Adani co. Stocks fall by over 30% hitting multiple trading stops

Billionaire Gautam Adani denied Friday that his rise to become Asia’s richest man — a title he has lost in a phenomenal stock rout — was due to Prime Minister Narendra Modi, as shares in his conglomerate slumped again.

His listed units’ combined market capitalisation has collapsed by more than $100 billion since US short-seller Hindenburg Research — which makes money by betting on shares falling — released an explosive report last week.

It accused the Adani Group of accounting fraud and artificially boosted its share prices, calling it a “brazen stock manipulation and accounting fraud scheme” and “the largest con in corporate history”.

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