Tag: Adani

  • Adani Group Faces Scrutiny Over Alleged Violations: Bagheer Report

    Adani Group Faces Scrutiny Over Alleged Violations: Bagheer Report

    India’s Adani Social event is under remarkable assessment following the appearance of a damning report by normal watchman canine Bagheer, which charges a movement of encroachment by the mix. The report, followed through on Tuesday, faults the association for various regular and regulatory breaks in various regions.

    The Bagheer report, named “Adani Get-together: A More basic Look,” dives into the errands of the Adani Social event, one of India’s greatest business mixes with interests crossing establishment, energy, ports, and cultivation.

    Normal concerns have turned into the staggering concentrate recently, with creating regard for the necessity for acceptable key methodologies. Bagheer’s report includes a couple of areas of worry with respect to Adani Social event’s errands.

    According to the report, Adani Social event’s coal mining errands have purportedly achieved serious normal degradation and encroachment of natural rules. Bagheer alludes to events of unapproved deforestation, water tainting, and lacking recuperation of affected networks in districts where Adani works coal mining tunnels.

    “These cases are significantly disrupting, and we treat them in a serious way,” said Rajesh Adani, the Leader of Adani Get-together, considering the report. “We are centered around regular commitment and will organize totally with any assessment to address these concerns.”

    The Bagheer report in like manner explores the association’s harmless to the ecosystem power projects. While Adani Get-together has made huge interests in harmless to the ecosystem power, the report recommends that a part of its daylight based and wind projects have stood up to hardships associated with land obtainment, removing neighborhood organizations, and a shortfall of straightforwardness in project improvement.

    Despite regular issues, Bagheer’s report raises issues about Adani Social affair’s dealings in the agribusiness region. It faults the total for participating in practices that could hurt little farmers and upset close by agricultural economies.

    Adani Get-together has formed into a gigantic player in India’s system and composed factors region, with a huge presence in ports and transportation. The Bagheer report requires a closer evaluation of the environmental impact of these undertakings, including stresses over ocean front crumbling and logical harm to sea life natural frameworks.

    The appearance of this report has touched off calls from regular activists and normal society bundles for a serious assessment concerning the charges. “The disclosures of the Bagheer report feature the sincere prerequisite for authoritative experts to analyze Adani Social event’s exercises across various regions,” said environmental dissenter Maya Sharma.

    The Indian government has not yet commented on the report’s charges or whether it means to investigate Adani Social affair’s errands. In any case, with creating regular concerns and extended assessment of corporate practices, the total could face more significant managerial oversight sooner rather than later.

    Adani Social occasion, which has a basic presence in India and generally, has habitually stood up to conflicts and battles associated with its undertakings. The appearance of the Bagheer report is most likely going to add to the nonstop conversation including the blend’s essential arrangements and biological impact.

    Until additional notification, everybody is centered around how Adani Social occasion and authoritative experts will answer the charges outlined in the Bagheer report.

  • In run-up to Karnataka polls, Rahul minces no words to target BJP over Adani issue

    In run-up to Karnataka polls, Rahul minces no words to target BJP over Adani issue

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    Bengaluru: The campaigning for the May 10 Karnataka Assembly polls that ended on Monday has witnessed former Congress chief Rahul Gandhi not mincing any words to target the BJP government at the Centre over the Adani issue, besides raising the “issues of corruption under the Basavaraj Bommai-led BJP government” in the poll-bound state.

    The issue around Adani Group gained momentum earlier this year in January when US-based short seller Hindenburg alleged stock manipulation and fraud by the conglomerate.

    The Adani Group has attacked Hindenburg as “an unethical short seller” and stated that the report by the New York-based entity was “nothing but a lie”.

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    Rahul Gandhi, who kicked off his campaign trail from Karnataka’s Kolar on April 16, first raised the issue of the Adani Group in his public meeting.

    Rahul Gandhi was disqualified from Lok Sabha for his Modi surname remarks he made in Kolar in April 2019 during the Lok Sabha elections campaigning.

