Monday saw a decline in the market value of Adani Group shares, which had recovered by the end of the day from an earlier reported fall of as much as $13.4 billion.
The decline was caused by a new report from U.S. short seller Hindenburg, which accused the chair of India’s capital markets regulator of having conflicts of interest that prevented an in-depth probe of fraud allegations.
The flagship company of the Indian group, Adani Enterprises, saw losses of up to 5% in early morning trade before cutting them.
The announcement also caused a dramatic decline in the shares of Adani Total Gas, Adani Power, Adani Wilmar, and Adani Energy Solutions.
Hindenburg claimed that Madhabi Puri Buch, the head of the Securities and Exchange Board of India (SEBI), and her spouse, Dhaval Buch, had previously invested in offshore funds that were also utilised by the Adani Group.
Source (CNBC)
