Market capitalization of Adani Group shares declined by ₹46,000 crore after Hindenburg was accused of fraud

For two years the forensic financial research firm was investigating it.

According to the report, Adani Group founder and chairman Gautam Adani has a net worth of around $120 billion, of which he has increased by over $100 billion in the last three years, mainly as a result of the rise in the group’s share prices. The seven most important publicly traded companies that grew an average of 819 percent during that time.

The research interviewed many people, including former senior executives of the Adani Group, examined thousands of documents, and conducted due diligence site visits in nearly a dozen different countries.

Forensic Financial Research Company said, “Even if you ignore the findings of our investigation and take Adani Group’s financials at face value, its seven core listed companies are down 85% on a purely fundamental basis. ” its report.

Major listed Adani companies have also taken significant debt, notably by pledging shares of their enlarged stock as collateral for the loans, putting the group’s overall financial position at risk.

The Adani Group has reportedly been the subject of four significant government fraud investigations, estimated to have cost a total of US$17 billion and involving allegations of money laundering, evasion of tax dollars and corruption.

“Members of the Adani family allegedly collaborated in creating offshore shell entities in tax-haven jurisdictions such as Mauritius, the United Arab Emirates and the Caribbean islands, in an apparent attempt to generate fake or illegal businesses and siphon off money from listed companies forged import/export documents,” Hindenburg Research said in its report.

shares of Adani Total Gas, Adani Enterprises, Adani Transmission, Adani Green Energy, Adani Ports and Special Economic Zone, Adani PowerAnd Adani Wilmar Were trading with a fall of 1-4 per cent in Wednesday’s trade.

Reacting to the news, seven Adani Group stocks declined 46,086 crore in market cap on Wednesday.

adani total gas lost 12,366 crore on Wednesday, followed by losses for Adani Ports 8,342 crore and Adani Transmission, which lost 8,039 crores.