Hitting Multiple Trading Stops…
Mumbai: On Friday, 03 February 2023, Gautam Adani denied that his rise to become Asia's richest man, a title lost in a phenomenal stock rout, was due to PM Modi, as shares in his conglomerate slumped again.
His listed units’ combined market capital has collapsed by more than $100 billion since Hindenburg Research makes money by betting on shares falling, according to an explosive report released last week.
It accused the Adani Group of fraud related to accounts and artificially boosted its share prices, calling it a "brazen stock manipulation and accounting fraud scheme" and "the largest con in corporate history".
The group has fended off allegations that Mr. Adani's close relationship with PM Modi, who is also from Gujarat state, has helped him win business and avoid proper oversight.
"These allegations are baseless," Mr. Adani told India Today channel on Friday, adding that their shared origins made him an "easy target" for such claims.
"The fact of the matter is that my professional success is not because of any single leader," he said.
His comments came as shares in his flagship firm Adani Enterprises were repeatedly suspended on the Bombay Stock Exchange, striking multiple trading stops on the way to falling by 35 per cent.
Adani Power, Adani Green Energy, Adani Total Gas in which French giant Energies has a 37.4 per cent stake and Adani Transmission were also suspended.
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