All stocks belonging to the Adani group — including Adani Enterprises (ADANIENT), Adani Ports (ADANIPORTS), Adani Power (ADANIPOWER), Adani Transmission (ADANITRANS) and Ambuja Cements (AMBUJACEM) — suffered steep losses on Wednesday, in more pain for investors amid a crisis at the embattled conglomerate.
In order to restore confidence among investors, Adani Group is taking several measures. One such measure was repaying the loans. Adani group firm Adani Ports & SEZ paid Rs 1,500 crore loan and promised to repay more as the group makes a comeback strategy after a sellout triggered by a damning report by US-based Hindenburg Research.
Reportedly, in another measure to stop the further stock price fall, Gautam Adani has requested the market regulator, SEBI (Security Exchange Board of India) to reduce the trading time.
In his letter to SEBI, Gautam Adani requested SEBI to keep the trade timing for 15 mins only, 9:15 to 9:30. Citing a report by HiddenBurg, Gautam Adani said trading is consuming a lot of time of youth which can be utilised in a better way.
“It’s a zero sum game, someone’s loss is someone’s gain, giving so much time to it is not worth. 15 mins is enough for that” said Gautam Adani.
[ Disclaimer: With inputs from The Fauxy, an entertainment portal. The content is purely for entertainment purpose and readers are advised not to confuse the articles as genuine and true, these Articles are Fictitious meant only for entertainment purposes. ]
In a new development in the Adani-Hindenburg report, Wikipedia’s online newspaper The Signpost published a news report stating that Adani Group employed several undeclared paid editors to ‘clean its Wikipedia page’.
The Signpost focuses on English Wikipedia, its sister projects, the Wikimedia Foundation, and the Wikimedia movement at large.
It categorically says “no entirely on-Wiki investigation of a user’s edits can completely identify an editor’s name or employer. Even if the editor identifies themself as an employee of a company, they may be simply trying to embarrass the company…We can, however, examine the nearly complete record of edits made to Wikipedia and identify editors that are likely to be fraudulent, or that appear to be working together with other accounts.”
Hindenburg Research’s founder Nate Anderson tweeted about the report on his page, “Of all things—now the Signpost, Wikipedia’s independent newspaper, is out w/ an article showing how Adani systematically manipulated its Wikipedia entries using sock puppet accounts, undisclosed paid editors & removing the evidence of conflicts of interest.”
Of all things—now the Signpost, Wikipedia’s independent newspaper, is out w/ an article showing how Adani systematically manipulated its Wikipedia entries using sock puppet accounts, undisclosed paid editors & removing evidence of conflicts of interest.https://t.co/s7Yzw8rXys pic.twitter.com/UVG6dVWtfu
The article was written by a Wikipedia user called Smallbones. Smallbones has now been staged under the ‘disinformation report’ category.
The article titled ‘The “largest con in corporate history”?’ states that Hindenburg accused the conglomerate of alleged financial fraud, stock price manipulation and money laundering.
Signpost recently banned over 40 sockpuppets (a false online identity, typically created by a person or group in order to promote their own opinions or views) or undeclared paid editors who were employed to create a clean image of the industrialist, his family members including wife Priti Adani, son Karan Adani and nephew Pranav Adani as well Adani Group. Wikipedia reported that all 40 sockpuppet accounts have been banned.
Signpost also reported that there was one person who activated from the company’s IP address and rewrote the article for ‘Adani Group’ entirely.
“Many of them edited several of the articles and added non-neutral material or puffery. A declared paid editor, using a company IP address, completely rewrote the Adani Group article. Others removed warnings about conflict-of-interest editing. Some created articles by unusual methods that avoided Wikipedia’s quality control systems,” the report says.
Another account called ‘Hatchens’ misused its power of position and edited seven of the nine articles edited by the Signpost team.
