Hindenburg ambush! How a 106-page report dragged Gautam Adani’s wealth below $100 billion
NEW DELHI: Just as when billionaire Gautam Adani was busy selling fresh shares worth Rs 20,000 crore of his empire’s flagship company Adani Enterprises
NSE -18.52 %, in an FPO, he was left ambushed by a 106-page-long report by American whistle-blower and short-seller Hindenburg Research. Alleging accounting fraud, stock manipulation and other corporate governance issues, the report left a meteoric impact on both Adani’s personal wealth as well as those of shareholders.
In the last two trading days, Thursday being a market holiday, the 60-year-old Ahmedabad-based college dropout has been left poorer by around $29 billion, pushing him to the seventh slot in the elite list of world’s richest billionaires.
