Richest Asian, Adani, targeted in $68B stock market rout

By KRUTIKA PATHI
Associated Press

NEW DELHI (AP) — Asia’s richest man, Gautam Adani, has seen his companies shed $68 billion in market value in the past week after short-selling firm Hindenburg Research accused him of “pulling the largest con in corporate history.” The report last week from U.S.-based Hindenburg attacked India’s second largest conglomerate for stock price manipulation and fraud, triggering a mass sell-off of Adani stock just as the group began a share offering to raise $2.5 billion this week. The Adani Group issued a 400-page rebuttal of Hindenburg’s report and threatened legal action. Hindenburg has said it would welcome a legal challenge that might give it access to documents related to Adani’s business dealings.