The report also mentions about two single-purpose accounts or SPA – ‘Adanigrouponline’ and ‘Adani Group’- which were later blocked after they were found of editing and cleaning Adani’s image. The two SPAs were dedicated to rewriting or editing Adani-related articles as well as adding a detailed list of business units, and a list of awards, the report noted.
Senior Congress leader Pawan Khera in a press meeting on February 17 addressed Prime Minister Narendra Modi as ‘Gautam Das Modi’. He later tweeted about the incident calling it a ‘genuine confusion’.
A video of Khera addressing the PM on his silence over the Adani-Hindenburg issue has gone viral. #GautamDasModi was trending on top at the time of writing this article.
“Why are you running away from a debate in Parliament? Why are you scared of JPC (Joint Parliament Committee)? Even PV Narasimha Rao and Atal Bihari Vajpayee set up JPC during their stints as prime ministers. What problem does Narendra ‘Gautam Das’, ‘Damodadar Das’ have with JPC? It is Damodardas right,” Khera looks at his colleague.
When people corrected him, he pauses and quips, “His name is Damodardas but deeds are of ‘Gautam Das’” leading to laughter in the press room.
Later, Khera tweeted stating it was a genuine mistake. “I genuinely got confused whether it is Damodardas or Gautam Das….” he tweeted.
The BJP is not happy with Khera’s remarks. On Monday, BJP IT cell head Amit Malviya said that PM Modi is always targeted for his humble origins.
The Congress has repeatedly targeted PM Modi for his humble origins and now they haven’t even spared his dead father, who had nothing to do with politics…
Congress’s deep seated sense of entitlement and disdain for a self made man doesn’t sit well with an aspirational India. pic.twitter.com/xILdD0sm8r
Reacting to the incident, Union home minister Amit Shah on Monday, at a poll rally in Nagaland, said, “Congress is definitely going to get extinct this time.”
“The language used by a Congress spokesperson for PM Modi is not his statement, but a statement that’s in accordance with Rahul Gandhi’s nature. Rahul Gandhi used abusive language for PM Modi in 2019 and as a result Congress lost its Opposition status,” Shah said.
FIR registered against Khera
Latest reports suggest that BJP leader Mukesh Sharma has lodged an FIR against the senior Congress leader for “making unsavory remarks against the father of Prime Minister Narendra Modi”. The FIR has been registered at Hazratganj police station in Lucknow, Uttar Pradesh.
#GautamDasModi trending on Twitter
Ever since the video went viral, #GautamDasModi has been trending on Twitter with 4,732 tweets when this article was written. Many have lauded Khera’s remarks.
New Delhi: The Congress on Sunday alleged that Gautam Adani’s elder brother Vinod Adani is at the centre of financial flows that leverage one group of Adani assets to send loans to another, and asked if this was not worthy of an investigation by the SEBI and the Enforcement Directorate.
Posing a set of three questions to Prime Minister Narendra Modi as part of the party’s “Hum Adani ke Hain Kaun” series, Congress general secretary Jairam Ramesh alleged that the Adani group has made “misrepresentations” about Vinod Adani’s central role in its “nefarious activities”.
Recently, Adani Group stocks had taken a beating on the bourses after US-based short seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate whose chairman is Gautam Adani.
The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
“Just because the PM is ‘Mauni Baba’ on this issue (like on Chinese incursions) it doesn’t mean we stop asking questions of him. Here is HAHK (Hum Adanike Hain Kaun)-14,” Ramesh said on Twitter and posted another set of three questions to the prime minister.
Just because the PM is Mauni Baba on this issue (like on Chinese incursions) it doesnt mean we stop asking questions of him. Here is HAHK (Hum Adanike Hain Kaun)-14.
In his statement addressed to Prime Minister Modi posted on Twitter, Ramesh cited allegations made by Hindenburg Research claiming that Vinod Adani “manages a vast labyrinth of offshore shell entities” that have “collectively moved billions of dollars into Indian Adani publicly listed and private entities, often without required disclosure of the related party nature of the deals”.
