Shares in India's Adani Group plunge up to 20 percent, extending this week's losses to $48 billion, days after Hindenburg Research accused one of world's richest men Gautam Adani of pulling 'largest con in corporate history'
Gautam Adani — who now has an estimated fortune of $96.6 billion — is considered a close supporter of PM Narendra Modi.
Five other group companies hit their own stock exchange circuit breakers, with shares in Adani Total Gas, Adani Green Energy and Adani Transmission falling 20 percent apiece. Legal chief Jatin Jalundhwala said Adani was exploring its punitive action against the research advisory in US and Indian courts.
The report said a pattern of "government leniency towards the group" stretching back decades had left investors, journalists, citizens and politicians unwilling to challenge the group's conduct "for fear of reprisal". Hindenburg's report landed days before Adani's ambitious $2.5 billion follow-on public offer — India's biggest-ever — opened for bids on Friday, aimed at bolstering the business empire's balance sheet.
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India's Adani Group says evaluating action against Hindenburg ResearchAdani Group said on Thursday it is evaluating taking 'remedial and punitive action' under U.S. and Indian laws against short-seller Hindenburg Research, which in a report accused the conglomerate of improper use of offshore tax havens.
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