Gautam Adani's empire hit by fresh allegations against India's market regulator

Adani Group companies experienced a significant drop in market value on Monday after accusations were made by Hindenburg Research. The Indian market regulator is investigating the group’s alleged links to offshore funds also used by Adani. Adani Enterprises, the flagship firm of billionaire Gautam Adani, fell 2% in morning trade, while other companies within the group experienced losses between 2% and 4.5%. Adani Enterprises and Adani Ports were among the biggest losers on India’s Nifty 50 index. The total losses in Adani companies narrowed to $9 billion after the initial plunge. Adani has previously denied all allegations and an investigation by the Securities and Exchange Board of India (SEBI) is ongoing. The latest allegations against SEBI Chair Madhabi Puri Buch have caused concern among retail investors and gained political attention. India’s opposition leader Rahul Gandhi criticized the integrity of SEBI in light of the allegations. India’s economic affairs secretary dismissed the matter, stating that the regulator and the concerned person have addressed the allegations.