After being accused of “brazen fraud,” Gautam Adani’s companies, which are building some of India’s most ambitious renewable energy and hydrogen projects, had their stock market prices plummet.
According to financial wire reports, Adani Group companies have lost about $70bn in the previous few days, reducing Adani’s wealth, which was valued at over $100bn last year and dubbed “Asia’s richest man.”
On Monday, Adani Green Energy fell 20% on the Mumbai stock market, the maximum allowed under exchange regulations, following a meltdown that began on Friday and raced across the Adani Group’s listed companies.
Hindenburg, a US research organization, released a study before Adani Enterprises’ proposed $2.5bn share issuance alleging “brazen stock manipulation and accounting fraud” by the conglomerate. The group responded on Sunday, calling the Hindenburg report “a premeditated attack on India” and claimed it creates a “fake market” for short-selling gains.
Earlier this month, the company announced intentions to sell out sectors like hydrogen, airports, and data centers between 2025 and 2028 if they satisfy certain investment requirements.
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