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    Adani Group’s Stock Market Value Falls Below $100 Billion Amid Allegations of Fraud and Mismanagement


    The Adani Group, one of India's largest conglomerates, has seen its market value of its listed companies fall below $100 billion as the conglomerate comes under scrutiny following allegations of stock manipulation and accounting fraud.

    The combined equity market value of Adani Group's 10 companies fell below $100 billion on Tuesday, as investors become increasingly concerned about the financial health of the conglomerate. This comes after the publication of a scathing report by US-based short seller Hindenburg Research, which alleged “brazen stock manipulation and accounting fraud” by the Adani Group.[0]

    Adani Total Gas, Adani Transmission and Adani Green Energy are the most affected companies, having lost over 75% of their market value since the Hindenburg report.[1] Adani Enterprises, Adani Power, Adani Wilmar and its cement units, media company NDTV and Adani Ports & SEZ have also seen a significant decrease in market value.[0]

    Gautam Adani, the founder and chairperson of the Adani Group, has also been affected. His net worth has dropped to less than $50 billion, with Forbes Real-Time Billionaire List and Bloomberg Billionaires Index placing him 25th in their respective lists of wealthiest people in the world.[2]

    At the heart of Hindenburg’s allegations is the question of whether Adani executives or family members had influence over entities that hold Adani company shares, as well as the role played by Gautam Adani’s elder brother Vinod in managing offshore entities.[0] Adani Enterprises has slumped about 60% from its close on Jan. 24, and it has room to decline another 26% before finding initial support.[3]

    KLP, the biggest pension fund in Norway, has disposed of all its shares in Adani Green Energy, the renewable energy subsidiary of the Adani Group, due to worries that its investment might inadvertently be utilized to fund some of the most polluting activities worldwide via the stake.[4]

    The Adani Group has denied Hindenburg's allegations and released a 413-page response, calling the short seller “the Madoffs of Manhattan”, a reference to Ponzi schemer Bernard Madoff.[0] However, the group's companies have collectively lost more than $136 billion in market capitalization since the report was released.[5]

    In light of Hindenburg Research's scathing criticism, Adani Enterprises stock appears to be a hazardous investment at the moment.[6]

    0. “India's Enron Moment? Adani slips to No.30, group stocks lose Rs 12 lakh crore in 1 month” The New Indian Express, 26 Feb. 2023,

    1. “Adani stock rout leaves tens of millions in Australian retirement savings exposed” The Guardian, 21 Feb. 2023,

    2. “Hindenburg impact? Gautam Adani’s net worth falls below $50 billion” The Federal, 20 Feb. 2023,

    3. “Adani Rout Has Room to Run as Charts Show 85% Call Still Valid” Yahoo! Voices, 23 Feb. 2023,

    4. “Adani credit amenities send chill in ESG markets” MENAFN.COM, 20 Feb. 2023,

    5. “Adani's market value falls below $100 billion as rout deepens still” Markets Insider, 21 Feb. 2023,

    6. “The contrarian case for the Adani Enterprises share price” InvestorsObserver, 20 Feb. 2023,

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