MARKETS

Selloff in Adani Group Stocks Wipes Out $47 Billion in Market Value

Hedge-fund manager Bill Ackman expresses support for short seller Hindenburg’s report

By Weilun Soon and Shan Li
https://twitter.com/soonweilun
weilun.soon@wsj.com
https://twitter.com/ByShanLi
shan.li@wsj.com
Jan. 27, 2023 8:03 am ET

Shares of several companies linked to India’s richest man, Gautam Adani, fell sharply Friday, losing tens of billions of dollars in market value after a U.S. short seller’s allegations of fraud at his sprawling conglomerate continued to unnerve investors.

Five of the seven listed Adani Group companies ended the day 16% to 20% lower, and the other two fell by the maximum 5% permitted by India’s exchanges for their stocks. The market’s benchmark Nifty 50 index, which includes two Adani companies, fell to a three-month low.

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