Adani

Shares in seven listed Adani Group companies were down 4.6 per cent on average in afternoon trading in Mumbai, with those in flagship business Adani Enterprises ...

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Hindenburg Research accused the Adani Group of orchestrating the “largest con in corporate history,” sending shares of its companies tumbling on Wednesday.

(FT) (NYT) (Politico) de la Merced](https://www.nytimes.com/by/michael-j-de-la-merced), [Lauren Hirsch](https://www.nytimes.com/by/lauren-hirsch) and (Bloomberg) [winners and losers](https://blog.google/outreach-initiatives/public-policy/doj-ad-tech-lawsuit-response/)” in a market that’s competitive. (WSJ) that Google [abused its dominance over online search](https://www.nytimes.com/2020/10/20/technology/google-antitrust.html) is set to go to trial next fall. Rowe Price](https://www.nytimes.com/2022/11/25/business/dealbook/news-corps-fox-merger.html), the investment manager, told The Times that Rupert Murdoch’s plan would probably undervalue News Corp. [hadn’t gotten specific numbers](https://www.nytimes.com/2023/01/24/business/elon-musk-tesla-trial.html) from potential partners he said had been willing to invest in his efforts to take the carmaker private. [Irenic Capital Management](https://www.nytimes.com/2022/11/20/business/dealbook/news-corp-fox-investors.html), a shareholder in News Corp, questioned whether the Fox deal would be better than alternatives like selling the company’s real estate business. [weakest growth in six years](https://www.nytimes.com/2023/01/24/technology/microsoft-profit-drop.html), as revenue for its latest quarter grew just 2 percent year on year.

Gautam Adani, who chairs Indian conglomerate Adani Group. The broadside from Hindenburg comes at a critical time for him. He is seeking to raise his ...

India's Adani Group on Wednesday denounced allegations of fraud made by US-based short seller Hindenburg Research as "baseless" and a "malicious combination ...

[Hindenburg Research](https://edition.cnn.com/2021/06/25/investing/hindenburg-research-short-seller-nate-anderson/index.html), has made a name for himself in the past few years by targeting companies that he thinks are overvalued and have suspect financials. But this is not the first time analysts have expressed fear that the rapid expansion of his business comes with a huge risk. The Adani Group called that report “blatantly erroneous.” In 2022, Nikola’s founder was [convicted ](https://edition.cnn.com/2022/10/14/business/trevor-milton-nikola-verdict/index.html)by a US jury of fraud in a case alleging he lied to investors about the company’s technology. These range from asking for details on Adani’s offshore entities, to why it has “such a convoluted, interlinked corporate structure.” Adani Group responded to CreditSights with a 15-page report, saying that the “leverage ratios” of its companies “continue to be healthy and are in line with the industry benchmarks in the respective sectors” and that they “have consistently de-levered” in the last nine years. In 2021, shares in Adani’s companies tumbled after The Economic Times newspaper said that foreign funds that hold stakes worth billions of dollars were frozen by the country’s National Securities Depository. In its investigation, which Hindenburg said took two years to compile, the research firm questioned the “sky-high valuations” of Adani firms and said their “substantial debt” puts the entire group “on a precarious financial footing.” In a statement released a few hours after Hindenburg published its report, the Adani Group’s chief financial officer Jugeshinder Singh said that Hindenburg did not make “any attempt to contact us or verify the factual matrix,” adding that the allegations made by the short seller are “stale, baseless and discredited.” [investigation](https://hindenburgresearch.com/adani/) on billionaire [Gautam Adani’s](https://edition.cnn.com/2022/10/10/business/gautam-adani-india-risk-takers-22/index.html) sprawling conglomerate on Tuesday, accusing it of “brazen stock manipulation and accounting fraud scheme over the course of decades.” Hindenburg said it has taken a short position in companies in the Adani Group “through U.S.-traded bonds and non-Indian-traded derivative instruments.” Short sellers aim to make money by betting that the stock price of the companies they target will fall. [India’s](https://edition.cnn.com/world/india) Adani Group on Wednesday denounced allegations of fraud made by US-based short seller Hindenburg Research as “baseless” and a “malicious combination of selective misinformation.”

