Gautam Adani Group

Gautam Adani is facing perhaps his biggest challenge yet as a small U.S. investment firm accuses his Indian conglomerate of fraud and stock manipulation.

Mr. As Mr. Previously, Mr. That, said Mr. The fight could have geopolitical implications, given the United States’ courting of India as a counterweight to China, as part of a grouping called the Quad that also includes Japan and Australia, Mr. Among Hindenburg’s allegations are that offshore shell companies run by Mr. “The big issue is that Adani has spent the last four years in raising debt on Wall Street,” Mr. [publishing its report](https://hindenburgresearch.com/adani/) on Jan. (Hindenburg has criticized the ownership structure of his company.) Even though he remains enormously wealthy, on paper Mr. In the last decade, he secured one of his biggest international deals — the Carmichael project in Australia, one of the And he is facing perhaps the biggest challenge of his career.

Investors are sizing up Adani's debt exposure to the banking sector. Indian banks with exposure to the Adani Group include the State Bank of India, ...

In a 413-page report Sunday, Adani attacked short seller Hindenburg and its allegations of fraud and stock price manipulation. (74% ownership) and Airports Authority of India (26% of ownership). Indeed, Indian banks make up 0.6% of the group's sector loans, according to JPMorgan. Ackman was refencing this week's share sale for its flagship Adani Enterprises, which crucially achieved a full subscription Tuesday. [second only to Elon Musk,](https://www.cnbc.com/2022/08/30/billionaire-gautam-adani-college-dropout-to-worlds-third-richest-person.html) fell out of the world's top 10 richest to 11th place on the [Bloomberg's Billionaires Index](https://www.bloomberg.com/billionaires/), as of Monday's close. Of the seven companies operated by the Adani Group: Adani Green Energy, Adani Power and Adani Ports are sitting on the most net debt, according to analysts. Indian banks with exposure to the Adani Group include the State Bank of India, Life Insurance Corp., Union Bank of India, ICICI and Axis as well as others. "If the share price fall doesn't stop, Adani may need look at financing options, including conversations with investors in the Middle East that are eager to diversify," said a banker in Mumbai, India, who also preferred to remain anonymous due to the sensitivity of the topic, to CNBC. In a company release, IHC CEO Syed Basar Shueb, who is also an investor in SpaceX, said, "Our interest in Adani Group is driven by our confidence and believe 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." - Indian banks with exposure to the Adani Group include the State Bank of India, Life Insurance, Union Bank of India, ICICI and Axis, according to analysts. "Most of the incremental funding to the group for new businesses and acquisitions has come via overseas sources," according to Adarsh Parasrampuria, an analyst at investment group CLSA. At the same time, it's reduced the share of Indian banks in its borrowing figures — from 86% in fiscal 2016 to 33% in 2022, according to analysts.

Hours after Abu Dhabi and other investors salvaged the Adani Group's latest stock offering, Israeli Prime Minister Benjamin Netanyahu posed for photos with ...

“I am very confident that with the support from the Government of Israel, the local authorities, and our partner Gadot, we will transform the entire port landscape,” Adani said in his remarks. And I promise you that in the years to come we will transform the skyline we see around us,” said Adani. In Dubai, meanwhile, the state-owned bank NBD Emirates has underwritten ten foreign bond offerings for Adani Group companies since 2019, helping its companies raise $5.8 billion, according to Refinitiv, a financial data provider. He did not disclose a dollar amount or a specific timeline for the future investments. “We will deliver on this commitment and do our part to transform this city.” Hours later, at a press briefing at Israeli’s Haifa port, Gautam Adani posed for photos with Israeli Prime Minister Benjamin Netanyahu. Other investors included Goldman Sachs and London-listed Jupiter Asset Management, according to the New York Times and the The Adani Group has denied all wrongdoing and threatened legal action. Shares in Adani Enterprises rose 3.3% on Tuesday, lifting Adani's fortune by about $900 million and marking the first day since Hindenburg's report that Adani's fortune has grown. Adani had lost $22 billion on Friday, sinking him from No. Sheikh Tahnoon bin Zayed Al Nahyan, a member of Abu Dhabi’s ruling family and UAE security advisor, came to the rescue of Adani’s new offering on Monday. It’s been a tough week for Gautam Adani.

India's Gautam Adani lost his title of Asia's richest person on Wednesday as a rout in his conglomerate's stocks deepened to $74 billion after a ...

[(ADEL.NS)](https://www.reuters.com/companies/ADEL.NS) lost 5% on Wednesday to bring its losses since the Hindenburg report to more than $8 billion. [(TTEF.PA)](https://www.reuters.com/companies/TTEF.PA) and Adani Group, has been the biggest casualty of the short seller report, losing about $27 billion. Adani Power [(ADAN.NS)](https://www.reuters.com/companies/ADAN.NS) fell 5%, while Adani Total Gas [(ADAG.NS)](https://www.reuters.com/companies/ADAG.NS) slumped 10%, down by its daily price limit. [share sale](/markets/deals/indias-adani-enterprises-enters-final-day-crucial-25-bln-share-sale-2023-01-31/) for flagship firm Adani Enterprises Ltd [(ADEL.NS)](https://www.reuters.com/companies/ADEL.NS) over the line on Tuesday. [(RELI.NS)](https://www.reuters.com/companies/RELI.NS) who has an estimated $84.4 billion. Register for free to Reuters and know the full story

New York-based short-seller Hindenburg Research last week flagged concerns at Gautam Adani's conglomerate, triggering a $65 billion rout in the Indian ...

