An independent panel set up by India’s Supreme Court is investigating the fraud allegations against billionaire Gautam Adani’s conglomerate Adani Group. Shares of companies linked to the Adani Group have sharply fallen since U.S. short seller Hindenburg Research published a scathing report in late January into Adani’s business empire. Their combined market value has dropped by $137 billion so far.
On Thursday, the Supreme Court set up a five-member panel to look into Hindenburg’s allegations, which Adani has since denied. Gautam Adani, whose net worth has tumbled to $39 billion from over $100 billion since the report came out, tweeted that he welcomed the move by the court. “Truth will prevail,” he said.
Shares in flagship firm Adani Enterprises
increased over 2% on Thursday and Adani Green Energy
and Adani Power’s
stock rose 5%. The panel will report back its findings in two months.