Adani

Hindenburg accused the Adani Group of “brazen stock manipulation and accounting fraud” in a report last week. Read more at straitstimes.com.

Retail investors had bid for 3 per cent of the shares on offer for them, while the company’s employees bid for 10 per cent of the shares for their category. “The risk-reward for Indian markets has just taken a turn for the worse,” said Charu Chanana, a strategist at Saxo Capital Markets. Institutional investors bid for 4,576 shares, a fraction of the 12.8 million on offer. Shares of all Adani Group firms slumped on Monday despite the Indian conglomerate’s lengthy weekend rebuttal to allegations of fraud by short seller Hindenburg Research. Overall subscription for the share offer by Adani Enterprises, which closes on Tuesday, was at just 2 per cent as of 13..42pm in Mumbai on Monday. “How does a group that big explain no analyst coverage and no mutual fund holdings?”

BILLIONAIRE Gautam Adani's 413-page attempt to restore confidence in his business empire is falling flat with investors, as stock-market losses deepen and ...

U.S. dollar-denominated bonds issued by Adani Sport and Special Economic Zone continued their fall into a second week with the bond maturing in August 2027 down ...

Register for free to Reuters and know the full story short seller which triggered a rout in the conglomerate's listed firms. [(APSE.NS)](https://www.reuters.com/companies/APSE.NS), Adani Transmission [(ADAI.NS)](https://www.reuters.com/companies/ADAI.NS) and Adani Electricity Mumbai also fell.

Adani Group has published a detailed rebuttal running to more than 400 pages against allegations of fraud made by a US investment firm, calling the short ...

The long rebuttal sought to reassure investors about the group’s debt, banking relationships and corporate governance practices. Investors were betting on the self-made industrialist’s ability to grow his businesses in sectors that Modi had prioritized for development. “Adani Group has attempted to conflate its meteoric rise and the wealth of its Chairman, Gautam Adani, with the success of India itself,” it said in a post on The infrastructure tycoon’s net worth has also plummeted by some $30 billion, according to the [Bloomberg Billionaires Index](https://www.bloomberg.com/billionaires/profiles/gautam-s-adani/). In its response, the Adani Group portrayed the US short seller’s report as an “attack” on India and its investors. In its long and angry response published on Sunday, the Adani Group called Hindenburg’s allegations “baseless and discredited” and said the research firm had an “ulterior motive.”

State-run Life Insurance Corporation (LIC) , India's largest insurer, is reviewing Adani Group's response to scathing criticism by a U.S. short-seller and ...

"We have to gather all the information, clarifications; and a further call will be taken after that. If we believe the concerns are not addressed, we will seek further clarification from them. "We will also see if the concerns are addressed. "Presently there is a situation that's emerging and we are not sure what is the factual position ... short-seller and will hold talks with the group's management within days to seek clarifications. It added that Adani debt securities held by LIC were rated AA and above, which was in compliance with India's investment regulations for life insurance companies. Kumar's comments came after Adani said in a statement late on Sunday that its "strategic and long-term investors have reposed complete faith and confidence in the group". [(ADEL.NS)](https://www.reuters.com/companies/ADEL.NS) as of end-December, more than 9% in Adani Ports and Special Economic Zone [(APSE.NS)](https://www.reuters.com/companies/APSE.NS), nearly 6% in Adani Total Gas [(ADAG.NS)](https://www.reuters.com/companies/ADAG.NS) and 3.65% in Adani Transmission [(ADAI.NS)](https://www.reuters.com/companies/ADAI.NS), data from the Bombay Stock Exchange shows. We will engage with them in a day or two and seek their views and clarification." Register for free to Reuters and know the full story Since we are a large investor, we have the right to ask relevant questions and we will definitely engage with them," LIC Managing Director Raj Kumar told Reuters. "Of course, we are studying the 413-page reply given by Adani Group," Kumar said on Monday about the group's response to concerns raised by Hindenburg.

