India’s market regulator is looking into the explosive allegations against Adani Group made by US short seller Hindenburg Research, which accused the conglomerate of “the largest con in corporate history.” The claims, published in late January, set off a crash in the company’s market value and robbed its owner Gautam Adani of his title as Asia’s richest man, as a 400-page rebuttal by the conglomerate failed to reassure investors.
Adani Group did not respond to a CNN request for comment on the inquiry on Tuesday. But on Monday, a spokesperson provided a statement in response to a report by Bloomberg that said the company had halved its revenue growth target for the next financial year and planned to hold off on fresh capital expenditure. The balance sheet of each of its independent portfolio companies is “very healthy” and “our business plan is fully funded,” the spokesperson told CNN.
Don't overlook Indian PM Modi's role in all this stench
Market regulator of India? Good. Come and stay in India 'gujariye kuch din hamare saath'.
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Indian regulator
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