Shares of Indian group Adani fall amid financial scandal

Shares of Indian group Adani fall amid financial scandal

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Shares of India’s largest conglomerate tumbled, losing 15% of their value on average, leading to a suspension of trading. This fall comes after accusations of fraud and stock market manipulation in an investigation carried out by an American investment company.

With our correspondent in New Delhi, Sebastien Farcis

It’s a hecatomb on the Bombay Stock Exchange with the entire Adani group collapsing: the port companies, energy companies and even the recently purchased cement companies. The company Adani Total Gas, 37% owned by the French TotalEnergies, is the worst affected and loses 20% of its value.

The group of Gautam Adani, the richest man in Asia, lost a total of more than 38 billion euros on the stock market in just two sessions, according to the daily Indian Expressand this since the publication on January 24 of the survey ofHindenburg Research, which demonstrates how the multinational would have used front companies based in tax havens to finance itself in dubious ways and inflate its stock market values. Adani, who denies these facts, describes this report as “ malicious “, and plans to file a complaint.

Hindenburg Research says it looks forward to such lawsuits in the United States, because not only is it sure of the facts contained in its 100-page report, but above all, such a lawsuit would allow it, it says, to have access to more documents to prove his point.

Read also : India: Explosive report on government-backed conglomerate Adani rocks the country


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