Investors have again rushed into the conglomerate controlled by Gautam Adani after a panel signaled that the investigation into the company’s finances was getting nowhere.
The Adani Group, a conglomerate that builds and operates ports, power lines and food factories across India, began the year nearly on top of the world — having increased in value tenfold over the previous two years. Its founder and chief executive, Gautam Adani, was ranked the second-richest man on Earth last summer, just behind Elon Musk.
Then it crashed even more quickly than it had shot up. Hindenburg Research, a boutique investment firm, issued a report on Jan. 24 claiming the company had inflated its stock through financial gimmickry. That firm had bet that Adani’s shares would tank, and down they went: By the end of February, the Adani Group’s 10 publicly traded stocks had lost two-thirds of their value, a hit of nearly $150 billion.
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