The GuardianThe Guardian

Why has the Adani Group shed US$90bn in value and what do short sellers have to gain?

By Jonathan Barrett

02 Feb 2023 · 5 min read

Editor's Note

It's been one of the most stunning stories in finance in recent memory. The Guardian explains how a short-seller is undermining an Indian conglomerate and one of the world’s richest men.

The sprawling empire of Gautam Adani, an Indian industrialist and one of the world’s richest men, seemed unstoppable until the US investor Hindenburg Research accused his company of “pulling the largest con in corporate history”.

As soon as markets opened in Asia after the report was published, spooked investors offloaded their positions in the seven main listed Adani companies. Within days, the Adani Group companies had shed more than US$100bn (£81bn) in value, representing almost half the market value of its stocks.

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