Shares of Asia’s richest man Gautam Adani’s business empire plunged, leading to losses of $48bn after a US investment firm claimed it had committed “brazen” corporate fraud.Seven listed companies of the Adani conglomerate lost a combined $48bn in market capitalisation after Hindenburg Research flagged concerns in a January 24 report about debt levels and the use of tax havens.Adani who was the world’s third-richest person at the start of the week is now ranked number seven on Forbes’ billionaires tracker after a $22.6bn hit to his fortune in Friday’s trade.
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