– Adani Wipeout Hits $68 Billion; Despite Turmoil, UAE Sees Investment Opportunity:
Adani Group published a 413-page rebuttal on Sunday, condemning Hindenburg Research’s 100-page short report last week. Hindenburg responded overnight, indicating the rebuttal only answered 62 of 88 questions and sidestepped key questions. Adani’s rebuttal wasn’t enough to calm investors as most stocks and bonds tied to the Indian group plummeted for the third session. However, bucking the bear trend, Abu Dhabi’s royal family is bullish on Adani.
Since Hindenburg accused Adani Group of “pulling the largest con in corporate history,” having “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades,” a three-day selloff has wiped out more than $68 billion of market capitalization from Adani Group companies.
Billionaire Gautam Adani has lost $20 billion in personal wealth. His ranking on the Bloomberg Billionaire Index had shifted down to number seven from number four before Hindenburg published the short report last Wednesday.
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