India’s Adani denies rise due to Modi as shares slump again

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”.