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.
MoSPI proposes to remove closed factories from IIP sample, aiming for truer picture of India’s industrial health in upcoming 2022–23 base series. Plan open to public feedback until 25 November.
Bihar is blessed with a land more fertile for revolutions than any in India. Why has it fallen so far behind then? Constant obsession with politics is at the root of its destruction.
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