- The Adani Group has lost more than $100 billion in market value as its stocks took a beating from the Hindenburg report.
- Shares in its flagship business, Adani Enterprises, shed more than 25% on Thursday.
Adani Group stocks have now wiped out over $100 billion in market value, with the troubled Indian conglomerate canceling its share sale in the wake of a short-seller attack, $4.
Shares in its flagship company Adani Enterprises plunged 26.7% Thursday, and are down almost 60% this year.
The Adani Group – spearheaded by Indian tycoon Gautam Adani – fell into turmoil last month after US short seller Hindenburg Research released a scathing report alleging "brazen stock manipulation and accounting fraud scheme" at the conglomerate.
It sparked a verbal battle between Adani and Hindenburg, with the former calling the report $4 while the short seller stood its ground on the accusations, saying "fraud is fraud."
With the conglomerate taking a massive market beating following the report, it's forced the group to cancel a $4 even after Adani Enterprises' offering was $4 with the help of institutional investors.
Meanwhile, Adani's personal fortune has tumbled after the Hindenburg report. The billionaire has lost nearly $50 billion in net worth this year so far, costing him the title as Asia's richest person. He is now worth about $72 billion, falling behind fellow Indian billionaire $4