Hindenburg Research's fraud allegations burns $108B in Adani Group

By Tuba Sahin

ANKARA (AA) - The market value of Adani Group on Friday was erased $108 billion since short seller Hindenburg Research's fraud claims in a Jan. 24 report that sparked a selloff in India's stock market.

This was one of the largest wipeouts in India's history.

Short seller firm Hindenburg has reported: "Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades."

In a 413-page response, Adani Group rejected claims, but this did not stop the dramatic decline in shares.

Gautam Adani lost his position among the world's top 10 wealthiest people as his personal wealth dove by around $57 billion since the release of a nearly 100-page report.