Business tycoon, and also the richest man in India, Gautam Adani has lost a whopping $66 billion in just 3 days following the Hindenburg report that alleged his business operations are malicious.
Hours after Hindenburg announced that the Adani group is the biggest con job in corporate history, Adani’s stock plummeted at an alarming rate. The report read that the Adani group is using nationalism as a mask to run incorrect operations.
In 3 trading days, Adani’s companies lost over $66 billion in share value as the short selling hit an all-time high. This has resulted in a massive trimming in the net worth of the richest man in India.
Adani group reverted back with a 400+ page report on the allegations but this offered very little respite as the company continued to lose value.