The German economy unexpectedly contracted in the last quarter of 2022 as high gas prices and rising borrowing costs squeezed demand. Gross domestic product ...

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BILLIONAIRE Gautam Adani's 413-page attempt to restore confidence in his business empire is falling flat with investors, as stock-market losses deepen and ...

Abu Dhabi-based International Holding Co. said it will invest 1.4 billion dirhams ($400 million) in the $2.5 billion follow-on share sale floated by Indian ...

Chairman of Indian conglomerate Adani Group, Gautam Adani, speaks at the World Congress of Accountants in Mumbai on Nov. 19, 2022. Indranil Mukherjee—AFP/Getty ...

[413-page rebuttal](https://www.adani.com/-/media/Project/Adani/Invetsors/Adani-Response-to-Hindenburg-January-29-2023.pdf?la=en) to the allegations on Sunday. Yet the risk of contagion and decimated confidence in Indian bourses remains very real. Tellingly, perhaps, the Adani Group’s rebuttal has already played the nationalism card, On Friday, shares of India’s banks and the Life Insurance Corporation of India plunged. Since that time, Adani’s wealth has risen from an estimated $7 billion to $120 billion, according to the [environmental scrutiny group AdaniWatch](https://www.adaniwatch.org/perceived_climate_of_impunity). “The Indian banking system is relatively insulated from any potential downside risks,” CLSA said. He later dabbled in precious gems before his big break with the development of a deep-water port at Mundra, which today is India’s “This has created a major risk now, not only for the Adani Group, but for the entire [Indian] market,” says Hemindra Hazari, an independent banking and economics analyst. He was born to a Gujarat textile merchant and, after dropping out of university, spent his early career as a scooter-riding plastics trader. The pair are known to be close associates since the 1990s and Modi According to the Hindenburg report, “issues of corruption permeate multiple layers of government,” especially calling out the Securities and Exchange Board of India, or SEBI. It’s reportedly the worst financial blow ever experienced by an Asian billionaire and knocked him from third to ninth in the global rich list.

MALAYSIA'S Maybank does not face any financial impact from its subscription to Indian conglomerate Adani Enterprises' share offering, the bank said on ...

Adani Group releases 413-page rebuttal to allegations made by Hindenburg Research.

The Adani Group, the Indian conglomerate run by Asia's wealthiest man, has gone on the offensive to fight fraud allegations by an American investor.

(NYT) (Stereogum) (Politico) (Insider) (FT) de la Merced](https://www.nytimes.com/by/michael-j-de-la-merced), [Lauren Hirsch](https://www.nytimes.com/by/lauren-hirsch) and (WSJ) (Bloomberg) [“main driving force”](https://www.ft.com/content/851f52d5-9423-419f-aecd-e0c7bf4908ef) of China’s economy. (A Pentagon representative told NBC News, “These comments are not representative of the department’s view on China.”) [hired Hein Schumacher](https://www.ft.com/content/d6fe2f07-641b-43c9-b44f-33877256bff5), who is also the head of a Dutch dairy cooperative, as its chief executive. [413-page rebuttal](https://twitter.com/anu1122/status/1619744903696879620) to the fraud accusations by Hindenburg Research, a small New York-based firm run by Nathan Anderson.

ABU DHABI - International Holding Co (IHC), which is controlled by a key member of Abu Dhabi's royal family, said it will invest 1.4 billion dirhams (S$525 ...

Shares of IHC fell by as much as 5.2 per cent on Monday before erasing all losses by the close. Adani Group issued a 413-page rebuttal on Sunday, but the face-off has wiped US$68 billion off the market value of its stocks. In 2022, the firm invested almost US$2 billion in Mr Adani’s companies.

Abu Dhabi conglomerate International Holding Company on Monday said it would invest 1.4 billion dirhams ($381.17 million) in Adani Enterprises' follow-on ...

