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.