Market sources said there was Rs 6,000 crore allocation against a demand of Rs 9,000 crore. The blue chip names include Maybank Asia, ADIA, LIC, HDFC Life, SBI ...

The Group has always been in compliance with all laws, regardless of jurisdiction, and maintains the highest standards of corporate governance, Singh said. Our informed and knowledgeable investors are not influenced by one-sided, motivated and unsubstantiated reports with vested interests, the group said. Jugeshinder Singh, Group CFO, Adani said in a statement the report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts.

India Business News: Adani Enterprises' $2.45 billion secondary share offering was subscribed 1.5 times by anchor investors, with bids from high profile ...

ADIA, Maybank Asia, Citigroup, Morgan Stanley and LIC did not immediately respond to Reuters' request for comment. Adani did not immediately respond to Reuters' request for comment. Maybank Asia, Citigroup Inc, Morgan Stanley and domestic insurer Life Insurance Corporation of India were among the bidders for the share sale, the source said.

Marquee investors Maybank Securities and Abu Dhabi Investment Authority picked up stake in Adani Enterprises' $2.45 billion secondary share offering on ...

Adani Enterprises had last week set the floor price for the FPO at 3,112 rupees per share, with a price cap of 3,276 rupees. short seller as baseless, saying it was timed to damage its reputation ahead of a large share offering. Bidding for retail investors will start on Friday and close on Jan. Register for free to Reuters and know the full story A source told Reuters earlier in the day that anchor investors bid for shares worth 90 billion rupees ($1.10 billion), compared to the 60 billion rupees reserved for them. [(ADEL.NS)](https://www.reuters.com/companies/ADEL.NS) $2.45 billion secondary share offering on Wednesday, which coincided with a short-seller report that slammed the shares of Adani Group companies.

GULF investors International Holding Co and sovereign fund Abu Dhabi Investment Authority are among the bidders for Indian billionaire Gautam Adani-led ...

US short seller Hindenburg Research LLC is targeting Asia's richest man with accusations of market manipulation and fraud after a run of often-successful ...

Adani Group rejected the accusations as “baseless” and “selective misinformation.” Hindenburg said it’s short Adani securities via derivatives and US-traded bonds. [Hindenburg Research LLC](https://hindenburgresearch.com/?p=2376) is targeting Asia’s richest man with accusations of market manipulation and fraud after a run of often-successful bets against companies ranging from electric-vehicle maker Nikola Corp.

Adani's companies trade at high premiums compared to Indian stock markets — Adani Enterprises is nearly trading five times more than the Nifty 50 Index. Adani ...

What’s more, the flagship company [Adani Enterprises Ltd.](/quote/ADE:IN) has jumped about 2,500% in the last five years, trumping even the likes of Elon Musk’s [Tesla Inc.](/quote/TSLA:US) [report](https://www.bloomberg.com/news/articles/2023-01-25/adani-group-stocks-drop-after-hindenburg-takes-short-position) is drawing attention to the multifold gains of the Adani Group of stocks — a potential blow to the empire of Asia’s richest man and the [personal wealth](https://www.bloomberg.com/news/articles/2023-01-25/gautam-adani-wealth-boom-under-fire-with-hindenburg-alleging-fraud-manipulation) he has amassed.

