The group’s founder Gautam Adani dropped to fourth on Forbes' list of the world’s richest people, as the conglomerate’s listed companies continue to be hit by a selloff.
Indian conglomerate Adani Group on Thursday said it is mulling legal action against Hindenburg Research, as its listed companies were hit by a market selloff Wednesday after the U.S.-based activist investment firm
against the group’s companies and accused the firm’s founders of engaging in stock manipulation and fraud.... [+]Copyright 2019 The Associated Press. All rights reservedIn an emailed statement, Adani Group Legal Head Jatin Jalundhwala said the company was “evaluating the relevant provisions” under both U.S. and Indian laws for “remedial and punitive action against Hindenburg Research.
Labeling Hindenburg as a “foreign entity,” the statement accuses the investment firm of trying to mislead the public and sabotage its flagship firm Adani Enterprises’ follow-on public offering, set for Friday. All seven of the group’s listed companies carrying the Adani moniker and recent acquisitions NDTV, Ambuja Cement and ACC ended Wednesday in the red.Forbes Valuation
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