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Reuters
Newsmaker: Gautam Adani, one of India’s most powerful men, suffers a rare defeat
India’s Gautam Adani, the school dropout who rose to become one of the world’s richest men, suffered a stunning defeat on Wednesday when his flagship firm withdrew a blockbuster share sale after an attack by a small U.S. investment firm over his business practices. The move came after Adani’s companies lost nearly $86 billion in the stock market as investors bailed out on the tycoon who built a conglomerate spanning ports, coal mines, food businesses, airports and lately media. On Tuesday, the Adani group appeared to have fought back the attack by the New York-based short-seller Hindenburg and rallied investors behind the $2.5 billion share issue of flagship firm Adani Enterprises.