Hindenburg Research says world's third-richest person, Gautam Adani, is pulling 'largest con in corporate history'

Adani’s conglomerate owns India’s largest private sector seaport and airport operator as well as a huge coalmine in Queensland, Australia. The fund, which describes its mission as exposing avoidable disasters – accused Adani of loading companies with “substantial debt” that left the entire group on a “precarious financial footing”. He founded the mining-to-energy conglomerate Adani Group after dropping out of university. Adani, 60, is the world’s third-richest person with an estimated $119.5bn fortune according to Forbes. The group has always been in compliance with all laws.” [Singh said](https://www.adanienterprises.com/newsroom/media-releases/Media-Statement-on-Hindenburg-Research-Report) the Adani Group was shocked that Hindenburg had published its report “without making any attempt to contact us or verify the factual matrix”.

The flagship company of Adani Group raised ₹5984.9 crore from 33 institutional investors, including Maybank Securities, LIC, SBI Employees Pension Fund.

Hindenburg Research accused firms owned by Gautam Adani, Asia's richest person, of “brazen” market manipulation and accounting fraud.

Investors and analysts have also flagged concerns over the high levels of debt seen in the empire’s listed units. The auditor “hardly seems capable of complex audit work” when Adani Enterprises alone has 156 subsidiaries and many more joint ventures. “It will not only shine a light on the group, but also on corporate governance in India,” said Mr Freitas. The Adani empire’s expansion plans are closely aligned to the government’s development and economic goals. The timing “clearly betrays a brazen, mala fide intention to undermine” and damage the share sale plan, said Singh. Hindenburg’s Jan 24 report details a web of Adani-family controlled offshore shell entities in tax havens, from the Caribbean, Mauritius and the United Arab Emirates.

Billionaire Gautam Adani has slipped from being the world's third richest man to the fourth, after an activist investment firm released a report Tuesday ...

[How Our Cells Strategize](https://time.com/6248597/how-cells-keep-us-alive/?utm_source=roundup&utm_campaign=20230125)To Keep Us Alive Adani Group did not address specific allegations in its official statement but said it has always been in compliance with the law. Members of the Adani family have been the subjects of past corruption investigations carried out by the Securities and Exchange Board of India (SEBI) and the Directorate of Review Intelligence. The report names several family members—like Gautam Adani’s brothers, Rajesh and Vinod Adani, as well as associates of the Adani Group—for their involvement in major bribery and tax evasion cases. The industrialist began as a commodity trader in the 1980s before he founded his company Adani Group in 1988, eventually expanding it into a private infrastructure empire that operates ports, airports, and coal mines across India and the world. Gautam Adani is a self-made billionaire, and India’s richest man, with a net worth of roughly $118 billion as of April 2022.

A raft of bonds tied to Indian billionaire Gautam Adani fell sharply in thin trading after a short seller published a report accusing his conglomerate of stock ...

Shares of Adani Group firms slid after short seller Hindenburg Research claimed Adani engaged in brazen stock manipulation. Now for the first time since ...

[alleged](https://hindenburgresearch.com/nikola/) then-Chairman Trevor Milton misled investors about the company's business. With a fortune of $160 billion, Tesla CEO Elon Musk is the world's second-richest person. The world's richest person remains luxury goods mogul Bernard Arnault, the chairman and CEO of Louis Vuitton parent LVMH. Over the past years, short-seller Hindenburg has helped spark regulatory investigations into multiple multi-billion-dollar companies. [Adani Group Shares Slide After Hindenburg Alleges ‘Largest Con In Corporate History’](https://www.forbes.com/sites/siladityaray/2023/01/25/adani-group-shares-slide-after-hindenburg-alleges-largest-con-in-corporate-history/) (Forbes) [India’s Gautam Adani Is Now Richest Asian Billionaire Ever As Fortune Jumps Past $100 Billion](https://www.forbes.com/sites/jemimamcevoy/2022/04/11/indias-gautam-adani-is-now-richest-asian-billionaire-ever-as-fortune-jumps-past-100-billion/) (Forbes) [Gautam Adani](https://www.forbes.com/profile/gautam-adani-1/), chairman of the sprawling Indian conglomerate Adani Group, ceded the title of the world's third-richest person to Amazon founder Jeff Bezos on Wednesday, after a famed short-seller released a scathing report accusing Adani of an alleged decades-long scheme to manipulate the firm's stock price—claims an Adani executive has vehemently denied.

