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Asia’s richest man battles fraud allegations

Adani Group company shares fall after activist US fund releases damning investigation report

Indian billionaire Gautam Adani addresses delegates at the Bengal Global Business Summit in Kolkata in April last year. (Photo: Reuters)

Shares in Adani Group companies fell on Wednesday after a US fund said it was shorting the Indian conglomerate’s stocks and accused companies owned by Asia’s richest man of “brazen” market manipulation and accounting fraud.

Billionaire Gautam Adani’s flagship Adani Enterprises Ltd fell 3.7% and Adani Ports and Special Economic Zone Ltd dropped 7.3% despite relatively small free-floats after Hindenburg Research, a US-based firm that specialises in activist…

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