Adani losses top $100 billion in wake of Hindenburg Research report

India's Adani conglomerate deepened marketplace losses to transcend $100 cardinal connected Thursday, which person snowballed since a short-seller's scathing study triggered marketplace turmoil and led the institution to locomotion backmost its nationalist stock sale.

Losses crossed Gautam Adani's main businesses deed $107 cardinal by 10 a.m. London clip connected Thursday since the Jan. 24 work of an extended captious report from New York's Hindenburg Research, which has disclosed a abbreviated presumption successful Adani Group companies.

Market worth nonaccomplishment for Adani companies

Alleging a two-year investigation, the study charged the conglomerate with engaging successful a "brazen banal manipulation and accounting fraud strategy implicit the people of decades."

The Adani firmly denied the accusations arsenic "nothing but a lie" from the "Madoffs of Manhattan" successful a 413-page riposte that failed to soothe skittish capitalist sentiment and rein successful a accelerated sell-off.

"It is tremendously concerning that the statements of an entity sitting thousands of miles away, with nary credibility oregon morals has caused superior and unprecedented adverse interaction connected our investors," the Adani effect said, describing Hindenburg arsenic an "unethical abbreviated seller."

"Hindenburg has not published this study for immoderate altruistic reasons but purely retired of selfish motives and successful flagrant breach of applicable securities and overseas speech laws," it said.

Hindenburg on Jan. 29 retorted that the Adani commentary "predictably tried to pb the absorption distant from substantive issues and alternatively stoked a nationalist narrative, claiming our study amounted to a 'calculated onslaught connected India'."

Forbes downgraded Gautam Adani from its Top 10 database of the richest men successful the world.

The swift stock diminution of Adani Group companies has sparked concerns implicit broader systemic hazard to Indian markets. India's cardinal slope has asked section banks for the details of their vulnerability to the Adani conglomerate, Reuters reported Thursday, citing authorities and banking sources.

"Unprecedented" marketplace conditions and crisp fluctuations successful the regular banal terms pushed Adani Enterprises to ax its $2.5 cardinal follow-on nationalist offering (FPO) connected Wednesday.

"The involvement of the investors is paramount and hence to insulate them from immoderate imaginable fiscal losses, the Board has decided not to spell up with the FPO," Adani said successful a statement.  

The FPO merchantability had achieved a afloat subscription.

—CNBC's Ganesh Rao contributed to this article.