As Adani Enterprises' follow-on public offer (FPO) gets ready to be opened for retail investors on Friday, the company raised close to Rs 6000 crore from ...

India’s biggest ever FPO will open to retail investors on Friday for a price band of Rs 3,112-3,276 per share. [refuted the allegation](https://www.outlookindia.com/business/hindenburg-report-is-malicious-attempt-to-damage-adani-enterprises-fpo-says-adani-group-news-256635?utm_source=related_story)s saying that the report was published with the malicious intent of damaging the upcoming Adani Enterprises share sale. [LIC](https://www.outlookindia.com/topic/lic)) were some of the interested bidders, the report added.

Indian industrialist Gautam Adani is a figure even richer than Bill Gates or Warren Buffett, with a net worth of US$113.4 billion.

He later worked for a financial analytics company before taking a job checking out potential deals for the investment firms of wealthy families. Hindenburg has not been accused of wrongdoing, but some of its peers have been sounding the retreat. Short-sellers, and the controversies that often surround them, have been around for as long as there have been stocks. Little Hindenburg has never swung at a company as big and powerful as the Adani Group. Mr Anderson briefly bet against Twitter as Mr Elon Musk was buying the company and then turned bullish on the stock last July. Hindenburg hopes that is just the beginning.

Short-seller Hindenburg Research disclosed on Wednesday short positions in India's Adani Group, citing potential stock manipulation and accounting fraud in ...

The company agreed in 2021 to [pay $125 million](/business/nikola-corp-agrees-pay-125-mln-settle-sec-charges-defrauding-investors-2021-12-21/) to settle with the U.S. Last year, it took a short and then a long position in Twitter Inc. Nikola debuted as a listed company in June 2020 and its valuation reached $34 billion some days after, surpassing Ford Motor [(F.N)](https://www.reuters.com/companies/F.N). After finding potential wrongdoings, Hindenburg usually publishes a report explaining the case and bets against the target company, hoping to make a profit. The allegations sent bonds and shares in the conglomerate's companies down. Founded in 2017 by Nathan Anderson, Hindenburg Research is a forensic financial research firm which analyses equity, credit and derivatives.

Gautam Adani is on a mission to win public acceptance for his eponymous group. But what looks like an initial victory may turn bittersweet.

dollar bonds at Adani Green Energy [(ADNA.NS)](https://www.reuters.com/companies/ADNA.NS) and Adani Ports [(APSE.NS)](https://www.reuters.com/companies/APSE.NS) sold off sharply. [(GS.N)](https://www.reuters.com/companies/GS.N), Morgan Stanley [(MS.N)](https://www.reuters.com/companies/MS.N) and Citigroup [(C.N)](https://www.reuters.com/companies/C.N). [(ADAI.NS)](https://www.reuters.com/companies/ADAI.NS) and some U.S. 25 that it sold shares worth 60 billion rupees ($734 million) to anchor investors as part of a wider follow-on equity issue by the Indian company. The company’s shares closed unchanged at 3,442 rupees on Jan. Bidders included the Abu Dhabi Investment Authority (ADIA). Although the scheme still pops up – India’s Tata Steel [(TISC.NS)](https://www.reuters.com/companies/TISC.NS) used it in 2018 and Reliance Industries [(RELI.NS)](https://www.reuters.com/companies/RELI.NS) in 2020 – such instruments are unfashionable because they create an uncertain liability. The company on Jan. In good times, the buy-now-pay-later approach might boost the effective rewards on the stock for investors, who have the option to temporarily park the rest of the money they owe elsewhere. It is a milestone for the world’s third-richest man and his $230 billion infrastructure empire as it fights off concerns about debt, transparency and a cosy ownership structure, issues that were laid out in a [scathing attack](https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fhindenburgresearch.com%2F%3Fp%3D2376&data=05%7C01%7CThomas.Shum%40thomsonreuters.com%7C92f0aa2afedd4a29b5eb08daff35af09%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C638102903286784529%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=Q2btsGGzdBusFgkq6k8kSC8UuEnpN8sAkzx9VAOlIcY%3D&reserved=0) on Wednesday by short seller Hindenburg Research. [buy-now-pay-later approach](https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.breakingviews.com%2Fconsidered-view%2Freliance-makes-clever-use-of-buy-now-pay-later%2F&data=05%7C01%7CThomas.Shum%40thomsonreuters.com%7C92f0aa2afedd4a29b5eb08daff35af09%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C638102903286784529%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=%2BhHASFg8aU6JfrmQ8pYo1K5%2BZbrTOzKlMLNFf%2FbhXHc%3D&reserved=0) to lure investors by asking for only 50% of funds upfront. Investors are able to sell their partly paid shares any time before the final call date for funds, which is sometimes more than one year in the future.

