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Adani Enterprises Stocks Fall By Over 20%, Hitting Multiple Trading Stops
Billionaire Gautam Adani denied Friday that his rise to become Asia's richest man -- a title he has lost in a phenomenal stock rout -- was due to Prime Minister Narendra Modi, as shares in his conglomerate slumped again.
His listed units' combined market capitalisation has collapsed by more than $100 billion since US short-seller Hindenburg Research -- which makes money by betting on shares falling -- released an explosive report last week.
It accused the Adani Group of accounting fraud and artificially boosted its share prices, calling it a "brazen stock manipulation and accounting fraud scheme" and "the largest con in corporate history". Source - NDTV
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