NEW DELHI — Shares of the Adani Group, the Indian energy and infrastructure conglomerate headed by one of the world’s richest men, Gautam Adani, plummeted Friday after a U.S. research firm published extensive allegations of fraud that rocked business circles in the world’s fifth largest economy.
The firm said it believed Adani companies were heavily indebted and trading at more than 80 percent higher valuations than their fair value and announced it had taken a short position, meaning it was betting that Adani shares would fall.The Adani Group has denied the allegations and said it was considering legal action against Hindenburg.
Hindenburg had timed its report to sabotage Adani’s secondary share offering this week, Singh, the CFO, said in a video released by the company, which showed him speaking into a camera whileThe group’s apparent proximity to the Indian government has long been seen in Indian business circles as one of its advantages over competitors — but also a point of criticism.
While detractors argue Adani’s success in becoming a leading supplier of coal-fired power, shipping, food and renewable energy was largely owed to his proximity to Prime Minister Narendra Modi, his admirers argue that he has built crucial infrastructure that supports India’s growth, delivered employment for millions of people and carried out investments that have aligned neatly with the government’s policy goals.
“A system is broken when corporate behemoths like Adani Group seem able run an intricate fraud in broad daylight and when ordinary citizens are terrified to speak out against those who use their power and wealth to suppress criticism,” it said. “We hope this report marks the beginning of a change.”
The buck doesn’t stop here - there are many others like him still operating.
He’s a villain 🦹♀️ and financier of right wing hindutva extremist BJP/RSS government of butcher of Gujarat MODI.
Adani is nothing but a college dropout thief from the land of thieves , hand in hand with nazi Modi
The louder they shouted about their character and nobility the faster we counted our silverware!!! Always check for independent media when sudden billionaires emerge from developing countries.... Confucius say!
Coal mine in Australia should be dead in the water! Good!
Fraud and corruption are to India what pasta and tomato sauce are to Italy.
Please help me! My name is Lin donglong, an employee of China telecom fuzhou branch. Company manager huang fei (communist party of China) organized the leadership of the gang of evil forces brutal persecution: surveillance location, insult,abuse, framed to take nude photos of me
Hindenburg: best hedge-fund name, ever.
Nooooooooo, who would have thought?
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