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Stocks

February 4, 2023 🕓 3 min

How to lose $60 billion in 5 days – the story of Gautam Adani

This has been one of the worst weeks in history for Adani Group, plunging 50% in just 5 days. Hindenburg, on the other hand, gains massively.

Adani Enterprises Ltd (ADANIENT), led by Gautam Adani, had a brutal week. This 30-years-old company has been facing massive selloffs due to fraud allegations from a short-selling firm Hindenburg Research.

Down 50% in 5 days

adani stock

Adani Enterprises 5-day stock chart, source: Google

Since Hindenburg accused Adani of fraud, the stock has been in a free fall. As of now, some losses have been recovered with the stock down approximately 48% in five days. However, it managed to fall to almost 1,000 Indian rupees (INR) at the beginning of the market open on Friday.

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Rene Remsik

I got into financial markets by accident in 2012 and started with Forex trading. Later in 2017, I started investing in stocks in cryptocurrencies and began writing articles profess...

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