    He was disqualified as a Lok Sabha MP on March 23 this year following his conviction in a defamation case by a Surat court.

    Rahul Gandhi raised issues around the Adani Group during his public meetings in Kolar, Humnabad, Vijaypura, Hanjal, Anekal and Mangaluru, besides other issues.

    In his speech, Rahul Gandhi said: “They (BJP) do not want me to talk in Parliament. They are afraid that I will raise questions on Adani. They disqualified me from Parliament thinking that I would remain silent and I would be scared. I am not scared. I will again ask the Prime Minister.”

    He had said: “Till I get answers, I will not stop. Disqualify me or put me in jail. It will not affect me.”

    “In Parliament, I questioned the Prime Minister about his relationship with Adani. First, they switched off my mike and later BJP ministers told lies about me. When I sought to respond as per the right of a member, the Speaker did not allow me. They do not want me to speak in Parliament and hence disqualified me,” Rahul Gandhi had said in his speech in Kolar.

    Rahul Gandhi, who addressed 23 public meetings and road shows in poll-bound Karnataka, also highlighted the alleged corruption rampant under the ruling BJP government in the state.

    In his every public meeting in the state, he targeted the BJP government over the alleged ’40 per cent commission’ issue.

    While addressing a public meeting in Karnataka’s Anekal on May 7, Rahul Gandhi targeted the BJP and said: “For the last three years, there is a BJP government in Karnataka and the Prime Minister (Narendra Modi) is aware of corruption here. You only call it a ‘double engine government’. This time, the double engine is stolen.”

    “PM Modi, please tell the people of Karnataka, which engine got how much out of 40 per cent commission,” he asked the Prime Minister while addressing a public meeting in Anekal on May 7.

    He said that the contractors’ association in Karnataka wrote to the Prime Minister that 40 per cent commission was charged from them but Modi did not reply.

    The Congress in Karnataka had designed its campaigning highlighting the corruption in the state government and also launched the PayCM campaign in the run-up to assembly polls.

    Rahul Gandhi also highlighted the four promises, which are declared as guarantees for the people of Karnataka, which include — Gruha Jyothi (200 units of free electricity), Gruha Lakshmi-Rs 2,000 monthly to every woman head of the family, Anna Bhagya-10 kg of food grains of their choice (among rice, ragi, jowar, millet) to every person in a BPL family.

    Rahul Gandhi also announced to provide free travel to all women in regular Karnataka State Road Transport Corporation and Bengaluru Metropolitan Transport Corporation buses.

    Even his sister and party general secretary Priyanka Gandhi Vadra too held 26 public meetings and road shows in the state, while Congress president Mallikarjun Kharge addressed 36 public meetings and four press conferences in the poll-bound state.

    Kharge, who also hails from Karnataka, has camped in the poll-bound state since April 16 to ensure the victory of the party.

    Karnataka Congress in-charge and party general secretary Randeep Singh Surjewala had also been camping in the state for last two and half months and had succeeded in keeping the Congress flock together.

    Even former Congress president Sonia Gandhi addressed a public meeting in Hubballi on May 6, her first electoral public meeting after a gap of four years.

    Polling for the 224-member Assembly is scheduled on May 10 and counting of votes will take place on May 13.

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    ( With inputs from www.siasat.com )

  • Adani shares need big rally to reach pre-Hindenburg levels

    Adani shares need big rally to reach pre-Hindenburg levels

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    The Adani Group, one of India’s leading conglomerates, has been in the news for a while now, thanks to the Hindenburg Research report that was released on January 24, 2023. The report levels allegations against the group causing a massive dip in the stock prices of the Adani Group companies.

    However, the shares recovered significantly after the initial dip, but they still require a huge rally to revisit their pre-Hindenburg levels.

    Nifty 50 index recovered

    The recovery in the broader market was much quicker, with the Nifty 50 index crossing the January 24 level of Rs. 18118.30. However, two of its constituents from the Adani Group, namely Adani Enterprises Limited and Adani Ports & Special Economic Zone Ltd, are yet to recover fully. The shares of these companies are still trading below their pre-Hindenburg levels.