In its January 29 reply to the charges, the Adani Group stated that “Vinod Adani does not hold any managerial position in any Adani listed entities or their subsidiaries and has no role in their day to day affairs”, Ramesh pointed out.
“Despite the Adani Group’s claims distancing itself from Vinod Adani, in repeated public filings the group has described Vinod Adani as an intrinsic part of the Adani Group. For instance, this memorandum filed with the Bombay Stock Exchange in 2020 for a Rs 400 crore debt private placement clearly states: ‘Adani Group means S.B. Adani Family Trust, Adani Properties Private Limited, Adani Tradeline LLP, Gautam Adani, Rajesh Adani, Vinod S. Adani and all companies and entities controlled directly or indirectly by S.B. Adani Family Trust or Adani Properties Private Limited or Adani Tradeline LLP or Gautam Adani or Rajesh Adani or Vinod S. Adani, separately or collectively,” the Congress leader claimed in his statement.
Posing questions to Prime Minister Modi, Ramesh asked why is his “close friend lying so blatantly” to investors and to the public.
“Are the various investigative agencies that you have freely deployed against political parties, media and non-subservient businesspersons ever going to be used to investigate your cronies even when they are caught red-handed?” Ramesh asked.
On September 16 last year, the Adani Group announced that the Adani family, through Endeavour Trade and Investment Ltd, a special purpose vehicle, has successfully completed the acquisition of Ambuja Cements Ltd and ACC Ltd, he said.
The acquisition catapulted Adani to the rank of India’s second-largest cement producer, Ramesh noted.
“The acquirer’s SEBI filing stated in no uncertain terms that ‘the ultimate beneficial ownership of the acquirer is held by Mr. Vinod Shantilal Adani and Mrs. Ranjanben Vinod Adani’. Is it not a laughable falsehood for the Adani Group to now distance itself from Vinod Adani?” he said.
“An Australian investigation has shown that Vinod Adani’s Pinnacle Trade and Investment, based in Singapore, controls a number of Adani Group assets in Australia. In 2020, Pinnacle entered into a USD 240 million loan agreement with Russia’s now sanctioned VTB Bank, and then went on to lend USD 235 million to a related party, likely connected to the Adani Group according to Forbes magazine,” Ramesh alleged.
Does this not clearly show that Vinod Adani is at the centre of financial flows that leverage one group of Adani assets to send loans to another, as alleged by Hindenburg, he asked.
“Is this not worthy of investigation by SEBI and the Enforcement Directorate?” the Congress general secretary said.
The Congress has demanded a joint parliamentary committee probe into the Adani issue. The opposition party had also stalled proceedings of both Houses of Parliament during the first part of the Budget Session.
New Delhi: The Congress on Saturday asked the government whether instructions were issued to LIC and SBI to invest in the Adani Enterprises FPO despite a drastic fall in its share price after a Hindenburg report on the conglomerate.
Posing a set of three questions to the government as part of the party’s “Hum Adani ke Hain Kaun” series, Congress general secretary Jairam Ramesh asked Prime Minister Narendra Modi to break his silence on the issue today.
He claimed that among the anchor investors in the Adani Enterprises follow-on public offering (FPO) were the Life Insurance Corporation of India which bid Rs 299 crore, State Bank of India Employees’ Pension Fund which bid Rs 99 crore, and SBI Life Insurance Company which bid Rs 125 crore.
“These publicly owned institutions participated in the FPO despite the fact that the market price had dropped far below the issue price and that both LIC and SBI already owned large chunks of Adani Group equity. Were instructions issued to LIC and SBI to deploy the savings of crores of Indians to once again bail out the Adani Group,” he asked in a statement.
Posting the questions, Ramesh tweeted, “Mahashivaratri today and along with it here is HAHK (Hum Adani ke Hain Kaun)-13. The 13th set of questions to the PM. Aaj Toh Chuppi Todiye Pradhan Mantriji (Break your silence today, Prime Minister)!”