BENGALURU - Hindenburg Research said it held short positions in India's Adani Group, accusing the conglomerate of improper use of offshore tax havens and ...

"Equity share pledges are an inherently unstable source of lending collateral," it said in the report. Last year, the Adani Group bought cement firms ACC and Ambuja Cements from Switzerland's Holcim for $10.5 billion. While the report later corrected some calculation errors, CreditSights said it continued to be concerned about Adani Group's leverage. Collectively, the seven listed group companies lost $10.73 billion in market capitalisation. 21 "Nobody has raised debt concerns to us. Adani has repeatedly dismissed debt concerns.

Adani Group said on Thursday it is evaluating "remedial and punitive action" under U.S. and Indian laws against short-seller Hindenburg Research, ...

24 report questioned how the Adani Group, which is led by Gautam Adani, the world's third richest person according to Forbes, has used offshore entities in offshore tax havens such as Mauritius and the Caribbean Islands. The volatility in Indian stock markets created by the report is of great concern," it added. Founded by Nathan Anderson in 2017, Hindenburg says it looks for "man-made disasters" in companies, such as accounting irregularities and mismanagement. In a statement to Indian exchanges, Adani Group head of legal, Jatin Jalundhwala, called the report by the U.S. Shares in seven listed group companies of Adani lost $10.73 billion in market capitalisation in India on Wednesday after Hindenburg released the report, which also said it held short positions in the conglomerate through its U.S.-traded bonds and non-Indian-traded derivative instruments. and Indian laws against short-seller Hindenburg Research, which

The group's founder Gautam Adani dropped to fourth on the list of the world's richest people as the conglomerate's listed companies continue to be hit by a ...

[our estimates](https://www.forbes.com/profile/gautam-adani-1/?list=rtb/&sh=260f0eff5b0e) Adani Group founder, Gautam Adani’s current net worth stands at $119.1 billion, down by more than $6.5 billion in the past 24 hours. In an emailed statement, Adani Group Legal Head Jatin Jalundhwala said the company was “evaluating the relevant provisions” under both U.S. [Adani Group Shares Slide After Hindenburg Alleges ‘Largest Con In Corporate History’](https://www.forbes.com/sites/siladityaray/2023/01/25/adani-group-shares-slide-after-hindenburg-alleges-largest-con-in-corporate-history/?sh=55bdcd0e3564) (Forbes) [Hindenburg vs Adani: The Short Seller Taking on Asia's Richest Person](https://www.bloomberg.com/news/articles/2023-01-26/short-seller-nate-anderson-s-hiindenburg-is-targeting-billionaire-gautam-adani?srnd=premium-asia#xj4y7vzkg) (Bloomberg) [disclosed](https://www.forbes.com/sites/siladityaray/2023/01/25/adani-group-shares-slide-after-hindenburg-alleges-largest-con-in-corporate-history/?sh=55bdcd0e3564) a short position against the Adani Group’s listed companies in a report published on Tuesday evening while accusing the company of engaging in “brazen stock manipulation and accounting fraud scheme over the course of decades.” The report made a series of scathing accusations including the alleged use of offshore shell companies for “stock manipulation” and “laundering money” through Adani Group’s private companies, onto the books of listed firms “in order to maintain the appearance of financial health and solvency.” The Adani Group has vehemently denied the accusations labeling them as “a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts.” [report](https://www.forbes.com/sites/siladityaray/2023/01/25/adani-group-shares-slide-after-hindenburg-alleges-largest-con-in-corporate-history/?sh=55bdcd0e3564) calling it “maliciously mischievous [and] [disclosed short positions](https://www.forbes.com/sites/siladityaray/2023/01/25/adani-group-shares-slide-after-hindenburg-alleges-largest-con-in-corporate-history/?sh=55bdcd0e3564) against the group’s companies and accused the company’s founders of engaging in stock manipulation and fraud.

