Rich family lost $820m in Muddy Waters row

Bloomberg

It’s been a long week for the Shetty family.
The billionaire clan behind hospital operator NMC Health Plc and financial services firm Finablr Plc has seen its fortune drop by about $820 million since short-seller Carson Block issued a report criticising the medical company’s accounts and disclosing a short position.
NMC shares tumbled 32% in response to the report, which the company called “principally unfounded.” They continued sliding Thursday when a buy-back programme failed to convince investors and slumped again by 13% at 10:18 am in London after the Financial Times reported NMC held talks to raise off-balance sheet debt to fund growth. NMC said the claims are “based on false
information.”
To make matters worse, shares of Finablr are also down 19% since Block’s Muddy Waters Capital launched its attack on NMC, prompting the firm to confirm it’s on track to hit expected financial results.
Bavaguthu Raghuram Shetty, 77, founded NMC in 1975 after moving to Abu Dhabi from his native India. It’s now the United Arab Emirates’ biggest private health-care provider.