The Adani Group, a conglomerate of Indian companies founded by Gautam Adani, has recently come under scrutiny following a report by US-based investor research firm Hindenburg Research
The 103-page report accuses Adani Group companies of "stock manipulation" and "accounting fraud" as well as improper use of offshore tax havens
Adani Group's shares took a hit after Hindenburg Research published a report alleging financial irregularities within the company
The Adani Group responded to the report with a 413-page response, in which it called out Hindenburg Research as an "unethical short seller.
Adani Group, saw its shares drop by 40% in two days after a report from Hindenburg Research alleged the company of making false statements and insider trading.
Gautam Adani, the founder of the group, lost $50 Billon of wealth in 2 days & saw his ranking drop from the 2nd richest person in the world to 7th Number.
Due to report,a sell-off in Indian equities markets, with all 10 listed Adani Group stocks experiencing a consecutive-day rout. The Nifty50 and Sensex benchmarks.
The Adani Group has denied these allegations and stated that it is considering legal action in response against Hindenburg
The situation raised concerns for small investors. It is to be seen how the situation will unfold and what the ultimate outcome will be for the Adani Group and its shareholders.