The group's founder Gautam Adani dropped to fourth on Forbes' list of the world's richest people, as the conglomerate's listed companies continue to be hit ...

[our estimates](https://www.forbes.com/profile/gautam-adani-1/?list=rtb/&sh=260f0eff5b0e), Adani Group founder Gautam Adani’s net worth stands at $119.1 billion as of Thursday, down more than $6.5 billion in the past 24 hours. [Adani Group Shares Slide After Hindenburg Alleges ‘Largest Con In Corporate History’](https://www.forbes.com/sites/siladityaray/2023/01/25/adani-group-shares-slide-after-hindenburg-alleges-largest-con-in-corporate-history/?sh=55bdcd0e3564) (Forbes) [Jeff Bezos Surpasses Billionaire Gautam Adani As World's Third-Richest Person After Short Seller's Scathing Report](https://www.forbes.com/sites/jonathanponciano/2023/01/25/jeff-bezos-surpasses-billionaire-gautam-adani-as-worlds-third-richest-person-after-short-sellers-scathing-report/?sh=53fe547c60f8) (Forbes) [Hindenburg vs Adani: The Short Seller Taking on Asia's Richest Person](https://www.bloomberg.com/news/articles/2023-01-26/short-seller-nate-anderson-s-hiindenburg-is-targeting-billionaire-gautam-adani?srnd=premium-asia#xj4y7vzkg) (Bloomberg) In an emailed statement, Adani Group Legal Head Jatin Jalundhwala said the company was “evaluating the relevant provisions” under both U.S. [disclosed](https://www.forbes.com/sites/siladityaray/2023/01/25/adani-group-shares-slide-after-hindenburg-alleges-largest-con-in-corporate-history/?sh=55bdcd0e3564) a short position against Adani Group’s listed companies in a report published Tuesday evening, while accusing the company of engaging in “brazen stock manipulation and accounting fraud scheme over the course of decades.” The report made a series of scathing accusations, including the alleged use of offshore shell companies for “stock manipulation” and “laundering money” through Adani Group’s private companies, onto the books of listed firms “in order to maintain the appearance of financial health and solvency.” Adani Group has vehemently denied the accusations as “a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts.” On Wednesday, Adani [ceded](https://www.forbes.com/sites/jonathanponciano/2023/01/25/jeff-bezos-surpasses-billionaire-gautam-adani-as-worlds-third-richest-person-after-short-sellers-scathing-report/?sh=53fe547c60f8) the number three spot on the world’s richest list to Amazon founder Jeff Bezos, due to the sharp drop in his companies’ stocks. [disclosed short positions](https://www.forbes.com/sites/siladityaray/2023/01/25/adani-group-shares-slide-after-hindenburg-alleges-largest-con-in-corporate-history/?sh=55bdcd0e3564) against the group’s companies and accused the firm’s founders of engaging in stock manipulation and fraud.

