Hindenburg’s report said two of Elara’s other investment funds had invested almost exclusively in various Adani shares and raised allegations that they were a front for Adani himself.
Adani Group companies experienced a decline of up to 4 percent Monday, with Adani Wilmar being the biggest loser, dropping by 4.1 percent to close at Rs 369.35.
Hindenburg's allegations 'baseless' & 'devoid of any truth', say SEBI chairperson Madhabi Puri Buch and her husband. Congress calls for joint parliamentary committee to investigate issue.
Shares of Adani Group companies are still down around $100 billion after the short-seller's report alleged improper use of tax havens and concerns over its debt levels.
This was in response to tweet by Congress's Jairam Ramesh who said ministry & SEBI's statements were 'misleading Parliament'. SEBI has said it hasn't probed any Adani company since 2016.
Congress believes Adani issue can lead to more such charges, that its campaign will split the corporate world & draw a section towards Congress, and will help them woo small traders.
India needs broader base of 'national champions'. There is no wiggle room for investing more public money without fiscal maths going wrong, so some projects may have to be re-visited.
In 24 January report, Hindenburg Research said stocks of Adani Group’s 7 listed companies 'are 85% overvalued'. At least 3 of these have since seen their stock price fall by almost that amount.
Around 7,000 truck owners and drivers in Himachal Pradesh are protesting against Adani's 15 December decision to shut 2 cement plants over a dispute on freight rates.
From Mohun Bagan and East Bengal to Mohammedan Sporting, footbclubs once shaped identity, pride and belonging across Bengal’s social fabric. Now, the political field has taken over.
American objectives are unmet. They neither have muscle nor motivation to resume the war. As for Iran, the regime didn’t just survive, it’s now led by more radical individuals.
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