Adani Group CFO says stocks rout similar to colonial-era massacre

NEW DELHI (Reuters) – India’s Adani Group has said a U.S. short-seller’s report on the business house was a “calculated attack” on the country and its institutions while a senior executive has compared a rout of its stocks with a colonial-era massacre.

Adani’s seven listed companies have lost about $65 billion in total since Hindenburg Research on Jan. 24 raised concerns about the coal-to-ports group’s high debt levels and the use of offshore entities in tax havens, charges the group has denied. Founder Gautam Adani has dropped from being the world’s third-richest person to the eighth.