India’s Adani denies rise due to Modi as shares slump again
2 months ago
MUMBAI – Beleaguered Indian tycoon Gautam Adani denied today that his rise to become Asia’s richest man – a title he has lost in a phenomenal stock rout – was due to Prime Minister Narendra Modi, as shares in his conglomerate slumped again.
His listed units’ combined market capitalisation has collapsed by more than US$100 billion (RM426 billion) since US short-seller Hindenburg Research – which makes money by betting on shares falling – released an explosive report last week.
It accused Adani of accounting fraud and artificially boosted its share prices, calling it a “brazen stock manipulation and accounting fraud scheme” and “the largest con in corporate history”.
Read the full story
It's better on the Lumi News app
✅ It’s fast
✅ It’s easy to use
✅ It’s free
Why read with Lumi?
Staying informed is hard work. Use the Lumi News app to get the latest news from publishers you like, in a beautiful app. Save time and find delight in news-reading again.