It has seen a meteoric rise to dominate Abu Dhabi's stock market, with two of its subsidiaries among the top four companies by valuation. Register for free to Reuters and know the full story "The advantage of the FPO (follow-on offer) is the historical reference for the company's earnings report, company's management, business practices, and much data to bank on before making any investment decision," Shueb said in a statement, which did not mention the Hindenburg report or its impact. [flagged concerns](/business/indias-adani-kicks-off-245-bln-share-sale-while-under-short-seller-attack-2023-01-27/) about Adani Group's debt levels and the use of tax havens. "Our interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises Ltd; we see a strong potential for growth from a long-term perspective and added value to our shareholders," IHC CEO Syed Basar Shueb said in a statement. [(IHC.AD)](https://www.reuters.com/companies/IHC.AD) on Monday said it would invest 1.4 billion dirhams ($381.17 million) in Adani Enterprises' [(ADEL.NS)](https://www.reuters.com/companies/ADEL.NS) follow-on public offer.

Opposition parties intend to bring up the issue in parliament · Billionaire widely seen to have close ties with Indian PM Modi.

Allegations of stock manipulation and accounting fraud from New York-based investor Hindenburg Research against Adani Group are piling pressure on the ...

The closely held firm specializes in forensic financial research, according to its website. It described the short seller’s conduct as “nothing short of a calculated securities fraud under applicable law.” The group said it would “exercise our rights to pursue remedies to safeguard our stakeholders before all appropriate authorities.” Hindenburg then said Adani’s response ignored all its key allegations and was “obfuscated by nationalism.” Adani was born to a small textile merchant family in 1962 in the western industrial state of Gujarat. Hindenburg also said it had taken a short position — basically a bet that the stock price would go down — in Adani’s companies through US-traded bonds and non-Indian-traded derivatives. Adani Group today comprises half a dozen major companies with interests ranging from energy to transportation and infrastructure development. Anderson’s firm — technically a research and trading outfit, not a hedge fund with outside investors — is less than five years old and wagers its own money in the markets. Even in Manhattan’s financial circles, Anderson is hardly a big name. Gautam Adani became Asia’s richest man last year and was second only to Elon Musk in the world at one point. Allegations of stock manipulation and accounting fraud from New York-based investor Hindenburg Research against Adani Group are piling pressure on the Indian conglomerate and its 60-year-old founder. While his net worth took a beating in the days after Hindenburg’s report was published on Jan. The alignment extends to foreign affairs. Among the allegations:

Conglomerate's decision is a boost to business empire rocked by fraud allegations.

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Gautam Adani has become one of India's most visible tycoons, the rise of his business empire closely associated with the fortunes of its economy.

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Adani Group calls Hindenburg Research the "Madoffs of Manhattan". TS Lombard expects some selling in India, but not long lasting.

Adani is not the norm. They told clients to dump the company’s stocks on Monday, saying Adani is running a “corporate con”. ](https://www.reuters.com/business/trading-shares-china-evergrande-units-halted-hkex-2022-03-21/)China stocks did fall on that news, but Zero Covid policy had as much to do with that sadsack market than Evergrande. For Deveshwar, “markets will stabilize in coming months.” [BLK](https://www.forbes.com/companies/blackrock) [iShares MSCI India](https://www.ishares.com/us/products/239659/ishares-msci-india-etf#/) (INDA [INDA](https://www.forbes.com/investment-funds/inda/) [Wisdom Tree India Earnings Fund ](https://www.wisdomtree.com/investments/etfs/equity/epi)(EPI). Over the last two years, Adani Enterprises is like the Indian bitcoin, up 470.9% — which is, in fact, much better than bitcoin (-32.4% over two years). The MSCI China and the CSI-300 Index, which measures Shanghai and Shenzhen listed stocks, have been rising since October. Modi remains very popular in India. Investors should not consider this the Indian version of the [“Evergrande” real estate default](https://www.washingtonpost.com/business/why-china-evergrande-defaulted-and-what-happens-next-for-bondholders/2022/12/12/0211ad6e-7a08-11ed-bb97-f47d47466b9a_story.html) in China. EPI and INDA have moved pretty much in lockstep over the last 12 months. [latest target of emerging market](https://www.forbes.com/sites/siladityaray/2023/01/30/adani-groups-listed-shares-continue-to-slide-as-war-of-words-with-hindenburg-escalates/?sh=576db7097fa9) short sellers. It’s up 79% over the last year while both the India ETFs are down by 8.8%.

