India's Adani Group shares plunge, hit by short-seller
India's Adani Group has protested allegations by short-selling firm Hindenburg Research that caused shares in its companies to plunge by as much as 8% NEW DELHI -- India’s Adani Group vehemently objected Wednesday to allegations by short-selling firm Hindenburg Research that caused shares in its companies to plunge by as much as 8.1%. Hindenburg issued a report late Tuesday saying it was betting against shares in companies within the Adani empire, founded by Asia’s richest man, coal magnate Gautam Adani. Business es in the conglomerate span industries including construction, data transmission, media, renewable energy, defense manufacturing and agriculture. Adani made a vast fortune mining coal as energy hungry India grew swiftly after its economy was liberalized in the 1990s. The market value of his companies has soared in recent years, one of the reasons Hindenburg said it judged the seven key Adani listed companies to have an “85% downside, purely on a fundamental basis owing ...