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.
‘Mother kept pouring water in our eyes whenever the burning became unbearable. She pushed our bodies deep into the blanket, making sure not a single part was exposed,’ my father said.
December oil imports from Russia may drop nearly 50%, but Indian buyers already shifting to non-designated Russian entities and opaque trading channels to keep Russian oil flowing.
The helicopters produced by Lockheed Martin are known as ‘submarine hunters’. India ordered 24 of these aircraft in 2020 to replace the Sea King helicopters. 15 have been delivered till date.
The India-South Africa series-defining fact is the catastrophic decline of Indian red ball cricket where a visiting team can mock us with the 'grovel' word.
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