$2.4 billion wiped off Adani shares after Hindenburg allegations against regulator
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 12 2024
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Source: Reuters
Adani Group Faces Share Selloff: Following allegations from Hindenburg Research regarding links between India's market regulator and offshore funds used by Adani, the conglomerate experienced a significant drop in market value, losing $2.43 billion on Monday after earlier losses exceeded $13 billion.
Regulatory and Political Reactions: The chair of the Securities and Exchange Board of India (SEBI) dismissed the accusations as baseless, while political figures expressed concerns over the integrity of SEBI amidst ongoing investigations and allegations against the Adani Group.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
