India’s Adani Group shares plunge, hit by short-seller

NEW DELHI (AP) — India’s Adani Group has protested allegations by short-selling firm Hindenburg Research that caused shares in its companies to plunge by as much as 8%. Hindenburg issued a report late Tuesday saying it was betting against shares in companies within the Adani empire. Asia’s richest man, coal magnate Gautam Adani, made a vast fortune betting on coal as energy hungry India grew swiftly after its economy was liberalized in the 1990s. Adani businesses span industries including construction, data transmission, media, renewable energy, defense manufacturing and agriculture. The Adani Group’s chief financial officer issued a statement expressing shock over Hindenburg’s report, which he called a “malicious combination of misinformation and stale, baseless and discredited allegations.”