Adani

Adani Group called off a $2.5 billion share sale as losses for the conglomerate's biggest firms snowballed to more than $100 billion in the wake of a U.S. ...

(India is) still a great long term story and getting cheaper now." "We are short the Nifty index but that's a trading view. "While the news overnight on Adani definitely is negative from a sentiment perspective, it doesn’t change our view that it is more of an idiosyncratic, rather than systemic event. "The decision on reversing on FPO has made even the neutral investors a bit nervous leading to higher sell orders in many of the group companies. In the domestic market, it’s not widely held, except for banks and banks do not mark-to-market and so we will not know the real impact until the debt comes due." "I think it's possible that there could be a bit of systemic risk. (Investors) benefited on the upside and are obviously dealing with the downside given current events. "We believe it has yet to reach an attractive level for us to move in. Adani may have started a confidence crisis in Indian shares and that could have broader market implications." We don’t have any exposure to high leverage type of companies – but that just goes to show the impact some bad news can do to expensive markets. Of course, if regulators and other authorities weigh and make some negative comments then we will be in another game. "Away from this, it is so far not clear how much contagion there will be – if any.

MUMBAI: The business empire of under-fire Indian tycoon Gautam Adani has lost more than $100 billion in value over the past week as shares in several firms ...

“Are they asking questions, demanding disclosures? Parliament was adjourned on Thursday morning after repeated interjections from lawmakers demanding the government grant a debate on Adani and the level of exposure by public-sector banks and financial institutions. Adani said it was the victim of a “maliciously mischievous” reputational attack and issued a 413-page statement on Sunday that it said showed Hindenburg’s claims were “nothing but a lie”. Hindenburg, which makes money by betting on stocks falling, said in response that Adani failed to answer most of the questions raised in its report. Adani himself insisted in a video statement that the “fundamentals of our company are very strong, our balance sheet is healthy and assets robust”. The Adani Enterprises board said in a statement that going ahead with the issue “would not be morally correct” and that it would refund all payments.

NEW DELHI — (AP) — Embattled Indian billionaire Gautam Adani said Thursday his conglomerate will review its plans for raising capital after calling off his ...

The stock losses on Wednesday cost Adani his title as the richest man in Asia and in India. The opposition parties were pushing for an investigation into the Adani Group by a parliamentary or a Supreme Court-appointed panel. Adani Enterprises said in a statement that it would withdraw the transaction and return the money to its investors. It said it judged the seven key Adani listed companies to have an "85% downside, purely on a fundamental basis owing to sky-high valuations." It listed 88 questions for the group to answer. But the share offering

The turmoil surrounding the Adani Group spilled into the Indian Parliament on Thursday with opposition parties demanding a probe into allegations made by ...