ABU Dhabi conglomerate International Holding Company (IHC) on Monday (Jan 30) said it will invest 1.4 billion dirhams (S$500 million) in Adani Enterprises' ...

An activist organization is asking bond investors to stop funding Adani Group unless the beleaguered Indian conglomerate “unequivocally halts its coal ...

But its debt has come under [intense scrutiny](https://www.bloomberg.com/news/articles/2023-01-30/adani-debts-enter-spotlight-as-dollar-bond-coupon-deadlines-loom) following a report by short seller Hindenburg Research, fixing investor attention in the months ahead on a string of bond interest deadlines. [looking to raise](https://www.bloomberg.com/news/articles/2022-10-21/gautam-adani-s-group-mulls-raising-10-billion-in-lower-cost-debt-green-bonds) at least $10 billion in new debt in 2023 to help refinance high-cost borrowings and fund projects in the pipeline, Bloomberg reported in October. [Adani Group](/quote/ADE:IN) unless the beleaguered Indian conglomerate “unequivocally halts its coal expansion” and adopts a plan to cut carbon emissions.

Indian conglomerate has suffered market losses of $68 billion following a critical report by a U.S. short seller.

suit since it has a long list of documents it would request as part of a discovery process.520 At the same time, Hindenburg has been careful to note that its bet against Adani is via U.S.-traded bonds and derivatives not traded in India, adding that its report "relates solely to the valuation of securities traded outside of India." The price range of the offering now exceeds the share price of Adani Enterprises amid investor concerns, while some dollar-denominated bonds issued by Adnani companies now trade below 70 cents per dollar of face value. After dropping out of college, Adani worked in the Mumbai diamond trade and then in plastics importing before launching his company. The first dismissed the critical report as "a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts." 4 The second called it an "intentional and reckless attempt by a foreign entity to mislead the investor community." Adani Group has said it's considering legal action, while Hindenburg has said it would welcome a U.S. Nikola founder Trevor Milton was later convicted of defrauding investors.111213 Hindenburg, which says its name evokes the man-made disasters its forensic accounting probes seek to uncover, said Adnani's response to its report "ignores every key allegation we raised" while appealing to nationalism.1415 24 report by Hindenburg Research, as shares of the seven Adani Group affiliates listed on India's stock market plunged.2 The two have been close, with Adani rallying political support for Modi. [stock offering](https://www.investopedia.com/terms/s/secondaryoffering.asp) by Adani Enterprises, the conglomerate's flagship company, falls short of its $2.5 billion fundraising goal at its scheduled conclusion on Tuesday. The clock is ticking for Gautam Adani as India's leading tycoon, and Asia's wealthiest person, confronts a U.S. The same shell entities engage in share manipulation and money laundering, according to Hindenburg.

Scrutiny of the debts of Adani Group companies has intensified following a report by short seller Hindenburg Research, fixing investor attention in the ...

Companies owned by one of the world's richest men – multi-billionaire Gautam Adani – and planning some of India's most ambitious renewable energy and ...

[“the largest green hydrogen ecosystem in the world”](https://www.rechargenews.com/energy-transition/worlds-largest-green-hydrogen-ecosystem-tycoon-adani-and-oil-giant-totalenergies-link-for-50bn-india-spree/2-1-1237555). [made its own series of multi-billion-dollar forays](https://www.rechargenews.com/energy-transition/asias-richest-man-unveils-10bn-giga-plan-to-turn-indias-reliance-into-clean-energy-major/2-1-1030616) into the energy transition. [produce the world’s cheapest green H2](https://www.rechargenews.com/energy-transition/well-spend-70bn-on-renewables-and-make-worlds-cheapest-green-hydrogen-indian-billionaire-adani/2-1-1097901).

