India’s richest man who’s the owner of Adani’s business group suffered another setback again as their shares continue to fall following accusations of a US short-seller.
Following the criticism meted out against the Adani conglomerate, the company lost a total of $70 billion within three days as investors continue to push back.
Despite attempts to condemn the allegations by the Hindenburg Research group, the Adani Flagship Enterprises fell by 2.5 percent, reversing their 10 percent gain to a minimal level.
Other business of Gautam Adani which includes Adani Transmission, Adani Total Gas, Adani Green Energy, Adani Power, Adani Wilmer, and Adani Ports and Special Economic Zone all fell between 4.2 to 20 percent on Monday.
The Adani stock trading had also dropped to the lower end of the offer price band, while data indicated that, the Adani group had received only 1.5 percent of the 45.5 million shares on sales.
It has also been reported that, no specific bids from foreign and domestic institutional investors, as well as mutual funds, with the report of the Hindenburg research as the major hindrance.
Out of its large expanse of business, Adani Total Gas suffered the most, losing $21 billion.