Adani vs. Hindenburg: How Asia’s richest man lost his crown in just a few days
Publishing timestamp: 2023-02-01 19:21:01
Summary
Adani companies have been selling off due to a short-selling firm's report accusing them of stock manipulation and accounting fraud. Adani Enterprises withdrew its $2.5 billion follow-on public offering despite it being fully subscribed, citing "the unprecedented situation and current market volatility." Indian billionaire Gautam Adani has seen more than $34 billion wiped off his net worth in one week, and the Securities and Exchange Board of India is looking into the allegations. Economists have shrugged off any long-term spillover effects, but investors are advised to stay out of trouble.
Sentiment: NEGATIVE
Tickers: ADANIPORTS-IN, ADANIGREEN-IN, ATGL-IN, RELIANCE-IN, ADANITRANS-IN, ADANIENT-IN,
Keywords: markets, reliance industries ltd, adani total gas ltd, world markets, adani green energy ltd, business news, adani port and special economic zone ltd,