Adani

SHARES of India's Adani Enterprises sank 20 per cent on Friday (Jan 27) as a scathing report by a US short seller triggered a rout in the conglomerate's ...

Abu Dhabi-based International Holding Co., which has invested almost $2 billion in companies owned by billionaire Gautam Adani, said its business decisions ...

“Our business decisions are purely based on an analysis of objective facts,” said Ahmad Ibrahim, a spokesman for IHC, in a statement to Bloomberg. That’s “aided by the use of business intelligence and our analytics tools, which help us to achieve the maximum benefits for our shareholders under the corporate governance regulation.” [invested](https://www.bloomberg.com/news/articles/2022-04-08/abu-dhabi-s-ihc-invests-2-billion-in-three-gautam-adani-firms) almost $2 billion in companies owned by billionaire Gautam Adani, said its business decisions are based on facts after a scathing report on the Indian tycoon’s business empire by US short seller Hindenburg Research.

Adani, formerly the world's second richest person, lost nearly a fifth of his personal fortune on Friday but is still Asia's richest.

[disclosed](https://www.forbes.com/sites/siladityaray/2023/01/25/adani-group-shares-slide-after-hindenburg-alleges-largest-con-in-corporate-history/?sh=48f6e8ed3564) a short position against the group’s companies. In a lengthy report, Hindenburg [lobbed](https://hindenburgresearch.com/adani/) a litany of blistering accusations at the Adani Group, alleging a decades-long fraud scheme, “brazen accounting fraud, stock manipulation and money laundering” and “the largest con in corporate history.” The group has strenuously denied the allegations, dismissed the report as the work of a foreign investment firm trying to sabotage one of India’s biggest companies and [says](https://www.forbes.com/sites/siladityaray/2023/01/26/adani-group-evaluating-legal-action-against-hindenburg-after-listed-shares-take-major-hit/?sh=1ac547413741) it is weighing legal action against the activist investor group. [estimated net worth](https://www.forbes.com/profile/gautam-adani-1/?sh=77c78eaa5b0e), according to Forbes’ real time tracker. He chairs the Adani Group, which has interests including ports, airports, real estate, energy—Adani has [vowed](https://qz.com/adani-plans-100-billion-push-into-green-energy-1849595013) to invest heavily in green energy—and cement. The regulator is studying Hindenburg’s report to inform its own preliminary investigation, Reuters EST on Thursday—meaning Adani is no longer one of the five richest people in the world. [Who Is Gautam Adani, The Indian Billionaire That Short Seller Hindenburg Says Is Running A ‘Corporate Con’?](https://www.forbes.com/sites/forbeswealthteam/2023/01/26/who-is-gautam-adani-the-indian-billionaire-that-short-seller-hindenburg-says-is-running-a-corporate-con/?sh=3f75385bd535) (Forbes) [Adani Group Weighs Legal Action Against Hindenburg After Listed Shares Take Major Hit](https://www.forbes.com/sites/siladityaray/2023/01/26/adani-group-evaluating-legal-action-against-hindenburg-after-listed-shares-take-major-hit/?sh=1ac547413741) (Forbes) Nonplussed, Hindenburg has [dared](https://www.theguardian.com/business/2023/jan/27/hindenburg-research-dares-adani-group-to-sue) Adani to sue and dismissed the group’s accusations as “baseless.” short seller Hindenburg Research on his corporate empire. [overtook](https://www.forbes.com/sites/jonathanponciano/2023/01/25/jeff-bezos-surpasses-billionaire-gautam-adani-as-worlds-third-richest-person-after-short-sellers-scathing-report/?sh=13d7fc5f60f8) as the world’s third-richest person on Wednesday, is now the world’s seventh-richest person, Forbes [estimates](https://www.forbes.com/real-time-billionaires/#47979c573d78), his personal fortune now eclipsed by tech magnate [Larry Ellison](https://www.forbes.com/profile/larry-ellison/?list=rtb/&sh=1d8bb7e524c2) ($112.8 billion), investing guru [Warren Buffett](https://www.forbes.com/profile/warren-buffett/?list=rtb/&sh=2fabb8594639) ($107.8 billion) and Microsoft cofounder [Bill Gates](https://www.forbes.com/profile/bill-gates/?list=rtb/&sh=6d2bc08a689f) ($104.1 billion). [Mukesh Ambani](https://www.forbes.com/profile/mukesh-ambani/), who Forbes estimates is worth $83.3 billion—and remains the only person in the world’s top 10 richest people to be based outside of Europe or North America. [Indian billionaire Gautam Adani](https://www.forbes.com/profile/gautam-adani-1/?sh=77c78eaa5b0e) fell out of the world’s top five richest people on Friday as he fights allegations of fraud and Adani Group shares plummet following a damning report by U.S.

The heavy selling of Adani-linked shares, which wiped out billions of dollars worth of market value for India's second-largest conglomerate, caused trading in ...

It said Adani had not answered any of the questions. Hindenburg said it judged the seven key Adani listed companies to have an “85% downside, purely on a fundamental basis owing to sky-high valuations.” The bloodletting resumed in earnest on Friday, with shares in the flagship company Adani Enterprises falling 18.3%. Adani Green and Adani Total Gas also fell 20%. He surpassed Amazon boss Jeff Bezos to briefly become the world’s second richest man in September after a surge in the value of his seven listed entities. Adani Ports and Special Economic Zone Ltd. It is a highly leveraged company. “Then the banking system gets affected. Shares in Adani Transmission plunged 20% on Friday after sinking 8.1% on Wednesday. After this week's losses, Bloomberg's index ranked him fourth richest in the world with a fortune worth $113 billion. Businesses in the conglomerate span industries including construction, data transmission, media, renewable energy, defense manufacturing and agriculture. But analysts said there could be wider repercussions if the selling persists.