The value of Gautam Adani’s business empire has crashed by more than $50 billion this week
since Hindenburg Research, a US firm that makes money from short selling, published a blistering report accusing it of fraud. India’s Adani Group has denounced Hindenburg’s allegations as “baseless” and “malicious,” and it is considering legal action. But the sharp sell-off in shares, which began Wednesday, accelerated Friday after US hedge fund billionaire Bill Ackman said he found the short seller’s report credible.
According to the Bloomberg Billionaires Index, Adani is still Asia’s richest man with a personal fortune worth $113 billion, $30 billion more than fellow Indian entrepreneur Mukesh Ambani. Friday’s losses will reduce that gap. Hindenburg said Thursday that it stood fully by its report and believed any legal action would be “meritless.” “If Adani is serious, it should also file suit in the US where we operate.
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