Adani Group had the opportunity to disprove and discredit the report. The fact that they failed to only reaffirms the veracity of Hindenburg’s findings.
Trigger could be news that Credit Suisse won't accept Adani bonds as collateral for loans. Gautam Adani says not ‘morally correct’ to continue with FPO amid stock price volatility.
The share sale is critical for Adani because its success will be seen as a mark of investor confidence as he faces one of his biggest business and reputational challenges.
The billionaire has had a rough week following a 24 January report by US short-seller Hindenburg Research that pointed out financial impropriety in the company.
LIC says it has invested Rs 364.7 billion in Adani companies. It owns a 4.23% stake in the flagship as of end-December, as per Bombay Stock Exchange data.
Adani Group calls Hindenburg allegations baseless, unethical, and in violation of law while the firm says Adani obfuscating truth, avoiding real issues of fraud.
Commenting on Adani Group's response Sunday to its report, Hindenburg said the conglomerate was holding back India, a vibrant democracy & emerging superpower, through a 'systematic loot.
The conglomerate stated it made the necessary regulatory disclosures & said the Hindenburg report intended to enable the US-based short seller to book gains, without citing evidence.
Adani's response comes amid a $2.5 billion share sale by its flagship company, which has been overshadowed by the report that flagged concerns about the conglomerate's high debt levels.
With his cameo in Bads of Bollywood, Emraan Hashmi, who has long shifted away from his signature bold image, got the chance to revive his boyhood charm.
SEBI probe concluded that purported loans and fund transfers were paid back in full and did not amount to deceptive market practices or unreported related party transactions.
There were no plans to have Mk1A version. However, compromise was reached between HAL & IAF in 2015 since original plan for getting Mk2 would've been time-consuming affair.
Many really smart people now share the position that playing cricket with Pakistan is politically, strategically and morally wrong. It is just a poor appreciation of competitive sport.
COMMENTS