[report](https://www.forbes.com/sites/johnhyatt/2023/02/01/theres-evidence-that-the-adani-group-likely-bought-into-its-own-25-billion-share-sale/) from Wednesday. On Wednesday Bloomberg reported that Credit Suisse had made a similar decision about assigning zero value to bonds issued by three Adani Group entities. The Bloomberg report cites an internal memo that mentions the “dramatic price drop of Adani issued securities” as the reason behind the decision to assign zero lending value to its securities. [Indian Parliament](https://www.hindustantimes.com/india-news/adani-crisis-oppn-demands-probe-into-lic-sbi-exposure-endangering-savings-101675317209169.html) on Thursday, with both houses being briefly adjourned as Opposition parties demanded a probe into public sector financial institutes' exposure to Adani Group companies. She [tweeted](https://twitter.com/MahuaMoitra/status/1620838095351607296): “Too expensive to buy your own shares at ₹3200 when you can buy them from market at ₹2000! [There’s Evidence That The Adani Group Likely Bought Into Its Own $2.5 Billion Share Sale](https://www.forbes.com/sites/johnhyatt/2023/02/01/theres-evidence-that-the-adani-group-likely-bought-into-its-own-25-billion-share-sale/?sh=6b4c62974017) (Forbes) [Adani Enterprises Cancels $2.5 Billion Share Sale Amid Fraud Accusations](https://www.forbes.com/sites/johnhyatt/2023/02/01/adani-enterprises-cancels-25-billion-share-sale-amid-fraud-accusations/?sh=7fec65504ca2) (Forbes) [Adani Taps Indian Nationalist Fervor To Salvage His Empire—As He Slides Down Billionaire Ranks](https://www.forbes.com/sites/siladityaray/2023/01/31/adani-taps-indian-nationalist-fervor-to-salvage-his-empire-as-he-slides-in-billionaire-rankings/?sh=25c113ac75d3) (Forbes) [our estimates](https://www.forbes.com/profile/gautam-adani-1/?list=rtb/&sh=38b314275b0e), Gautam Adani’s current net worth stands at $65.3 billion—dropping by another $9.4 billion just on Thursday. [disclosed](https://www.forbes.com/sites/siladityaray/2023/01/25/adani-group-shares-slide-after-hindenburg-alleges-largest-con-in-corporate-history/?sh=48fc822a3564) a short position against the Adani Group and published a report accusing the conglomerate of engaging in “brazen stock manipulation and accounting fraud scheme over the course of decades.” The company has vehemently denied the allegations calling them “maliciously mischievous” and [labeling them](https://www.forbes.com/sites/siladityaray/2023/01/31/adani-taps-indian-nationalist-fervor-to-salvage-his-empire-as-he-slides-in-billionaire-rankings/) as an attack on India and its economy. Opposition lawmakers have criticized Prime Minister Narendra Modi and his party over their silence on the issue, with many taking an aim at Adani’s close ties to Modi. Adani’s fortune has shrunk by $61 billion since Hindenburg’s allegations against his companies became public. [report](https://www.bloomberg.com/news/articles/2023-02-02/citigroup-s-wealth-unit-halts-margin-loans-on-adani-securities?srnd=premium-asia), Citigroup has stopped accepting Adani Group’s securities as collateral against margin loans, purportedly becoming the second global financial institution to do so after [Credit Suisse](https://www.forbes.com/sites/siladityaray/2023/02/01/credit-suisse-reportedly-assigns-zero-lending-value-to-adani-group-bonds-following-hindenburg-allegations/). [video](https://twitter.com/ANI/status/1620978875567316993) addressing investors, Adani said the decision to withdraw his flagship firm’s follow-on public offering was taken due to the “volatility of the market” adding that it would not have been “morally correct” to go ahead under the circumstances.

Shares in Gautam Adani's businesses plunged further on Thursday after an attempt by the Indian billionaire to reassure panicking investors failed to halt a ...

[Reuters reported](https://edition.cnn.com/2023/02/01/business/adani-stocks-plunge-hindenburg-fraud-hnk-intl/index.html) Wednesday that the Securities and Exchange Board of India (SEBI) was examining the stock price falls and also looking into any possible irregularities in the abortive share sale, citing a source with direct knowledge of the matter. These range from asking for details on Adani’s offshore entities, to why it has “such a convoluted, interlinked corporate structure.” [Hindenburg Research](http://cnn.com/2023/01/30/business/nightcap-adani-hindenburg-explained/index.html), accused the conglomerate of fraud and manipulating stock markets. “The India story is looking weak” to foreign investors now, he added. They even staged a protest in India’s parliament on Wednesday while the country’s finance minister presented the annual budget. “ Shares in Adani Enterprises plunged 25% Thursday, while shares in his other companies fell 5% to 10%. The Adani Group said at the time that the “leverage ratios” of its companies “continue to be healthy and are in line with the industry benchmarks in the respective sectors. In his video address, Adani said the group’s fundamentals were “strong” and that it had an “impeccable track record of fulfilling” its debt obligations. The research firm questioned the “sky-high valuations” of Adani firms and said their “substantial debt” put the entire group “on a precarious financial footing.” It concluded its report with 88 questions. But it wasn’t enough to calm markets. “For me, the interest of my investors is paramount and everything is secondary,” the 60-year-old businessman said in a

NEW DELHI — (AP) — Embattled Indian billionaire Gautam Adani said Thursday his conglomerate will review its plans for raising capital after calling off his ...

