Adani Group sheds $50 billion in market value as the world's richest Asian weathers accusations of 'stock manipulation'

• Adani Group – owned by Asia's richest man – has lost over $50 billion in market value in less than two days, per Bloomberg.
• The plunge follows a Hindenburg Research report this week accusing the Indian conglomerate of market manipulation.
• Shares in Adani Enterprises tumbled more than 19% Friday as the rout intensifies.

India's Adani Group has seen more than $50 billion in market value evaporate in less than two days as the world's richest Asian weathers accusations of market manipulation, according to Bloomberg .

The Indian energy-to-infrastructure conglomerate – spearheaded by Gautam Adani – came under fire this week after New York-based shortseller Hindenburg Research alleged in a report that the Adani Group "has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades."

Shares in Adani Enterprises tumbled more than 19% on Friday, while those in Adani Green Energy and Adani Total Gas plunged by their daily lower limt of 20%, per Bloomberg. At the time of writing, Adani Enterprises' stock was down about 15% to 2,848 rupees ($34.93).

Adani, who is the world's richest Asian and the fourth richest person, has seen sharp declines in his fortune following the Hindenburg report, given most of his wealth is derived from the shareholdings in his companies. His wealth crashed by $5.5 billion in a day, after ending 2022 on a high note with a $121 billion fortune.

Still, Adani's wealth overtakes that of business moguls like Bill Gates and Warren Buffet, according to Bloomberg's Billionaire's Index .

Adani Group has shot back at the hindeburg report since its publication, calling it "maliciously mischievous" and "unresearched." It's looking at potentially launching legal action against Hindenburg Research over the allegations.

It's also issued a 18-page presentation titled " Myths of Short Seller, " in order to address some of the Hindeburg Research allegations levelled against the company.

Meanwhile, Billionaire investor Bill Ackman voiced his support for Hindenburg Research's report, saying on Twitter Thursday that "I found the Hindenburg report highly credible and extremely well researched. "