Hindenburg Research comes after Gautam Adani lost around 20 per cent of his fortune in a single day.
, heading into a holiday in India as the world’s fourth-richest person and dismissing a short-seller report as “stale” and “baseless.”
As for Adani himself, even after Friday’s loss — the fourth-largest market-driven drop in the history of the Bloomberg wealth index — the 60-year-old commands a net worth of $US92.7 billion. He’s fallen below Bill Gates and Warren Buffett to the seventh-richest person on the globe. “The volatility in Indian stock markets created by the report is of great concern and has led to unwanted anguish for Indian citizens,” Adani’s top lawyer said Thursday in a statement, which called out Hindenburg’s missive as mischievous, unresearched and unsubstantiated. Hindenburg, in turn, shot back that Adani has “resorted to bluster and threats.”, the man behind Hindenburg who earned Wall Street’s attention with takedowns of electric-vehicle makers Nikola and Lordstown Motors Corp.
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