Why Did Adani Loose $6 Billion in a Day ?

Adani Group companies in together has lost $6 Billion in today’s stock market crash based on certain reports published by US media. Gautam Adani the richest man in Asia has seen his wealth reduced by 10% at the closing of the trading window. All these happened based on the report of US-based Hindenburg Research specializes in forensic accounting and is known for its critical reports on EVs.

In a report, the firm raised red flags over accounting and corporate governance issues. “For example, Adani Enterprises NSE -1.54 % has had 5 chief financial officers over the course of 8 years, a key red flag indicating potential accounting issues,” it said.

Adani group has shown the strong resistance to the report and shared the statement by their group CFO,

He said the timing of the report’s publication clearly betrays a brazen, mala fide intention to undermine the Adani Group’s reputation with the principal objective of damaging the upcoming FPO from Adani Enterprises, the biggest FPO ever in India.

The shares all the Adani Group companies were in red in today’s stock market crash:

What is Hindenburg Research?
Founded by Nate Anderson, the US-based Hindenburg Research specializes in forensic accounting and is known for its critical reports on EVs. Previous targets included e-truck company Nikola, Clover Health and Lordstown Motors.

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This is also strange that despite the meteoric rise in Adani Group shares over the last few years, most of the counters hardly find any analyst coverage or the positive reviews about the company.