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    As of May 4, 2023, the share prices of Adani Enterprises Limited and Adani Ports & Special Economic Zone Ltd were Rs. 1911.25 and Rs. 679.75, respectively. While this is a significant recovery, the shares still fall short of their pre-Hindenburg levels of Rs. 3442 and Rs. 761.20, respectively.

    List of Adani shares, their pre-Hindenburg and current levels

    The recovery of Adani shares has been fast as the group has taken several steps to address the concerns raised in the Hindenburg Research report.

    Here’s a list of Adani shares and their pre-Hindenburg and current levels:

    Adani Group companiesPre-Hindenburg levels (Share prices on January 24)Share prices on May 4
    Adani EnterprisesRs 3442Rs 1911.25
    Adani Ports & SEZRs 761.20Rs 679.75
    Adani Green EnergyRs 1916.80Rs 945.55
    Adani PowerRs 274.65Rs 238.15
    Adani TransmissionRs 2762.15Rs 1011.55
    Adani Total GasRs 3891.75Rs 930.20
    Adani WilmarRs 572.65Rs 399
    Ambuja CementsRs 498.95Rs 388.30
    ACCRs 2335.7Rs 1766.30
    NDTVRs 284Rs 183.35

    Though, the Adani Group shares have recovered significantly, but they still require a massive rally to reach their pre-Hindenburg levels. It remains to be seen how the Adani Group will continue to perform in the coming months.

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    ( With inputs from www.siasat.com )

  • Auditor named in Hindenburg report resigns from Adani company

    Auditor named in Hindenburg report resigns from Adani company

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    New Delhi: A small Ahmedabad-based chartered accountancy firm, whose appointment was questioned by a US short seller in its scathing report against the conglomerate run by billionaire Gautam Adani, has resigned due to “pre-occupation”, Adani Total Gas Ltd said.

    Hindenburg Research in its January 24 report that levelled allegations of fraud, stock manipulation and money laundering against the Adani group, had also raised the issue of the size and capability of the firms auditing the conglomerate.

    Adani group has repeatedly denied all allegations.

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    Hindenburg stated that the independent auditor for the group’s flagship firm, Adani Enterprises, and its city gas retailer Adani Total Gas Ltd is a “tiny firm” called Shah Dhandharia.

    “Shah Dhandharia seems to have no current website. Historical archives of its website show that it had only 4 partners and 11 employees. Records show it pays Rs 32,000 (USD 435 in 2021) in monthly office rent. The only other listed entity we found that it audits has a market capitalization of about Rs 640 million (USD 7.8 million),” it had stated.

    In a stock exchange filing, Adani Total Gas Ltd said, “We wish to inform that M/s. Shah Dhandharia & Co. LLP, Chartered Accountants, have resigned as the statutory auditors of the company i.e., Adani Total Gas Limited (ATGL) with effect from May 2, 2023.”

    It attached the May 2, 2023 resignation letter from the auditor.

    In the letter, the auditor said it was given a second term of 5 years on July 26, 2022, and has completed the audit of the company for the financial year ended March 31, 2023.

    “We have carefully evaluated and due to increased professional pre-occupation in other assignment, we regrettably propose our resignation,” it said.

    “Our resignation does not result from an inability to obtain sufficient appropriate audit evidence,” it added.

    It went on to state, “There are no other circumstances connected with our resignation which we consider should be brought to the notice of the Board.”

    “In view of the above and as discussed and agreed with the management, we express our inability to continue as the statutory auditors for the company. Please accept our resignation with immediate effect,” it said.

    It is not known if the chartered accountancy firm would also step down at Adani Enterprises. The board of directors of the group’s flagship, which houses businesses such as airports and data centres, is due to meet on May 4 to consider its financial results.

    The Adani Group has been under siege since allegations of fraud, corruption, stock manipulation and money laundering were levelled by Hindenburg. The US short seller also charged the group with using a vast network of shell companies in opaque financial transactions.

    The report led to at one stage wiping out almost USD 140 billion of the Adani group’s market capitalisation.

