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Why is Gautam Adani’s Indian empire in turmoil?

Why is Gautam Adani’s Indian empire in turmoil?

MUMBAI: The business empire of Gautam Adani (pix) is in mayhem, losing more than $100 billion in value and sending the Indian tycoon tumbling down the global rich list after allegations of major accounting fraud.- Who is Gautam Adani? -Adani, 60, is a publicity-shy school dropout of humble origins who rose to become fabulously rich.Moving to Mumbai in his teens to work sorting diamonds, he formed his own import-export business. His big break came in 1995 when he acquired a shipping port just as India’s economy was opening up.Today, Adani Group has interests in everything from power generation and Australian coal mines to cement, media, food and Israeli ports. Its seven main listed units had a combined market value in January of around $220 billion.The meteoric rise in the share prices of Adani’s units -- the flagship Adani Enterprises rose more than 1,000 percent in five years -- has helped make Adani fabulously wealthy and fund further expansion.Until last week, Adani had amassed a fo

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