Adani stocks drop after Hindenburg accuses firm of manipulation and fraud

Adani rocketed up the Bloomberg Billionaire's Index last year past the likes of Bill Gates and Warren Buffett

Shares in Adani Group companies fell after well-known US activist 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 Tuesday 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,