Some Adani companies are suspended as heavy selling of Adani-linked shares continues to wipe billions of dollars' worth of market value.
abc.net.au/news/adani-group-fraud-accusation-stocks/101902692Shares in India's Adani Group have plunged up to 20 per cent as the company considers legal action over allegations of stock market manipulation and accounting fraud.Investors began selling Adani shares after a Hindenburg Research report alleged market manipulationSome Adani companies have been suspended amid the sellingled investors to dump Adani's stocks.
So far, the impact of the accusations has been mainly to Adani Group companies, though India's Sensex index fell 1.5 per cent on Friday and its Nifty index shed 1.6 per cent.Gautam Adani and his family have built a vast fortune mining coal to fuel energy-hungry India's fast-growing economy. After this week's losses, Bloomberg's index ranked him fourth richest in the world with a fortune worth $US113 billion .
Hindenburg said it judged the seven key Adani-listed companies to have an "85 per cent downside, purely on a fundamental basis owing to sky-high valuations".
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Adani short sale puts investor trust in India in doubtMore than anything else, it is this threat of darkness creeping up on India’s markets that should worry investors in the Hindenburg-Adani saga.
Read more »
Adani’s Queensland coalmine cited in US investor’s claims of ‘biggest con in corporate history’Scathing allegations, which company rejects as ‘baseless’, will hamper access to Wall Street but surging coal price will ease burden, experts say
Read more »
Adani Group firms lose $9bn in value amid short-seller claimsHindenburg Research says world’s third-richest person, Gautam Adani, is pulling ‘largest con in corporate history’
Read more »
Afternoon Update: US investor dares Adani to sue over report; NBL pride jersey controversy; and a February events guideUS activist investor who accused Adani of ‘biggest con in corporate history’ dares Indian group to sue
Read more »
US activist investor who accused Adani of ‘biggest con in corporate history’ dares Indian group to sueHindenburg Research accusations denied by Adani as ‘baseless’ while activist investor claims legal action will reveal accounting fraud
Read more »
Presiding over citizenship ceremony a ‘great honour’ and a ‘privilege’: AlbanesePrime Minister Anthony Albanese says it was a “great honour” and “privilege” to preside over the citizenship ceremony this morning. “Since 1788 we have become a country of migrants – people who have come from all around the world to make Australia their home and pledging today to share in Australia’s belief system and the democratic values we share,” Mr Albanese said after the citizenship ceremony. “Today is a great day and it’s been a great privilege to be here as Prime Minister. “It was a great honour for me to preside over the ceremony this morning.”
Read more »