NEW DELHI ¨C India¡¯s Adani Group issued a detailed riposte on Sunday to a Hindenburg Research report that sparked a $48 billion rout in its stocks, saying it complies with all local laws and had made the necessary regulatory disclosures.
The conglomerate led by Asia¡¯s richest man, the Indian billionaire Gautam Adani, said last week¡¯s Hindenburg report was intended to enable the U.S.-based short seller to book gains, without citing evidence.
For 60-year-old Adani, the stock market meltdown has been a dramatic setback for a school dropout who rose swiftly in recent years to become the world¡¯s third richest man, before slipping last week to rank seventh on the Forbes rich list.
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