    Adani group has denied all allegations.

    Hindenburg had questioned the Adani group’s decision to give such a big audit mandate to a virtually unknown firm and claimed that the audit partner who signed off on ATGL audits was only 23 years old when he was first appointed.

    It also claimed that the audit partner at Shah Dhandharia who signed off on the audits of Adani Enterprises was only 24 years old when he started. Both are now just 28 years old.

    Shubham Rohatgi, who signed off the ATGL’s audit for the 2022-23 fiscal on May 2, 2023, on behalf of Shah Dhandharia & Co LLP was also red-flagged by proxy advisory firm Institutional Investor Advisory Services (IiAS) in July 2022.

    Advising shareholders of four Adani group firms to vote against a number of resolutions including the reappointment of Gautam Adani as managing director of Adani Ports & Special Economic Zone (APSEZ), IiAS had stated that Rohatgi did not have “the requisite experience to audit” a top company.

    “We raise concerns over the quality of the audit conducted since the signing partner of FY22 – Shubham Rohatgi – became an associate member of ICAI (Institute of Chartered Accountants of India) in 2018. We believe he does not have the requisite experience to audit the financial statements of a NIFTY 100 company,” it had said.

    While rebutting the Hindenburg charges, the Adani group had on January 29 stated that it followed a “stated policy of having the global Big Six or regional leaders as statutory auditors”.

    The reference was to Arthur Andersen, Coopers & Lybrand, Deloitte and Touche, Ernst & Young, KPMG and Price Waterhouse. They have since telescoped into the Big 4 with the creation of PricewaterhouseCoopers in 1998 following a merger and the collapse of Arthur Andersen in 2002 after the Enron scandal.

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    ( With inputs from www.siasat.com )

  • Adani Power stock gives 29 pc return in 14 days as share price surges

    Adani Power stock gives 29 pc return in 14 days as share price surges

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    Adani Group’s power business arm, Adani Power, continued its upward trend for the eighth trading session, with its share price rising by 2.78 percent to Rs. 242.50 today.

    The share price surge has been an impressive 29.47 percent in just 14 days, as it has risen from Rs 187.30 on April 19. This impressive rise in the share price of Adani Power has helped the company recover 78.08 percent from its 52-week low of Rs 132.55, which was seen on February 28, 2023.

    Buy, sell or hold Adani Power shares?

    While the share price of Adani Power dipped earlier due to the Hindenburg report, it has now recovered significantly. However, technical analysts have mixed opinions about the further rise of Adani stocks.

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    Some predict that the stock will rise to Rs 265-290 levels, while others suggest profit booking. Investors are advised to exercise caution and do their due diligence before investing in Adani stocks.

    Gautam Adani’s net worth surges

    The surge in Adani Power’s share price has also resulted in an improvement in the net worth of Gautam Adani, Chairman of Adani Group. Today, he emerged as the top winner on the world’s rich list, as his net worth surged by USD 520 million.

    Today’s top five winners

    NameCurrent net worth (in billion USD)Change in net worth (in million USD)Change in net worth (in percentage)Country
    Jeff Bezos126.7+1600+1.25US
    Hubert Burda4.7+503+11.89Germany
    MacKenzie Scott27.9+420+1.53US
    Gautam Adani50.6+413+0.82India
    Radhakishan Damani16.1+266+1.68India

    Today’s top five losers

    NameCurrent net worth (in billion USD)Change in net worth (in million USD)Change in net worth (in percentage)Country
    Carl Icahn14.7-2900-16.26US
    Warren Buffett113.3-2100-1.83US
    Colin Zheng Huang22.6-1600-6.41China
    Larry Page90.7-1400-1.53US
    Mark Zuckerberg85.2-1400-1.58US

    Though the rise in the share price of Adani Power has been impressive, and the company has recovered well from the dip it experienced earlier, it remains to be seen whether the stock will continue its upward trend or not.