Mahashivaratri today and along with it here is HAHK ( Hum Adanike Hain Kaun)-13. The 13th set of questions to the PM.
Under the HAHK series, the opposition party has been posing questions to the government on the Adani issue.
In its latest set of questions to the prime minister, the Congress asked, “Is it true that a high-profile Union Minister with longstanding commercial links made personal calls to five-six of the most well-known businesspersons on behalf of Gautam Adani and asked them to invest their personal funds in the FPO to save Gautambhai from embarrassment? Does this not represent a conflict of interest worth investigating? Did this Union Minister act on instructions from you?”
The Congress leader also asked if the family offices that were pressured to bail out the Adani FPO given assurances that this was only to save Gautam Adani’s reputation and that the FPO would be subsequently cancelled and the money returned to the investors.
“Is it not a violation of Indian securities regulations to hide this relevant information from most investors and only to share it with a select few? Is it ethical to dupe FPO investors in this way,” he asked.
Recently, Adani Group stocks had taken a beating on the bourses after the Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate.
The Gautam Adani-led group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
The Congress has demanded a joint Parliamentary Committee probe into the Adani issue. The opposition party also stalled proceedings of both Houses of Parliament during the first part of the Budget Session.
New Delhi: The Supreme Court on Friday refused to accept in a sealed cover the Centre’s suggestion on a proposed panel of experts for strengthening regulatory measures for the stock market.
Observing that it wants to maintain full transparency in the interests of investors, a bench comprising Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala said it would rather not accept the Centre’s suggestion in a sealed cover.
“We will not accept the sealed cover suggestion by you because we want to maintain full transparency,” the bench said.
On February 10, the top court had said the interests of Indian investors need to be protected against market volatility in the backdrop of the Adani Group stock rout and asked the Centre to consider setting up a panel of domain experts headed by a former judge to look into strengthening the regulatory mechanism.
Till now, four PILs have been filed in the top court on the issue by lawyers M L Sharma and Vishal Tiwari, Congress leader Jaya Thakur and activist Mukesh Kumar.
Adani Group stocks have taken a beating on the bourses after the Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate.
The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
Minister for Minorities Affairs Smriti Irani (File Photo)
After billionaire investor George Soros foretold that Prime Minister Narendra Modi would “have to answer questions” as a result of Indian business tycoon Gautam Adani’s recent stock market woes, Union Minister Smriti Irani urged Indians to stand as one against “foreign powers who try to intervene in India’s democratic processes.”
“The man who broke the Bank of England, and is designated by the nation an economic war criminal, has now pronounced his desire to break Indian democracy. George Soros, an international entrepreneur, has declared his ill-intention to intervene in democratic processes of India,” the fiery BJP leader said.
George Soros wants a govt that is pliable to his needs is more than evident from his statement. That he has announced funding of over a billion dollars to target leaders like PM Modi is significant. Every 5 yrs we elect a democratic govt: Smriti Irani, BJP pic.twitter.com/TATWcjmp4a
New Delhi: Indian Oil Corporation (IOC) on Thursday took to Twitter to clarify on its initial pact for hiring Adani Group’s port at Gangavaram in Andhra Pradesh for LPG imports in addition to existing pacts with nearby ports, saying there is no take-or-pay agreement.
The statement, which came in response to TMC’s Mahua Moitra raising a stink of a scam in hiring of the port facility without a tender, contradicted Adani Ports and Special Economic Zone Ltd’s earning call presentation that said “MoU signed with IOCL for a take-or-pay contract at Gangavaram Port for building LPG handling facilities.”
Moitra, reacting to the news based on the statement in the presentation, tweeted, “Brazen theft”.
Tagging Oil Minister Hardeep Singh Puri and CVC on Wednesday evening, Moitra said, “No tender. No CVC norms. Moving business from Vizag Port to Gangavaram. Skimming from coal, skimming from gas, now skimming from ‘chula’ in every household. Shame!”.
