Asia’s richest man Gautham Adani‘s enterprises have seen a sharp decline over the last three days. As per the trade estimates, the stock prices of Adani’s enterprises fell at an alarming rate and this caused Adani to lose almost $66 billion in just three days. Hindenburg’s report is the main reason for it which alleged that Adani’s business operations are malicious.
The US-based research firm stated that Adani Group had links with offshore tax havens and the report shows that the stock prices of Adani enterprises were inflated.
Counterattacking the reports, the Adani group released a 413-page statement that alleged the Hindenburg’s report was an attack on the nation. However, Hindenburg not only rejected the Adani group’s statement but also reacted, “fraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation we raised.”
With the allegations on Adani, the stock prices saw a steep fall and in just 3 trading days, the group had lost $66 Bn.