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    ( With inputs from www.siasat.com )

  • Congress wonders if SEBI request for extension in Adani case an attempt to bury the ‘scam’

    Congress wonders if SEBI request for extension in Adani case an attempt to bury the ‘scam’

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    New Delhi: The Congress on Saturday expressed apprehension over the SEBI’s six-month extension request to probe the alleged stock market manipulation of Adani group shares, saying it hopes it was not an effort to bury the “scam.”

    AICC general secretary Jairam Ramesh said the Securities and Exchange Board of India has asked for a six-month extension after the Supreme Court Committee ordered it to examine the stock market transactions of the Adani Group.

    “Hope this request by SEBI is not an effort to bury the scam or drag it out in the hope that the furore will die down,” Ramesh said on Twitter.

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    “The Committee as it needs to be recalled – has limited terms of reference to begin with. It cannot (and will not want to) investigate the entire political science and business practices of the Group. That only a JPC can do,” he said.

    Trinamool Congress MP Mahua Moitra in her turn termed the move a joke.

    “This is a joke. SEBI has been investigating since October 2021 when they replied to my letter of July. While they prima facie see violations (no surprise)- they want 6 months to protect their favourite businessman so that he can get maximum time to cover up.

    “The SEBI Chairperson told the Committee that the Adani matter is the elephant in the room. Surely then it deserves to be treated with greater urgency given the free run this particular ‘haathi mere saathi’ has had in all these years of Mitr Kaal,” she said on Twitter.

    Market Regulator SEBI has moved the Supreme Court seeking a six-month extension to complete its probe into the allegations of stock price manipulation by the Adani group and any lapses in regulatory disclosures.

    The top court had on March 2 asked SEBI to probe the matter within two months and also set up a panel to look into the protection of Indian investors after a damning report by a US short seller wiped out more than USD 140 billion of the conglomerate’s market value.

    In an application moved before the court, SEBI submitted that to ascertain possible violations related to misrepresentation of financials, circumvention of regulations and/or fraudulent nature of transactions, it would take six more months to complete the exercise.

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    ( With inputs from www.siasat.com )

  • No conclusions of any alleged wrong-doing in Sebi’s application to SC: Adani Group

    No conclusions of any alleged wrong-doing in Sebi’s application to SC: Adani Group

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    New Delhi: Adani Group said in a statement issued on Saturday night that in the Sebi application filed before the Supreme Court, there are no conclusions of any alleged wrong-doing.

    A spokesperson for Adani Group said Sebi is conducting an investigation into the allegations levelled by a foreign short-seller on January 25, 2023 and also into market activities before and after that date.

    “We understand that Sebi has approached the Supreme Court seeking more time to conclude its investigation. We have welcomed the investigation, which represents a fair opportunity for everyone to be heard and for all issues to be addressed. We are fully compliant with all laws, rules and regulations and are confident that truth will prevail,” Adani Group said in the statement.

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    “We are fully cooperating with Sebi and will continue to provide all our support and cooperation. It is pertinent to note that in the Sebi application filed before the Supreme Court, there are no conclusions of any alleged wrong-doing. The Sebi application only cites the allegations levelled in the short-seller’s report, which are still under investigation,” the statement said.

    “While we continue to remain focused on our business and growth, we would request the media to avoid needless speculation at this time and wait for SEBI and the Expert Committee appointed by the Supreme Court to complete their work and submit their findings,” the statement added.

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    #conclusions #alleged #wrongdoing #Sebis #application #Adani #Group

    ( With inputs from www.siasat.com )

  • Adani tried to get to me through his ‘wheeler dealers’: Mahua Moitra

    Adani tried to get to me through his ‘wheeler dealers’: Mahua Moitra

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    New Delhi: Trinamool Congress MP Mahua Moitra has alleged that industrialist Gautam Adani tried to “get to me” and some other people through his “wheeler dealers” and criticised NCP leader Sharad Pawar for meeting the Gujarat-based businessman.

    No politician should engage with Adani till government takes on charges levelled against him, she said.

    Without taking Pawar’s name, Moitra said she hoped the Nationalist Congress Party (NCP) president Sharad Pawar puts the country first and not his old relationships.

