Shares in Adani Group companies lost $12 billion in market value after US investor Hindenburg Research said it shorted the conglomerate’s shares, accusing firms owned by Asia’s richest man of “brutal” market manipulation and accounting fraud.
Bonds and stocks of Adani-related entities slumped after Hindenburg, an investment research firm that specializes in short-selling, made extensive allegations of alleged corporate malpractice following a two-year investigation into the tycoon’s businesses.
