Shares of Indian group Adani fall amid financial scandal

Shares of the Indian conglomerate of Asia's richest man Gautam Adani fell nearly 20% on Friday, January 27, 2023. REUTERS - RUPAK DE CHOWDHURI

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1 min

Shares of India's largest conglomerate tumbled, losing 15% of their value on average, leading to a suspension of trading.

This fall comes after accusations of fraud and stock market manipulation in an investigation carried out by an American investment company.

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With our correspondent in New Delhi

, 

It's a hecatomb on the Bombay Stock Exchange with the entire Adani group collapsing: the port companies, energy companies and even the recently purchased cement companies.

The company Adani Total Gas, 37% owned by the French TotalEnergies, is the worst affected and loses 20% of its value.

The group of Gautam Adani, the richest man in Asia, has lost a total of more than 38 billion euros on the stock market in just two sessions, according to the daily

, and this since the publication on January 24 of the investigation by

, which demonstrates how the multinational would have used front companies based in tax havens to finance itself in a dubious way and inflate its stock market values.

Adani, who denies these facts, describes this report as "

", and plans to file a complaint.

Hindenburg Research says it looks forward to such lawsuits in the United States, because not only is it sure of the facts contained in its 100-page report, but above all, such a lawsuit would allow it, it says, to have access to more documents to prove his point.

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