Adani Stocks Drop After Hindenburg Says ‘Brazen’ Fraud (Correct)

Shares in Adani Group companies fell after US investor Hindenburg Research LLC said it was shorting the empire’s stocks and accused firms owned by Asia’s richest man of “brazen” market manipulation and accounting fraud.

Billionaire Gautam Adani’s flagship firm Adani Enterprises Ltd. and Adani Ports and Special Economic Zone Ltd. dropped as much as 2.5% and 5% respectively on Wednesday after Hindenburg, an US-based investment research firm that specializes in activist short-selling, made wide-ranging allegations of corporate malpractice following a two-year investigation into the tycoon’s companies. Cement makers ACC Ltd. and Ambuja Cements Ltd., acquired by Adani recently, ...