Adani Enterprises downturn escalates amid Hindenburg fraud allegations
Yahoo Finance Live anchors discuss the fallout from Hindenburg Research's fraud allegations against Adani.
BRIAN SOZZI: Shares of Adani Group companies are continuing to face backlash after a report from Hindenburg research accused the company of an accounting fraud scheme. The short-seller is doubling-down on its take, despite Adani's 413-page response disputing the claim. And I just exchanged a text this morning with the Hindenburg folks. Nathan Andersen and his team does really--
--really top work here and I would quantify his work on Adani as very much fitting in that. Adani noting to him, they called him the "Madoff of Manhattan." And the bottom of Hindenburg's research report says this. Quote, "Adani seems unaware that Madoff lived in Manhattan so he was quite literally his own Madoff of Manhattan." But, again, the words are-- the words are starting to get hot and heated here. And as you would expect, I mean, what, the now-- the third richest man in the world, his wealth is going up in smoke.
JULIE HYMAN: Yeah, I mean, we now have seen more than $60 billion in value wiped off of his various companies here that are under this umbrella. One of the other things that Adani came back with in that more than 400-page report was sort of saying, painting this as an attack on India. And then in Hindenburg's response they called out sort of trying to fan nationalist fervor in that response. It doesn't seem to be working.
BRAD SMITH: Yeah, according to the Bloomberg Billionaires Index, $30 billion of his own net worth roughly also lost over this period of time.