Shares of India's Adani tumble further after short seller Hindenburg's report

As selloff gain momentum in Indian conglomerate's shares, Adani Enterprises loses more than 19% on Friday's trading

By Tuba Sahin

ANKARA (AA) – Shares of Indian conglomerate Adani Group tumbled further on Friday after a report from short seller firm Hindenburg.

This week, Hindenburg Research published a report accusing the company of fraud.

"Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades," Hindenburg Research said on Tuesday.

Adani Group rejected the claims, saying: "We are deeply disturbed by this intentional and reckless attempt by a foreign entity to mislead the investor community and the general public, undermine the goodwill and reputation of the Adani Group and its leaders, and sabotage the FPO (follow-on public offering) from Adani Enterprises."

Adani Enterprises lost more than 19% on Friday's trading, deleting more than $50 billion of the group companies' market value since Wednesday.

India's stock market was closed on Thursday.

Gautam Adani is one of the richest people in the world, with a $113 billion fortune.

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