India’s Adani Group has denounced Hindenburg’s allegations as “baseless” and “malicious,” and it is considering legal action. But the sharp sell-off in shares, which began Wednesday, accelerated Friday after US hedge fund billionaire Bill Ackman said he found the short seller’s report credible. Friday’s losses wiped out almost $39 billion in market value. Adani Enterprises is aiming to raise 200 billion rupees ($2.5 billion) by issuing new shares this month. The 60-year old tycoon founded the Adani group over 30 years ago.

Source: CNN January 27, 2023 23:59 UTC