Indian billionaire Gautam Adani's conglomerate Adani Group faced another heavy selloff after short-seller Hindenburg Research accused the head of India's market regulator SEBI of having links to offshore funds also used by Adani Group. By the end of trading on Monday, over $2 billion had been wiped off the market value of Adani companies. Earlier losses went up to over $13 billion but recovered later. Hindenburg's new report cited whistleblower documents claiming SEBI chair Madhabi Puri Buch has a conflict of interest due to previous investments linked to Adani.
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00:00It's Benzinga, and here's what's on the block.
00:03Indian billionaire Guatemadani's conglomerate Adani Group faced another heavy sell-off after
00:07short-seller Hindenburg Research accused the head of India's market regulator, SEBI,
00:12of having links to offshore funds also used by Adani Group.
00:16By the end of trading on Monday, over $2 billion had been wiped off the market value of Adani
00:21Companies.
00:22Earlier losses went up to over $13 billion, but recovered later.
00:27Hindenburg's new report cited whistleblower documents claiming SEBI Chair Madhavi Puri
00:31Bhuk has a conflict of interest due to previous investments linked to Adani.
00:35For all things money, visit Benzinga.com.