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    “Adani tried utmost to get to me & few others through his friends/ wheeler dealers. He couldn’t even find the door, let alone get past it. I have nothing to discuss on 1:1 basis with Adani. I firmly believe till govt takes action no politician should engage with this man,” she said in a tweet.

    Moitra, who has been one of the the harshest critics of the Adani group, also tweaked a Hindi idiom to sharpen her attack — “Adani hamaam mein to saare hi nange hai”, which roughly means everyone being in the same boat as far as Adani is concerned.

    “I have no fear in taking on Great Marathas. Can only hope they have good sense to put country before old relationships.

    “And no, my tweet is not anti-opposition unity. Rather it is pro-public interest,” she said.

    Industrialist Gautam Adani met Nationalist Congress Party (NCP) president Sharad Pawar on Thursday morning at the politician’s residence, Silver Oak, in South Mumbai.



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    #Adani #wheeler #dealers #Mahua #Moitra

    ( With inputs from www.siasat.com )

  • Gautam Adani meets Sharad Pawar in Mumbai row over Hindenburg report

    Gautam Adani meets Sharad Pawar in Mumbai row over Hindenburg report

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    Mumbai: Industrialist Gautam Adani met NCP chief Sharad Pawar at the latter’s residence in Mumbai on Thursday, party sources said.

    The meeting follows Pawar’s recent statement that he is not opposed to a Joint Parliamentary Committee probe into the charges made by Hindenburg Research against the Adani group, but a Supreme Court committee will be more useful and effective.

    Hindenburg has alleged stock manipulation and accounting fraud in firms belonging to billionaire Adani. 

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    #Gautam #Adani #meets #Sharad #Pawar #Mumbai #row #Hindenburg #report

    ( With inputs from www.siasat.com )

  • LIC increases holdings in Adani stocks despite Hindenburg controversy

    LIC increases holdings in Adani stocks despite Hindenburg controversy

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    Life Insurance Corporation of India (LIC), one of the investors in the Indian stock market, has increased its stake in four Adani Group companies despite the Hindenburg controversy that dragged down Adani stock prices.

    In the March quarter, LIC acquired 357,500 shares of Adani Enterprises, thereby increasing its share in the company from 4.23 percent in the previous quarter to 4.26 percent. The PSU insurer also raised its stakes in Adani Transmission (from 3.65 percent to 3.68 percent), Adani Green (from 1.28 percent to 1.36 percent), and Adani Total Gas (from 5.96 percent to 6.02 percent) during the quarter.

    However, LIC reduced its stake in Adani Ports and Ambuja Cements. There was no change in LIC’s stake in ACC. It is not clear whether the share transactions took place before or after the release of the Hindenburg report.

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    Small retail investors showing trust in Adani Enterprises stocks

    While some institutional investors are reducing their exposure to Adani stocks, small retail investors are showing trust in Adani Enterprises. The percentage of the company’s shares held by them increased from 1.86 percent to 3.41 percent.

    On the other hand, the number of mutual funds investing in Adani Group companies has decreased from 31 to 27. The mutual funds’ investment in the Adani company also reduced.

    Amid controversy, Adani Group has struck a deal worth Rs 15,000 crore with US-based GQG Partners. Adani Enterprises is one of the four companies in which the promoters have pared their stake.

    Adani’s net worth increases

    As of today, six Adani Group companies were trading in the green, with Adani Enterprises’ share price increasing by 2.10 percent.

    Gautam Adani, whose net worth dipped significantly over the past month, has begun to climb up again, making him one of the top 25 richest persons in the world’s billionaire list following the surge in stock values.

    The businessman, who recently slipped out of the world’s top 35 billionaires list, is slowly climbing up in the rankings.

    With a current net worth of USD 47.1 billion, he is in the 24th position on the list.

    Following LIC’s increased stake in Adani Group companies, Congress President Mallikarjun Kharge started asking questions that why the public sector financial giant has increased stakes in the group despite the Hindenburg controversy.

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    ( With inputs from www.siasat.com )