Share debacle a rare setback for Indian tycoon Adani

By KRUTIKA PATHI
Associated Press

NEW DELHI (AP) — India’s Gautam Adani was Asia’s richest man when the U.S. short-selling firm Hindenburg Research put out a report last week alleging his businesses have engaged in fraud and stock price manipulation. He isn’t now. The allegations spooked investors, who dumped tens of billions of dollars worth of shares, leading Adani to call off a $2.5 billion share offering in his flagship company, Adani Enterprises. It’s a huge setback for a man who started out trading diamonds and then joined his brother in importing plastics as he founded a business empire with holdings across many industries. The Adani Group said Thursday it’s reviewing its fundraising plans. Adani said that investors’ interests were “paramount.”