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Adani Group firms lose $9bn in value amid short-seller claims

Adani Group firms lose $9bn in value amid short-seller claims

Hindenburg Research says world’s third-richest person, Gautam Adani, is pulling ‘largest con in corporate history’

More than $9bn (£7.3bn) was wiped off the fortune of companies partly owned by the world’s third-richest person, after an activist investor accused him of “pulling the largest con in corporate history”.

Shares in listed companies tied to Adani’s empire Adani Group lost $9.4bn in market value on Wednesday after short seller investment firm Hindenburg Research published a detailed investigation into accusations of “brazen stock manipulation”, “accounting fraud” and “money laundering.”

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Date: Jan. 25, 2023 11:40 AM ET
Link: Read more at The Guardian
Source: The Guardian - theguardian.com
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  • Adani Group Firms Lose $9bn
  • Amid Short
  • Seller Claims
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