Indian Adani Group shares continue to depreciate

By Gokhan Ergocun

ISTANBUL (AA) – Shares of Indian conglomerate Adani Group continue to decrease following claims of fraud last week.

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

Although Adani Group has rejected claims, its shares decreased dramatically.

Since the fraud claims on Friday, the firm's share lost over 40% in value, equals over $70 billion.

The firm's chair Gautam Adani lost position among top 10 richest people in the world after firm's losses.

According to Bloomberg on Wednesday, Switzerland-based investment banking company Credit Suisse has halted accepting bonds of Adani group as collateral for margin loans to its private banking clients.