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Indias Adani Group, run by Asias richest man, has hit back at a report from U.S.-based short-seller Hindenburg Research, calling it malicious, baseless and full of selective misinformation. Shares in the conglomerate have suffered massive losses since Hindenburg issued its report alleging fraud and other malfeasance.

Some Adani companies are suspended as heavy selling of Adani-linked shares continues to wipe billions of dollars' worth of market value.

Shares in India’s Adani Group have plunged up to 20% and the company said it was considering legal action against U.S.-based short-selling firm Hindenburg Research for allegations of stock market manipulation and accounting fraud that led investors to dump its stocks

Shares in India’s Adani Group have plunged up to 20% and the company said it was considering legal action against U.S.-based short-selling firm Hindenburg Research for allegations of stock market

India’s Adani Group has launched a share offering for retail investors and says it is considering legal action against U.S.-based short-selling firm Hindenburg Research for allegations of stock market manipulation and accounting fraud that caused heavy selling of its stocks this week

Shares in Indias Adani Group plunged up to 20 per cent on Friday and the company said it was considering legal action against U.S.-based short-selling firm Hindenburg Research for allegations of stock market manipulation and accounting fraud that have led investors to dump its stocks.

A U.S. short-selling firm published a damning report airing concerns about the group’s debt levels, activities of its top executives, use of offshore shell companies, and past investigations into fraud.

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