Adani rout hits $71 billion as fight with Hindenburg intensifies
Billionaire Gautam Adani's 413-page attempt to restore confidence in his business empire is falling flat with investors, as stock-market losses deepen and key dollar bonds fall to fresh lows.
Shares of most Adani Group firms slumped on Monday despite the Indian conglomerate's lengthy weekend rebuttal to allegations of fraud by short seller Hindenburg Research. The three-day selloff has now erased about $71 billion market value amid a share sale by Adani's flagship that was meant to underline the tycoon's ascension on the global stage.
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