The funding comes as billionaire Gautam Adani seeks to restore trust in his empire after a US$70 billion market rout. Read more at straitstimes.com.

The company has not been included in the global MSCI index and is not covered by any stock analysts tracked by Bloomberg. “These factors could have played a big role in compelling IHC to invest further in the Adani Group.” IHC, whose market capitalisation has rocketed to US$239 billion since 2019, is controlled by the Royal Group, a conglomerate that lists Sheikh Tahnoun bin Zayed al Nahyan – the UAE’s national security adviser and brother to the President – as its chairman. Last Friday, in the wake of the Hindenburg report, IHC said its business decisions were based on facts and analysis. The move builds on an April investment in which Adani Enterprises raised 77 billion rupees (S$1.24 billion) by issuing preferential shares to IHC. Adani Group issued a 413-page rebuttal on Sunday, but its efforts to restore confidence appear to be falling flat with many investors, as stock market losses deepened and key US dollar bonds sank to fresh lows.

What has set the country apart from its emerging-market peers is the transparency of its markets and quality of its market regulator.

Dollar bonds issued by entities of India's Adani Group rose on Tuesday after a sharp dive in the past few days following a scathing report by a U.S. short ...

Federal Reserve policy decision later this week amid hopes of a less-aggressive rate hike. [(APSE.NS)](https://www.reuters.com/companies/APSE.NS), Adani Transmission [(ADAI.NS)](https://www.reuters.com/companies/ADAI.NS) and Adani Electricity Mumbai also edged higher. short seller that triggered a rout in the conglomerate's listed firms.

Adani Group companies rebounded in the dollar bond market after some dropped to record lows the day before, following a vote of confidence in the Indian ...

At least five other Adani group bonds rose by more than 1 cent on Tuesday. A note from one of the group’s key units, Adani Ports & Special Economic Zone Ltd., rose 3.4 cents on the dollar to 68.8 cents as of 9:47 a.m. That pares its drop since US-based short seller Hindenburg Research last week alleged “accounting fraud” at Adani group to about 10 cents.

Tuesday marks a critical day for Asia's richest man Gautam Adani as his flagship firm closes books on a 200-billion rupee ($2.5 billion) share sale amidst ...

Overall [subscription](https://www.bseindia.com/markets/publicIssues/CummDemandSchedule.aspx?ID=6017&status=L) for the offer, India’s largest follow-on equity sale, stood at just 3% as of end Monday. [Adani Enterprises Ltd.](/quote/ADE:IN) have plunged about 7% below the floor price set for the follow-on equity sale owing to a broad three-day selloff that’s erased more than [$68 billion](https://www.bloomberg.com/news/articles/2023-01-30/most-adani-stocks-drop-as-rebuttal-draws-hindenburg-response) of market value from Adani Group companies. Tuesday marks a critical day for Asia’s richest man Gautam Adani as his flagship firm closes books on a 200-billion rupee ($2.5 billion) share sale amidst the turmoil triggered by short-seller Hindenburg Research.

Abu Dhabi conglomerate International Holding Company on Monday (Jan 30) said it would invest 1.4 billion dirhams (US$381.17 million) in Adani Enterprises' ...

It has seen a meteoric rise to dominate Abu Dhabi's stock market, with two of its subsidiaries among the top four companies by valuation. "The advantage of the FPO (follow-on offer) is the historical reference for the company's earnings report, company's management, business practices, and much data to bank on before making any investment decision," Shueb said in a statement, which did not mention the Hindenburg report or its impact. "Our interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises; we see a strong potential for growth from a long-term perspective and added value to our shareholders," IHC CEO Syed Basar Shueb said in a statement.

Make sense of the market with highlights of the latest news and trends in global financial markets. Sign up. More from Reuters ...

