Firm managed by Asia’s richest individual loses $51 billion in worth in a single week

The Adani Group, managed by Asia’s richest individual, Gautam Adani, misplaced greater than $51 billion in worth this week after a brief vendor accused the corporate of partaking in a “brazen inventory manipulation and accounting fraud scheme.”

The corporate’s shares started plummeting on Tuesday following the discharge of the report from Hindenburg Analysis and it had misplaced greater than $51 billion in market worth as of Friday, in line with Bloomberg Information.

Jugeshinder Singh, the chief monetary officer of the Adani Group, dismissed the report on Wednesday as a “malicious mixture of selective misinformation and off, baseless and discredited allegations which were examined and rejected by India’s highest courts.”

The top of Adani’s authorized staff, Jatin Jalundhwala, added in a press release on Thursday that the corporate is contemplating “remedial and punitive motion” in opposition to Hindenburg Analysis.

Hindenburg responded, claiming that the Adani Group has not addressed “a single substantive difficulty” raised within the report and inspired the corporate to file swimsuit within the U.S.

“We totally stand by our report and imagine any authorized motion taken in opposition to us could be meritless,” it mentioned in a press release.

Adani was the seventh richest individual on this planet as of Friday, with a web value of $92.7 billion, in line with Bloomberg’s Billionaire Index. Earlier within the week, he was ranked third on the checklist.

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