Adani Faces One of Worst Billionaire Wipeouts With Empire Under Siege

Gautam Adani had appeared to weather the biggest broadside yet to his sprawling empire, heading into a holiday in India as the world’s fourth-richest person and dismissing a short-seller report as “stale” and “baseless.”

Then Indian markets reopened Friday and it quickly became apparent that Hindenburg Research, a tiny New York firm, had pierced the defenses of the mighty Adani Group, a corporate giant half a world away.