Adani Continues to Reel From Damning Short-Seller Report
For more crisp and insightful business and economic news, subscribe to The Daily Upside newsletter. It's completely free and we guarantee you'll learn something new every day.
The blast radius from Hindenburg Research's report alleging stock manipulation and money laundering at India's most powerful conglomerate is expanding beyond the empire of Asia's no-longer richest man and threatens the entire Indian economy, the world's fifth largest.
Amid an ongoing share price freefall that has erased 50% (or roughly $100 billion) of value from its network of seven publicly listed companies, the Adani Group announced Monday it is hoping to quell some of the fires by prepaying a $1.1 billion loan backed by shares in three of its other companies. But with founder Gautam Adani's close business ties with India's ruling party increasingly called into question, the firm may have much larger problems on its hands.
Source Fool.com