The stock losses on Wednesday cost Adani his title as the richest man in Asia and in India. The opposition parties were pushing for an investigation into the Adani Group by a parliamentary or a Supreme Court-appointed panel. Adani Enterprises said in a statement that it would withdraw the transaction and return the money to its investors. It said it judged the seven key Adani listed companies to have an "85% downside, purely on a fundamental basis owing to sky-high valuations." It listed 88 questions for the group to answer. But the share offering

Adani Group losses have now surpassed $100 billion since the Jan. 24 publication of a scathing short seller's report. · Market turmoil pushed Adani Enterprises ...

The swift share decline of Adani Group companies has sparked concerns over broader systemic risk to Indian markets. Total loss ($bn) Adani Wilmar Adani Power Total loss (%) Adani Transmission Adani Total Gas Adani Ports Market cap ($bn Feb 2) Adani Enterprises Market cap ($bn Jan 24) Adani Green Energy

As a corporate governance crisis deepens with Indian billionaire Gautam Adani's business empire, a broader range of assets tied to the world's ...

We may earn a commission from links on this page. The troubles of India's Adani group, battling allegations of fraud made by US-based Hindenburg ...

It’s also being reported that India’s markets regulator the Securities and Exchange Board of India may initiate [a probe against the Adani group](https://www.moneycontrol.com/news/business/markets/sebi-examining-adani-share-rout-hindenburg-9984991.html). [Reuters reported published today](https://www.reuters.com/business/finance/citigroup-wealth-unit-stops-margin-loans-against-india-adanis-securities-source-2023-02-02/). He said he wouldn’t find it “surprising if the Adani group offering was rigged with affiliated buyers in addition to some real institutional participants like [Abu Dhabi’s International Holding Company](https://www.moneycontrol.com/news/companies-2/abu-dhabis-ihc-invests-400-million-in-adani-enterprises-fpo-9963381.html).” It’s indeed dreaming big as it lacks the operational wherewithal to do so,” said Others, too, are convinced that despite the billionaire’s assurance, things look tough for Adani. ...but it is just not about the FPO The FPO’s cancellation was unexpected despite a massive market rout in Adani stocks since Jan. 1) night, the group’s flagship entity shocked investors by calling off its $2.5 billion (Rs 20,000 crore) fully subscribed follow-on public offer (FPO) that had opened on Jan. But this didn’t soothe the markets’ nerves. Gautam Adani’s net worth itself has dipped by $23.4 billion to $65.3 billion, [regulatory filing](https://www.bseindia.com/xml-data/corpfiling/AttachLive/8e2c9f40-730f-444a-a65f-432194e81edc.pdf) (pdf), Adani Enterprises said it will refund the FPO’s proceeds. Late yesterday (Feb.

Here's a timeline of how Indian billionaire Gautam Adani has seen his fortune shrink by $51.7 billion in the past week as his group of companies have had to ...

