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US Research group accuses Gautam Adani of stock manipulation; Adani group prepares to sue

According to the Bloomberg Billionaire Index, the shocking report caused Gautam Adani, the richest man in India, to lose US$5.5 billion in a single day.

Gauta Adani stocks fall in India on fraud, stock manipulation claims (Image: Twitter/@niayayakkural)

The Adani Group announced on Jan 26, 2023, that it is considering taking legal action against Hindenburg Research for a report from January 23, 2023, that accused the Indian conglomerate of "brazen stock manipulation and accounting fraud scheme."

Jatin Jalundhwala, legal head Adani Group, said, "The maliciously mischievous, unresearched report published by Hindenburg Research on 24 Jan 2023 has adversely affected the Adani Group, our shareholders and investors."

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