Indian billionaire Gautam Adani’s conglomerate, Adani Group, saw a sharp $2.4 billion drop in market value on Monday following fresh allegations from Hindenburg Research. The short-seller accused the head of India’s market regulator, SEBI Chair Madhabi Puri Buch, of having ties to offshore funds linked to Adani’s companies. This comes after a year-and-a-half-long battle between Adani and Hindenburg, which initially accused the conglomerate of improper use of tax havens. Despite earlier losses of over $13 billion, Adani shares slightly recovered but continued to face scrutiny.
The SEBI chair dismissed the claims as baseless, calling them an attack on her character. Adani Enterprises, despite the turmoil, is planning a $1 billion share sale in September, though market sentiment remains cautious. Political figures have weighed in, with mixed reactions from ruling and opposition parties in India.
