Adani Group, India's largest conglomerate, was accused of "reckless" stock price manipulation and accounting fraud. It continued to be bloodbathed by investors today, and its market value has evaporated by about 70 billion US dollars.

(Reuters)

[Central News Agency] Adani Group, India's largest conglomerate, was accused of "reckless" stock price manipulation and accounting fraud.

Adani Group came under fire amid a share sale expected to raise $2.5 billion, Agence France-Presse reported.

According to the information released by the company, the subscription rate for the share release scheduled to end later today was only 21% as of noon.

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According to the Forbes rich list, since the group's stock price plummeted last week, the 60-year-old founder of Adani Group, which was still the world's third richest man, has dropped to No. 8, and his personal net worth has shrunk by more than 36 billion U.S. dollars (approximately NT$1.832 billion).

Shares in Adani Total Gas were among the biggest losers today, halting trading again after plunging 10 percent in early Mumbai trading.

The gas distribution company, 37.4 percent owned by France's Total Energies, has lost 45 percent of its market value in the past week.

Adani Power and edible oil producer Adani Wilmar also triggered circuit breakers as their shares fell 5 percent each, while Adani Green Energy fell 2.58 percent.

Nevertheless, the International Holding Company (International Holding Company), headquartered in Abu Dhabi, the capital of the United Arab Emirates, announced yesterday that it will invest 400 million US dollars to subscribe for 16% of the capital increase shares of Adani Enterprises (Adani Enterprises), the flagship company of the Adani Group. Give the Adani Group a shot in the arm.

Most of the 21% subscription rate of the group's release of shares came from this.

Hindenburg Research, a U.S. short-selling agency, released an investigation report last week accusing Adani Group of "recklessly engaged in stock price manipulation and accounting fraud over the past few decades," causing its stock price to plummet.

Adani Group responded by emphasizing that it has become the target of "malicious damage" reputation attacks, and on the 29th it issued a 413-page statement to refute it.

Adani Group has called the Hindenburg study the "Madoffs of Manhattan" and stressed that the investigation's allegations "are nothing more than a lie".

Wall Street financier Bernard Madoff committed the largest Ponzi scheme in American history.

Hindenburg Research’s response to Adani’s statement pointed out that “the Adani Group, draped in the Indian flag, systematically usurped the country and continued to drag down India’s future”, and stated that Adani’s 413-page statement The section responding to the investigative report is only 30 pages long.

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