India's richest man continues to become less rich by the day as he confronts allegations of fraud related to his business empire. Gautam Adani's Adani Group issued a 413-page rebuttal to the accusations raised by the US firm Hindenburg Research. The latter accused Adani, one of the richest men in the world, of perpetrating what it called the "largest con in corporate history." Its two-year investigation accused the industrial conglomerate of systemic fraud, including the use of overseas shell companies, to artificially inflate its value and make Adani and his family rich. Adani's rebuttal refutes all that as a "lie", further accusing the US company of a "calculated attack on India."
However, the rebuttal hasn't helped end the group's stock misery. Six of the seven companies under the Adani umbrella continued their plummet—two fell another 20%—on India's domestic stock market Monday, on top of similar losses through last week, reports the Wall Street Journal. Total losses in market value now exceed more than $60 billion in a week. Hindenburg, a short seller that has placed bets on Adani's stock tanking, again stood by its report and flipped around the accusation about who's harming India. "India's future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation," it says in a statement. (More India stories.)
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