Hindenburg said in its report it has shorted U.S.-bonds and non-India traded derivatives of the Adani Group. The Hindenburg report and its fallout have drawn global attention. The share sale needs at least 90% subscription to go through. dollar-denominated bonds issued by Adani Ports and Special Economic Zone Adani is now the world's eighth richest person, down from third ranking on Forbes' rich list last week. Adani has called the report baseless. The issue was subscribed 20% by Tuesday. 24 report from Hindenburg Research which flagged concerns about high debt levels and the use of tax havens, with cumulative losses now at $65 billion. [(IHC.AD)](https://www.reuters.com/companies/IHC.AD) said late on Monday [it will invest](https://bityl.co/GvFp) $400 million in the issue. Register for free to Reuters and know the full story [(ADAN.NS)](https://www.reuters.com/companies/ADAN.NS), Adani Green [(ADNA.NS)](https://www.reuters.com/companies/ADNA.NS) and Adani Total Gas [(ADAG.NS)](https://www.reuters.com/companies/ADAG.NS), were down 5%-10%, extending their falls after Adani's 413-page response to Hindenburg's allegations failed to boost investor confidence. [(ADEL.NS)](https://www.reuters.com/companies/ADEL.NS) shares rose on Tuesday, the last day for its $2.5 billion secondary share sale, with all eyes on whether the company can secure enough backing for the offering after a U.S.

The sprawling Adani Group has been rocked to its core in recent days after Hindenburg Research accused the conglomerate of widespread corporate malfeasance, ...

An analysis by Bloomberg Economics three years after Britain left the European Union paints a bleak picture of the damage done by the way the split has been ...

An analysis by Bloomberg Economics three years after Britain left the European Union paints a bleak picture of the damage done by the way the split has been implemented by the Conservative government. [£100 billion a year](https://www.bloomberg.com/news/articles/2023-01-31/brexit-is-costing-the-uk-100-billion-a-year-in-lost-output) ($124 billion), with the effects spanning everything from business investment to the ability of companies to hire workers. The UK’s £100 billion Brexit bill, the IMF raises its growth forecast and Abu Dhabi royals back Adani.

Gautam Adani's $2.4bn equity sale has received bids for just over 60 per cent of shares on offer as it enters its final hours, with the Indian billionaire ...

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The Indian tycoon has fallen from fourth place to 11th on the Bloomberg Billionaires Index. PHOTO: BLOOMBERG. GAUTAM Adani has slipped out of the list of ...

Gautam Adani has won a vote of confidence from a $400 million investment by International Holding Co. (IHC)—an Abu Dhabi-based conglomerate controlled by a ...

and Indian laws for “remedial and punitive action against Hindenburg Research.” The short seller’s report published on January 24 triggered a sell off in Adani Group companies and slashed founder Gautam Adani’s net worth by 30% to $88 billion, according to Forbes’ estimates. (IHC)—an Abu Dhabi-based conglomerate controlled by a key member of the United Arab Emirates’ royal family—into Adani Enterprises. The company said last week that it was “evaluating the relevant provisions” under both U.S. He is now ranked the world’s eighth richest person after holding the No. “Our interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises,” Syed Basar Shueb, CEO of IHC, said in a [Gautam Adani](https://www.forbes.com/profile/gautam-adani-1/?list=rtb/&sh=7707e5e85b0e) has won a vote of confidence from a $400 million investment by International Holding Co.

Adani Group's stock market slump entered its fourth session with losses widening to $74 billion, as a short seller's fraud allegations continued to haunt ...

The flagship Adani Enterprises Ltd., whose $2.5 billion follow-on share sale is scheduled to [close](https://www.bloomberg.com/news/articles/2023-01-31/adani-s-2-5-billion-share-offering-faces-critical-final-day) Tuesday, continued to defy the broader trend by adding another 2% after Monday’s 4.8% gain. Adani Total Gas Ltd.