IOC in an unusual move on Thursday sent out a series of tweets to clarify its position.
“IOC has just signed a non-binding MoU with APSEZL till now,” it said, adding that it floats no tenders for hiring of facilities at ports to import LPG — a commodity that India is short of production.
“There is no take-or-pay liability or any binding agreement, as of now,” it said.
A take-or-pay contract means that the state-owned firm will have to pay for using the terminal’s full 5 lakh tonnes capacity a year even if it ships less than the committed quantity.
IOC currently uses state-run Visakhapatnam or Vizag Port, located adjacent to Gangavaram port, to import some 7-8 lakh tonnes of LPG annually.
APSEZL, the ports unit of the Adani Group, had revealed the plan while announcing the company’s third quarter financial results on February 7.
Moitra’s party is among the opposition parties which have been demanding a probe into allegations a US short seller has levelled against the Adani Group.
Hindenburg Research on January 24 accused the Adani Group of accounting fraud and stock manipulation, allegations that the conglomerate has denied as “malicious”, “baseless” and a “calculated attack on India”.
Listed companies of the Adani Group lost over USD 125 billion in market value in the last three weeks. Stocks of most group firms were up on Thursday.
Replying to Moitra’s tweet, IOC said it imports LPG at various ports, including Kandla, Mundra, Pipavav, Dahej (in Gujarat), Mumbai and Mangalore (in Karnataka) on West Coast and Haldia (in West Bengal), Vizag (in Andhra Pradesh) and Ennore (in Tamil Nadu) on the East.
Two more import terminals are coming up at Kochi in Kerala and Paradip in Odisha. “These will be used in due course of time,” IOC said.
“IOC enters into agreements with various ports on a regular basis to enhance capability to supply LPG across India. For hiring of LPG terminals, OMCs evaluate the infrastructure for suitability for catering to the nearest market at a reasonable cost. No separate tender is invited,” it said.
OMCs are Oil Marketing Companies.
“LPG demand in the country is on a constant increase. There are 31.5 cr connections after the Ujjwala Scheme; up from 14 cr earlier. OMCs are constantly on the lookout for new port facilities which make commercial sense in Logistics,” IOC said.
Providing detailing about the terminal hiring pacts on the east coast, the company said currently there are only two terminals near Vizag — one by South Asia LPG (a joint venture of France’s TotalEnergies and HPCL) and East India Petroleum Limited (a private company).
“SALPG charges Rs 1,050 and EIPL charges Rs 900 as charges with lower capacity vessel unloading capability,” IOC said.
“EIPL facility has no captive connectivity to be used on a continuous basis. IOC has just signed a non-binding MoU with APSEZ till now. APSEL has offered a price of Rs 1,050 for LPG import terminaling charges with facility of unloading of bigger vessels of refrigerated LPG directly,” it added.
The Gangavaram port would allow handling of bigger vessels.
“This gives an additional advantage compared to SALPG & EIPL as bigger vessels can be quickly unloaded. Such an arrangement will save freight & demurrage due to extra time for evacuation. There is no take-or-pay liability or any binding agreement, as of now,” IOC said.
While 0.7 million tonnes per annum of LPG is imported at Vizag port now, the new port is for handling 0.3 million tonnes.
“Vizag will continue to be utilised. Availability of multiple terminals will give operational flexibility, increase competition among terminal operators & an opportunity for competitive rates,” it added.
Gautam Adani is a hard man to avoid in India. Whether it’s electricity, ports, power plants, coalmines, airports, cement, solar panels, apples, edible oils, storage of data or grains or even a television news channel, the colossal empire of India’s most powerful billionaire has reached into almost every corner of Indian life.
According to Adani, his staggering rise from a nondescript diamond merchant in Gujarat to Asia’s richest man – whose wealth at one stage surpassed Jeff Bezos – and with whom much of India’s future development has been entrusted, is due only to “hard work, hard work, hard work”. His own successes, he has said, are the successes of the “India growth story”.
