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Adani Crisis: How a Short Seller Wiped Out Billions in Wealth From One of India’s Richest Men

Shares of companies linked to Indian billionaire Gautam Adani plunged after short seller Hindenburg Research published a scathing report accusing his company of wide-ranging fraud. WSJ’s Ben Foldy explains what to know. Illustration: Ryan Trefes

Gautam Adani, an Indian businessman, is one of the richest people in the world. His wealth took a big hit when shares of companies owned by his flagship Adani Group fell dramatically following the publication of a report by a U.S. short seller in late January. Here is what you need to know about the Adani saga.

The Adani Group is big–and politically connected

There are seven India-listed companies bearing the Adani name, including firms in power transmission, green energy and port operation. Adani Group also owns cement producers, airport operators, coal miners and a digital marketing company.

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