or Gautam Adani, 60, chairman of the Ahmedabad-based Adani Group, the nightmare is far from over. Shares of the group companies were hit massively following accusations of market manipulation and money-laundering by US-based investment research firm Hindenburg Research. The episode also sent Indian bourses crashing. The Sensex and the Nifty fell 874.16 points and 287.60 points, respectively, on January 27—the biggest fall in the indices in four months. The markets, however, regained their composure on January 30, after the Adani Group issued a 417-page rebuttal to the Hindenburg report. But the damage was done. In just three trading sessions, 29 per cent of the Adani Group’s market capitalisation, or about Rs 5.6 lakh crore, was wiped out.