Yet, as many have pointed out, Adani’s meteoric rise has mirrored that of another powerful man from Gujarat: Narendra Modi, who has been prime minister since 2014. In the past five years, the Adani Group, a sprawling conglomerate of companies, rose in value by 2,500%, with a private sector monopoly on everything from electricity to coal, and Adani’s net worth touched $127bn. That was, until two weeks ago.
It was a bombshell report by a US-based investment research firm Hindenburg that that has brought much of the Adani empire crashing down to earth. In a highly detailed document that took two years to research, Hindenburg said Adani was pulling off the “largest corporate con in history” through stock manipulation, eye-watering levels of debt and secret offshore accounts.
The Adani Group hit back, denying all the allegations as baseless in a response that stretched to 413 pages. It said the report was an “attack on India itself” and that its debt levels conformed to industry standards.
The impact continues to reverberate through the domestic and international markets. The Adani Group has lost over $100bn in market value, been forced to cancel a major share offering and its stocks continue to fall, while Adani himself dropped off list of the world’s top 20 richest men. But given the well-documented close relationship between Adani and the Modi, who has himself been dogged by allegations of indulging in crony capitalism, the repercussions have also reached into the political sphere.
Modi has been silent on all questions about his ties to Adani. Attempts by the opposition parties to get the matter debated in parliament have been shut down, causing the parliament session to be suspended for two days, and the government has refused to entertain demands for a supreme court investigation into the alleged fraud. Over 200 members of the opposition Congress party were arrested for holding protests outside offices which has stakes in the conglomerate.
After Congress party leader Rahul Gandhi stood up in parliament with photos of Modi and Adani on a plane together and accused the government of giving Adani preferential treatment, all of his remarks were ordered to be expunged from parliamentary record.
Speaking on Tuesday, home minister Amit Shah said the government had “nothing to hide or be afraid of” on the controversy over Adani Group.
A shared vision, a shared rise
The relationship between Modi and Adani dates back more than two decades to 2002. As chief minister of Gujarat, Modi’s close links with big industrialists like Adani helped him reinvent himself as the pro-business face of modern economic progress, while Adani was granted highly beneficial concessions on tax and regulation in the state that allowed his wealth and stature to grow exponentially.
“Adani’s astounding, debt-fuelled rise mixed entrepreneurial dynamism, extravagant risk taking and canny political connections,” said James Crabtree, author of The Billionaire Raj.
After Modi won the 2014 general election, he flew back to Delhi on Adani’s plane, captured in a now iconic photo of him in front of the Adani logo. Adani also became a regular companion on Modi’s international trips, sometimes officially as part of a business delegation but other times unofficially, and, according to a 2015 report, was present during Modi’s visits to the United States, Australia, Brazil, Japan, France and Canada.
Adani has repeatedly denied that his longstanding connection with the prime minister has led to preferential treatment, as has the Indian government. Yet it has been evident that much of Modi’s vision for the development of India, particularly his infrastructure and energy ambitions, have been placed in the hands of the Adani Group, even as accusations of tax evasion, over-valuation and heavy debt swirled for years. The industrialist’s personal wealth went from $2.8bn in 2014 to $127bn by the end of 2022.
Over the past decade, the Adani Group won an endlessly expanding list of nationally significant projects. It now owns a string of strategic ports along India’s coast that handle about 30% of all India’s international freight and been able to acquire some of India’s most valuable tracts of land, be it Dharavi slum in Mumbai for redevelopment or the ancient Hasdeo Arand forest in Chhattisgarh for coal mining. Many of their projects face ongoing protests for causing environmental devastation or displacing communities.
Gautam Adani speaks at the World Congress of Accountants in Mumbai. Photograph: Indranil Mukherjee/AFP/Getty Images
Modi stands accused of helping Adani secure lucrative deals for coal and renewable energy projects in neighbouring Sri Lanka and Bangladesh. India’s ongoing commitment to coal has also been linked to the Adani group’s mammoth investment in India’s coal sector. “It’s interesting how the bigger Adani got in coal mining in India, the less momentum towards decarbonisation the Indian government seemed to be pursuing,” said Tim Buckley, a Sydney-based energy finance consultant.