OVER the past few years, Nathan Anderson has made a name with analysis that sends stocks sinking.

Asia's richest man amassed billions thanks in part to his longstanding ties to Prime Minister Modi. Now his fortune is falling amid allegations of ...

However, land is a state subject, so it is the state government—Modi's in this case—that had identified and allocated the land. Jaam, who has a family of six in Tagadi, takes a loan of maybe $2,000 prior to the fishing season to repair his nets and otherwise get ready. In an e-mailed response to questions, a spokeswoman for Adani Group said it had been allotted government land after following all established processes and used valuations applicable at the time, ahead of subsequent improvements. Once sucked in it's kept in a reservoir from where it's pumped into the turbines to generate electricity and eventually is pumped back out. And as noted, Adani is not the sole beneficiary of Modi's blessings. It also said the company should reconstruct both the channels that are used to take in and send back the water, as well as repair or construct anew the reservoir with impervious lining at the bottom and sides. Ghadavi, 30, blames the decrease in output on the saline water and the fly ash from the Adani power plant that has polluted the groundwater tables and broken the pollination process. 609](http://www.forbes.com/profile/gautam-adani/) in the world with an estimated worth of $2.8 billion, [Adani](http://www.forbes.com/profile/gautam-adani/) runs India's largest port, a power company and a commodities trading business. For miles at a stretch the chimneys of the two power plants are visible against the horizon. A large chunk of [his business](http://www.adani.com/) is located in Gujarat, and the government under [Modi](http://www.narendramodi.in/), who has been running the state since 2001 and now is the favored prime ministerial candidate in the national elections this spring, has been more generous to Adani than to any other industrialist there. It is one that, whatever Modi may now be saying on the campaign trail against crony capitalism and on behalf of the downtrodden, is even less mindful of environmental damage and villager prerogatives than are Indian land-use practices in general. In February he gave a speech touting the benefits of more open business competition in India.

Indian billionaire Gautam Adani hits back after fraud claims wipe billions off his company.

"The Security and Exchange Board of India [which regulates listed companies in India] will act only if there is a specific complaint sent to it. The report questioned the Adani Group's ownership of companies in offshore tax havens such as Mauritius and the Caribbean. This came days ahead of a planned sale of Adani Group shares to the public. It is led by Indian billionaire Mr Adani who is the world's fourth richest man, according to Forbes magazine. He added: "Is the Security and Exchange Board of India waiting for a public outcry to go in and clean up the market?" "Clearly, the report and its unsubstantiated contents were designed to have a deleterious effect on the share values of Adani Group companies as Hindenburg Research, by their own admission, is positioned to benefit from a slide in Adani shares."

The Adani Group said it's exploring legal action against US investor Hindenburg Research after the short seller released a report alleging “brazen” market ...

Companies linked to Indian billionaire Gautam Adani plan a detailed response Friday to a short seller's report that they labeled as “bogus,” according to ...

Nathan Anderson, the activist short seller behind Hindenburg Research, is going after his · Chancellor Olaf Scholz managed to secure the broad international ...

It’s a remarkable turn for Anderson as little Hindenburg has never swung at a company as big and powerful as Adani Group. Nathan Anderson, the activist short seller behind Hindenburg Research, is going after his An activist short seller is waging a war against Asia’s richest person, Germany Chancellor Scholz’s reputation may be at risk and Tesla reported better results.

Several top investment banks will have to review the due diligence underlying their relationships with an important client after Adani Group, the Indian ...

To unlock this article: Unlock this article.

It has said it is exploring legal action against Hindenburg Research, having called its report “maliciously mischievous”. Read more at straitstimes.com.

A raft of bonds tied to Adani Group companies fell on Wednesday following the Hindenburg Research report, before stabilising on Thursday. It also said on Thursday that it will demand documents in a legal discovery process if the Adani Group files a lawsuit in the United States against the short-seller for its report. The group said it would publish a more detailed reply to Hindenburg’s 100-page dossier on Friday.

