Adani Group shares tumble amidst fraud claims

Gautam Adani, owner of the Adani Group, saw his fortune fall by US$20bn on Friday last week after investors withdrew from his companies amidst fraud claims made by a US investment firm.

Hindenburg Research published a report accusing the Adani Group of decades of stock manipulation and accounting fraud, according to the BBC. The report was released ahead of a planned share sale for Adani Enterprises, but the news resulted in shares in the company falling by almost 20 per cent. Some of the group’s other companies saw their shares tumble even further, with the firms’s publicly listed companies believed to have lost around US$50bn in market value, says the BBC.

The Adani Group has dismissed the rumours as malicious and is believed to be considering legal action against Hindenburg Research,