“In a little over a week since New York-based investor research firm Hindenburg Research accused industrialist Gautam Adani-led conglomerate of ābrazen stock manipulation and accounting fraud scheme over the course of decadesā, shares of Adani Group companies have nosedived. Adani, who until recently was the richest Indian in the world, has now slipped to 22nd spot in the Forbes Real-time billionaire list for 2023. Although shares in Adani companies recovered after sharp falls earlier in the day, the seven listed firms have still lost about half their market value ā or more than USD 100 billion combined ā since the US-based short-seller last week questioned the group over its debt levels. In this episode of the Editorial, our Managing Editor Mr SujitNair, shares his take on the matter.
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