Adani Rout Hits $68 Billion as Fight With Hindenburg Intensifies
- Most Adani stocks declined again on Monday, flagship gained
- The conglomerate’s dollar bonds also extended a plunge
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Billionaire Gautam Adani’s 413-page attempt to restore confidence in his business empire is falling flat with investors, as stock-market losses deepen and key dollar bonds sink to fresh lows.
Shares of most Adani firms slumped on Monday despite the group’s lengthy weekend rebuttal to allegations from Hindenburg Research that the Indian conglomerate used a web of companies in tax havens to inflate revenue and stock prices even as debt piled up. The three-day selloff has now erased more than $68 billion of market value amid a share sale by Adani’s flagship that was meant to underline the tycoon’s ascension on the global stage.