Adani Group companies » saw a significant drop in market value on Monday, losing up to $19 billion following fresh claims from Hindenburg Research » . The short-selling firm, based in New York, alleged that the Indian market regulator investigating the Adani Group had ties to offshore funds also linked to the conglomerate. This new controversy added fuel to ongoing scrutiny of the Adani Group’s business practices.
In the morning session of trading, Adani Enterprises, the flagship company of the group, saw a 2% drop, with other companies within the group experiencing declines ranging from 2% to 4.5%. Notably, Adani Enterprises and Adani Ports were among the biggest losers on India’s Nifty 50 index » . After the initial losses, the total market value of Adani companies dropped by $9 billion. Read More »
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