Adani dismisses Hindenburg allegations as maliciously mischievous attack

Adani dismissed the allegations in the Hindenburg report as a maliciously mischievous reputational attack and issued a 413-sided statement stating that Adani had failed to answer most of the questions raised in the report.

The founder of the group has seen his fortune plummet sharply, dumping him from third to 17th on the Forbes rich list.

Adani Enterprises shares have gone up more than 1,000 percent over the past five years, with his operations expanding at breakneck speed.

Finance Minister Nirmala Sitharaman said on Friday that Indian markets were well regulated and that the controversy would not affect investor confidence.

Adani has cancelled a US $2.5 billion stock sale that was meant to help reduce debt levels, restore confidence and broaden its shareholder base earlier this week.

According to Bloomberg News, big banks including Credit Suisse and Citigroup stopped accepting Adani bonds as collateral for loans to private clients, leading to concerns about how the conglomerate will raise fresh funds.