[reported](https://www.reuters.com/world/india/india-govt-touch-with-market-regulator-adani-group-source-2023-02-01/) that it was in touch with the Securities and Exchange Board of India (SEBI) on the matter. On Thursday the Reserve Bank of India (RBI) [sought details](https://indianexpress.com/article/business/rbi-asks-countrys-banks-details-of-exposure-adani-group-sources-8419306/) from domestic banks about their exposure to Adani Group—including collateral used to back any loans to the conglomerate. The billionaire’s statement fails to assuage the markets pushing Adani down to 16th Forbes’ list of the world’s richest people with an estimated net worth of $64.2 billion. 15 on the list of the world’s richest people with an estimated net worth of $74.7 billion. [Adani Taps Indian Nationalist Fervor To Salvage His Empire—As He Slides Down Billionaire Ranks](https://www.forbes.com/sites/siladityaray/2023/01/31/adani-taps-indian-nationalist-fervor-to-salvage-his-empire-as-he-slides-in-billionaire-rankings/?sh=6c3cd56375d3) (Forbes) [Gautam Adani Is No Longer Asia’s Richest Person As His Empire Takes A Major Hit Following ‘Corporate Con’ Accusations](https://www.forbes.com/sites/siladityaray/2023/02/01/controversy-embroiled-gautam-adani-loses-asias-richest-title-to-mukesh-ambani/?sh=51d4450f6765) (Forbes) [Who Is Gautam Adani, The Indian Billionaire That Short Seller Hindenburg Says Is Running A ‘Corporate Con’?](https://www.forbes.com/sites/forbeswealthteam/2023/01/26/who-is-gautam-adani-the-indian-billionaire-that-short-seller-hindenburg-says-is-running-a-corporate-con/?sh=2abd5ed1d535) (Forbes) On Wednesday evening, Reuters [first public remarks](https://www.forbes.com/sites/siladityaray/2023/02/02/gautam-adani-addresses-scrapped-public-offering-in-first-public-remarks-since-hindenburg-allegations/) since Hindenburg’s allegations Adani addresses the [cancellation](https://www.forbes.com/sites/johnhyatt/2023/02/01/adani-enterprises-cancels-25-billion-share-sale-amid-fraud-accusations/) of his flagship firm’s $2.5 billion follow-on offering saying it would been morally incorrect to proceed amid market volatility. and Indian laws for “remedial and punitive action against Hindenburg Research.” There’s no change in Adani’s net worth as Indian markets remain closed for Republic Day. Adani [loses the title](https://www.forbes.com/sites/siladityaray/2023/02/01/controversy-embroiled-gautam-adani-loses-asias-richest-title-to-mukesh-ambani/) of Asia’s richest person to compatriot Mukesh Ambani, and slides down to No. [institutional investors](https://www.forbes.com/sites/johnhyatt/2023/01/31/gautam-adanis-middle-eastern-allies-help-him-shrug-off-fraud-allegations-wealth-plunge/?sh=1efd5a9d6287) and [other Indian billionaires](https://www.bloomberg.com/opinion/articles/2023-02-01/adani-share-offer-how-india-s-billionaires-banded-together). [discloses](https://www.forbes.com/sites/siladityaray/2023/01/25/adani-group-shares-slide-after-hindenburg-alleges-largest-con-in-corporate-history/?sh=296947693564) a short position against Adani Group’s listed companies and publishes a report that accuses the Indian conglomerate of engaging in “brazen stock manipulation and accounting fraud scheme over the course of decades.”

Lord Jo Johnson, the former Conservative minister and brother of former UK prime minister Boris Johnson, has resigned as a director of Elara Capital, ...

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Mr Adani's group has seven publicly traded companies which operate across a wide range of sectors, including commodities trading, airports, utilities, ports and renewable energy. Many Indian banks and state-owned insurance companies have either ...

Ratings agency Moody's unit ICRA has [said](https://www.moneycontrol.com/news/business/hindenburg-impact-icra-says-monitoring-adani-group-companies-9985781.html) it was monitoring the impact of recent developments on Adani Group stocks. They are completely safe from the ups and downs of what happens in the stock market," he told the BBC's Arunoday Mukharji. It said that it had complied with all local laws and had made the necessary regulatory disclosures. "I have observed this group for a quarter century as an infrastructure expert. Mr Adani's group has seven publicly traded companies which operate across a wide range of sectors, including commodities trading, airports, utilities, ports and renewable energy. [told Reuters](https://www.reuters.com/markets/deals/indias-adani-enterprises-calls-off-share-sale-source-says-2023-02-01/) that the withdrawal of the share sale was "troubling" because it was "supposed to show the company is still believed in by its high net-worth investors". [stopped accepting securities](https://www.bloomberg.com/news/articles/2023-02-02/citigroup-s-wealth-unit-halts-margin-loans-on-adani-securities?srnd=premium-asia) of the Adani group as collateral for margin loans while [Credit Suisse](https://economictimes.indiatimes.com/markets/stocks/news/credit-suisse-says-wont-accept-adani-bonds-as-collateral/articleshow/97533248.cms?from=mdr) has stopped accepting the group's bonds. Hindenburg, however, stood by the report and said that the Adani Group had "failed to specifically answer 62 of our 88 questions". [invested $400 million](https://www.bloomberg.com/news/articles/2023-01-30/abu-dhabi-s-ihc-invests-400-million-in-adani-share-offering) in the share sale. The Adani group responded by calling the report "a malicious combination of selective misinformation and stale, baseless and discredited allegations", but that wasn't enough to stem investor fears. [detailed rebuttal](https://www.bbc.com/news/business-64448880) - running into more than 400 pages - and called the Hindenburg report a "calculated attack on India". But a day before that, US-based investment firm Hindenburg Research published a report accusing the Adani group of decades of "brazen" stock manipulation and accounting fraud.