Yet another blow has come to Gautam Adani, one of the world's richest men and the founder of Adani Group.

The latest set of accusations by activist short-seller Hindenburg Research this week led to a heavy share sell-off at Adani's group of companies, wiping off around $2.4 billion in their total market value, according to Reuters. However, the losses are nothing compared to last year.

This comes after Hindenburg Research, based out of New York, accused the head of India's capital markets regulator of links to an offshore fund structure also used by the Adani Group.

Hindenburg, whose business model is based on betting against a company's stock price, has a history of accusing Adani Group of misconduct.

It's not the first time it has tanked Adani Group's market value. In 2023, after Hindenburg Research first made accusations against Adani Group in January, its stock value shaved off some $150 billion.

In a report titled 'How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History,' Hindenburg accused the group of extensive misuse of tax havens and running stock manipulation and fraud 'over decades.'

This resulted in probes into the group's vast multibillion-dollar empire by the Supreme Court of India in conjunction with the Securities and Exchange Board of India.

Citing whistleblower documents, Hindenburg said that the head of SEBI, Madhabi Puri Buch, had a conflict of interest in investigating Adani. She and her husband held stakes in offshore entities used to artificially inflate the shares of companies owned by the Adani Group, Hindenburg claimed.

A statement by the couple said they 'strongly deny the baseless allegations and insinuations made in the report.'

The regulator also published a separate statement saying it had probed allegations made by Hindenburg Research against the Adani Group, Reuters reported.

The Adani Group denied all the accusations, adding a note to its website which described the report as 'malicious, mischievous and manipulative selections of publicly available information.'

It had further accused Hindenburg of coming to 'pre-determined conclusions for personal profiteering with wanton disregard for facts and the law.'

Adani's wealth surged in 2022, making him the third richest person in the world at the start of 2023; now he slipped to 22nd place in the Bloomberg Billionaires Index after allegations by Hindenburg Research.

According to the Index, his net worth is $104 billion, making him the 12th wealthiest man in the world at the moment and the next individual after the richest man in Asia, Mukesh Ambani.

The latest allegations come at a hard time for Adani as his company is trying to expand internationally. Last week, Business Insider reported that Karan Adani, Gautam Adani's son, wants to loosen China's grip on seaports and transform India into a significant trading hub.

Yet another blow has come to Gautam Adani, one of the world's richest men and the founder of Adani Group. The latest set of accusations by activist short-seller Hindenburg Research this week led to a heavy share sell-off at Adani's group of companies, wiping off around $2.

Yet another blow has come to Gautam Adani, one of the world's richest men and the founder of Adani Group. The latest set of accusations by activist short-seller Hindenburg Research this week led to a heavy share sell-off at Adani's group of companies, wiping off around $2.4 billion in their total market value, according to Reuters. However, the losses are nothing compared to last year. This comes after Hindenburg Research, based out of New York, accused the head of India's capital markets regulator of links to an offshore fund structure also used by the Adani Group. Hindenburg, whose business model is based on betting against a company's stock price, has a history of accusing Adani Group of misconduct. It's not the first time it has tanked Adani Group's market value. In 2023, after Hindenburg Research first made accusations against Adani Group in January, its stock value shaved off some $150 billion. In a report titled 'How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History,' Hindenburg accused the group of extensive misuse of tax havens and running stock manipulation and fraud 'over decades.' This resulted in probes into the group's vast multibillion-dollar empire by the Supreme Court of India in conjunction with the Securities and Exchange Board of India. Citing whistleblower documents, Hindenburg said that the head of SEBI, Madhabi Puri Buch, had a conflict of interest in investigating Adani. She and her husband held stakes in offshore entities used to artificially inflate the shares of companies owned by the Adani Group, Hindenburg claimed. A statement by the couple said they 'strongly deny the baseless allegations and insinuations made in the report.' The regulator also published a separate statement saying it had probed allegations made by Hindenburg Research against the Adani Group, Reuters reported. The Adani Group denied all the accusations, adding a note to its website which described the report as 'malicious, mischievous and manipulative selections of publicly available information.' It had further accused Hindenburg of coming to 'pre-determined conclusions for personal profiteering with wanton disregard for facts and the law.' Adani's wealth surged in 2022, making him the third richest person in the world at the start of 2023; now he slipped to 22nd place in the Bloomberg Billionaires Index after allegations by Hindenburg Research. According to the Index, his net worth is $104 billion, making him the 12th wealthiest man in the world at the moment and the next individual after the richest man in Asia, Mukesh Ambani. The latest allegations come at a hard time for Adani as his company is trying to expand internationally. Last week, Business Insider reported that Karan Adani, Gautam Adani's son, wants to loosen China's grip on seaports and transform India into a significant trading hub.

Adani empire in the spotlight as Hindenburg strikes with fresh allegations

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Adani empire in the spotlight as Hindenburg strikes with fresh allegations

Gravitas Global Headlines | Turkiye-Syria quake death toll rises | Trouble mounts for Adani empire