What happen with Adani group in one week

 Allegation on richest man in world By Hindenburg

Gautam Adani Rose from college dropout become Asian richest man. But now he seen his empire rocked by a weak afternoon the Indian tycoon has lost his title and 10s of billionaire personal wealth in a matter of days after he was based short selling firm According to him the largest can incorporate history and it dismissed the allegation and accused the short seller Hindenburg of a calculated attack on history but they claim have triggered meltdown for his company and sent shock waves through a
market on a Thursday Adani  abounded his flagship company planned stock offering as his conglomerate losses topped $100 billion dipping concern about a potential border impact on Indian economy.

What are the accusations

Hindenburg research published a report on Jan 24 saying there any Group One of the biggest conglomerates had engaged in a brazen stock manipulation and accounting fraud scheme over a course of decade the report was published day before the planned 2.5 billion share sale by Adani enterprises. the conglomerate flagship company in addition to accounting fraud in Denver also accused the Adani group being involved in a billions of dollars worth of suspicious dealing with the chairman brother Vinod Adani and labyrinth offshore sale in title which it say the company used for stock manipulation Hindenburg has tracked a record of exposing alleged corporate Brandwein while placing the bets against our company approaches also known as short selling Hindenburg disclose that it held short position in Adani company through asset traded in the United States and non-Indian traded derivative instrument which experts said positioned to benefit for a drop in share prices report which Hindenburg said was based on interview with the former executives and research former thousands of documents raised concern about the high debt and activities how about top executive and concluded the seven of Adani company were overvalued.

What Adani said

Many business hit back as a Hindenburg creating legal action and acquiring data sabotaging the shares healthy quality of Indian stock market created by a report of great concern and has led to unwanted anguish for Indian citizen and the conglomerates said in a statement last week another 413 page response as a two day later Danny dismissed the Hindenburg acquisition as a business according to the short seller and they made of Manhattan this is not merely an unwarranted attack on any specific company but at a calculated attack on India the independence integrity the quality of Indian institution and the growth story and ambition of India Adani statement said

How much loss to Adani group in week

In the last six trading days ever since the whistle blower report was released last Wednesday and the market capitalization of all 10 Adani group company has so far lost 43% which translate into a loss of rupees 8.3 lakh crores or around $100 billion market capitalization of Adani stock had reduced 19.2 lakh covered before this short seller attack to rupees 10.89 crore in this morning who was at a point of second richest person in the world last year is now the 16th slot in a list of world top billionaire post data showed the 60 year old college dropout wealth is estimated to be an around $69 billion now during the day the group of flagship entity adorning riser ended up 26.5% lower at the rupees of 1564.7 on BSE before hitting a 52 week low Adani transmission tumbled 10% to 1557.25 rupees Adani green energy also lost 13% to end at  1038 Rupees of Adani port considered the group cash now India 6.1% lower at rupees 4 462 before hitting a fresh 52 week low rupees 423 on the other hand  Adani power and Adani Wilmar were locked 5% lower circuit limit despite all the trouble Adani has maintained that the fundamentals of companies are strong.

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