Adani Group companies have lost $65B in market value since a U.S. firm released a damning report last week.
Investment research firm Hindenburg on Tuesday alleged that companies in India's Adani Group have engaged in money laundering, corruption, and taxpayer theft.
- As well as publishing the report, Hindenburg used various financial instruments to take a short position on Adani's companies.
- Subsequently, shares in seven listed Adani companies fell, and the firms' valuations lost $65B.
- Adani published a rebuttal to Hindenburg's accusations on Sunday but its companies fell between 5% and 20% on Monday.
- Hindenburg published its report soon before Adani Enterprises began a major share sale intended to broaden its investor base.
- The
sale opened for retail and institutional investors on Friday but
attracted only 1% subscriptions as Adani Enterprises' stock value fell 11% below the minimum price offered at the share sale.