BENGALURU : Adani Group said on Thursday it is evaluating "remedial and punitive action" under U.S. and Indian laws against short-seller Hindenburg Research ...

The report coincided with Adani's upcoming US$2.5 billion secondary share sale on Friday. The report had "adversely affected the Adani Group, (its) shareholders and investors" Jalundhwala said, adding that "the volatility in Indian stock markets created by the report is of great concern". Adani's US bonds also fell.

Billionaire investor William Ackman in a tweet on Thursday said that he found short-seller Hindenburg Research's report on Adani Group "highly credible and ...

nor have we done our own independent research," Ackman said in a tweet. Jan 26 (Reuters) - Billionaire investor William Ackman in a tweet on Thursday said that he found short-seller Hindenburg Research's report on Adani Group "highly credible and extremely well researched." Shares in seven listed group companies of Adani lost $10.73 billion in market capitalisation in India on Wednesday after Hindenburg released the report, which accused the conglomerate of improper use of offshore tax havens and also said it held short positions in the company through its U.S.-traded bonds and non-Indian-traded derivative instruments.

Hindenburg Research accusations denied by Adani as 'baseless' while activist investor claims legal action will reveal accounting fraud.

The billionaire US investor Bill Ackman said in a tweet he found the Hindenburg report to be “highly credible and extremely well researched”. It has accused Adani of loading companies with debt that puts the entire group on a “precarious financial footing”. Those same companies fell further in early trading on Friday, after Indian markets were shut on Thursday, creating selling momentum. The statement said Adani was disturbed by the “intentional and reckless attempt” of a foreign entity to mislead investors and the general public and sabotage the public offering. Adani has threatened to seek “remedial and punitive” action against Hindenburg over what it said was a “maliciously mischievous, unresearched report”. Hindenburg said in a statement that Adani had not responded to any of the substantive issues raised in its report that accused the company of engaging in a “brazen stock manipulation and accounting fraud scheme”.

Global investment banks have cashed in on the Adani Group's voracious appetite for debt. Now their client is accused of pulling off 'the largest con in ...

“Hopefully these significant allegations will finally help all banks wake up to the risks of financing Adani.” Wall Street only began to really warm up to Adanis when he sought financing for Adani Green Energy, the conglomerate’s renewable energy subsidiary, according to Tim Buckley, a former investment banker at Citigroup and director at Australia-based Climate Energy Finance, who has been studying the Adani Group for over a decade. That offshore holding effectively allowed Adani Green to skirt Indian regulations that require listed companies to maintain a non-promoter public float of at least 25%, alleges Hindenburg. [report](https://hindenburgresearch.com/?p=2376), which alleges that the Adani Group and its principals have engaged in a years-long scheme of fraud and stock market manipulation. In recent years however, U.S and European-based investment banks have stepped up to help the Adani Group raise billions of dollars through equity sales, refinancings and U.S. These figures do not include the Adani Group’s debt issued in Rupees and other currencies. “Banks are willing to take a long-term view as these are much required assets for the country with assured returns," K. Hindenburg homed in on several loans between Adani entities, including a $253 million loan from a Mauritius-based shell company – which appears to be controlled by Guatam Adani’s brother, Vinod Adani – to a private Adani-owned entity, which then lent $138 million to Adani Enterprises, a publicly traded company. In addition to the Adani Group’s “relationship” banks, J.P. Founded in the 1980s as a commodities trading firm, the Adani Group has grown into a $23 billion (annual sales) conglomerate with seven publicly-traded firms involved in energy, industrial and logistics businesses across India. The conglomerate’s focus on real infrastructure projects – with their reliable cash flows – were part of the draw. One of these companies, Adani Ports & Special Economic Zone - which receives preferential tax treatments - was responsible for half the debt raised.