The powerful connections wielded by the Adani Group have also appear to enable them to get projects done quicker than most, often sidestepping the entangled bureaucratic systems and regulations of India. On more than one occasion, legislation and regulations were amended or weakened to allow Adani to enter into new sectors or gain a significant tax advantage, including rules being changed so he could take ownership of six airports in Maharastra, India’s second busiest in Mumbai among them. The group denied any wrongdoing.
The activities of the group also became notoriously difficult to scrutinise, with journalists and news companies who reported critically on Adani slapped with lawsuits. After Adani recently pulled off a stealth take-over of India’s popular TV news channel NDTV, which had been seen as one of the last remaining bastions of mainstream independent journalism, the space for critical reporting on the Adani empire appeared to shrink further.
Paranjoy Guha Thakurta, one of the few journalists who produced critical reports on the Adani businesses, is currently subject to six defamation suits brought by the Adani Group and a gag order from the court. “No one else has built a corporate empire so vast, sprawling, diversified and dominant in so many sectors of the Indian economy than Mr Adani,” said Thakurta, who said he felt “vindicated” after the Hindenburg report.
What next for India?
With around 10% of India’s future infrastructure projects in the hands of the Adani Group, as well as a promised $100bn investment in India’s green energy sector in India, there is concern that India’s development could falter if the fortunes of the Adani Group worsen and it is unable to raise capital. The Adani group has insisted “all ongoing projects will continue according to plan”.
“If the bubble hasn’t already burst it has at least halved in size,” said Geoff Law, who runs Adani Watch, a website funded by an Australian non-profit that has reported on the Adani Group’s actions in Australia and India.
“It is inevitable that their more ambitious projects will be re-examined and authorities and corporations will have second thoughts about the ventures that they’ve entered into with Adani.”
This week, the country’s market regulator, Securities and Exchange Board of India, said it was “inquiring” into the allegations made in the Hindenburg report, while the government told the supreme court it had no objection to an expert committee looking into the impact on Indian investors.
Nonetheless, Crabtree was among those who were doubtful that Adani would be brought down entirely by the Hindenburg report, given the powerful political actors vested in his conglomerate.
“But it does suggest that a corporate growth model that combines heavy debt, complex financing and opaque governance might not be in India’s long-term interest,” he said.
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( With inputs from : www.theguardian.com )
India’s richest person, Reliance Industries Limited (RIL) chairman Mukesh Ambani once again entered the world’s top 10 billionaires’ list as his net worth rises today.
On the other hand, Gautam Adani whose companies’ stocks are trading in the red for the past few days lost USD 1.7 billion today.
While RIL stock price rose by 1.97 percent to Rs 2424, some of the Adani Group companies’ stocks are seen trading in red today.
Adani stocks lock in lower circuits
As of 1 pm today, the stocks of Adani Green, Adani Power, Adani Transmission, and Adani Total Gas are locked in lower circuits.
Though Adani Enterprises, Adani Ports, ACC, Ambuja Cements, and NDTV are trading in the green, they failed to improve the net worth of Gautam Adani.
Stocks of Adani Group companies at 1 pm today
Ambani, Adani on world billionaires’ list
Currently, with a net worth of USD 85.4 billion, Ambani is not only the richest person in India but also one of the billionaires on the world’s top 10 rich list.
On the other hand, Adani with a net worth of USD 52.5 billion is in the 23rd position on the list. His net worth dipped after Hindenburg research released a report against the Adani Group.
His net worth dipped from USD 119 billion on January 24 to USD 52.5 billion now.
Mukesh Ambani emerged as top winner on world billionaires’ list
Today, Ambani emerged as the top winner on the world billionaires’ list whereas, Adani emerged as the top loser.