New York-based short-seller Hindenburg Research last week flagged concerns at Gautam Adani's conglomerate, triggering a $65 billion rout in the Indian billionaire's stocks. Also read:

Shares in Adani Enterprises have held up relatively well, falling 14% since Hindenburg levelled accusations of fraud and stock manipulation last week, a charge ...

Though the group will want to refinance multi-billion-dollar loans used to pay for cement deals, foreign banks including Barclays [(BARC.L)](https://www.reuters.com/companies/BARC.L), Deutsche Bank [(DBKGn.DE)](https://www.reuters.com/companies/DBKGn.DE) and Standard Chartered [(STAN.L)](https://www.reuters.com/companies/STAN.L) may now demand tougher terms, and entities related to the tycoon are already pledging more shares of Adani Ports [(APSE.NS)](https://www.reuters.com/companies/APSE.NS) as security to lenders. Those piling in include Abu Dhabi’s International Holding Company [(IHC.AD)](https://www.reuters.com/companies/IHC.AD) and India’s Life Insurance Corporation [(LIFI.NS)](https://www.reuters.com/companies/LIFI.NS). [(ADEL.NS)](https://www.reuters.com/companies/ADEL.NS) was underwhelming. [brake on growth](/breakingviews/adani-re-ups-indias-emerging-market-risk-2023-01-31/). Investors bid for 1.12 times the shares on offer. dollar bonds across the group are rebounding, but some from Adani Green Energy [(ADNA.NS)](https://www.reuters.com/companies/ADNA.NS), and Adani Ports still trade at distressed levels near 70 cents on the dollar. Revenue at Adani Enterprises grew 75% in the most recent financial year, and group companies had planned to invest some $150 billion over the next five to 10 years in green hydrogen, logistics, roads, airports, healthcare infrastructure and more. Shares of Adani Enterprises closed at 2,974 rupees on Jan. [share sale](/breakingviews/adanis-buy-now-pay-later-fundraise-could-sting-2023-01-26/). Other buyers including wealthy Indians will be free to dump the stock sooner. [pain points](/breakingviews/adanis-financing-safety-net-rests-indian-banks-2023-01-30/). These groups [dragged](https://www.bseindia.com/markets/publicIssues/CummDemandSchedule.aspx?ID=6017&status=L) Gautam Adani’s $2.4 billion capital call across the finish line on Tuesday, despite a selloff triggered by Hindenburg Research’s [short attack](/breakingviews/short-seller-attack-raises-gautam-adani-stakes-2023-01-25/) on the eponymous infrastructure conglomerate.

Entities connected to Sajjan Jindal, the billionaire chair of conglomerate JSW, and Sunil Mittal, the chief of Bharti Enterprises, invested in Adani Enterprises ...

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INDIA'S Gautam Adani lost his title of Asia's richest person on Wednesday (Feb 1) as a rout in his conglomerate's stocks deepened to US$74 billion after a ...

The dollar bonds of Adani Group companies slid, reversing their earlier gains on news a major Swiss bank stopped accepting the debt issued Indian tycoon ...

ON JANUARY 24TH Hindenburg Research, a tiny American investment firm that specialises in short-selling, accused the Adani Group, a huge Indian conglomerate, ...

In 2008 he was at the Taj Mahal Hotel in Mumbai during a terrorist attack, and spent a night hiding in the basement. After dropping out of education aged 16 he moved to Mumbai, in the neighbouring state of Maharashtra, and took a job sorting diamonds. Hindenburg alleges that the government has also been lenient in its investigations of the group. He was one of eight children in a middle-class family of Jains, a religion that preaches asceticism and strict vegetarianism. [accused](/business/2023/01/26/hindenburgs-critique-of-the-adani-empire) the Adani Group, a huge Indian conglomerate, of pulling off the “largest con in corporate history”. Since then, $70bn has been [wiped](/business/2023/01/27/a-short-seller-rattles-gautam-adanis-empire) off the market value of the Adani Group’s firms.

The Indian tycoon's fortune slipped behind Mukesh Ambani following a report by Hindenburg Research that accused Adani Group of fraud.

[$2.5 billion](https://www.bloomberg.com/news/articles/2023-01-31/adani-share-sale-fully-subscribed-after-last-minute-jump-in-bids) in a share sale completed Tuesday. The findings have also had a knock on effect for other Indian businesses; the state-owned Life Insurance Company of India, which holds a significant stake in Adani Enterprises, has also recorded a significant drop Adani Group is the business most closely associated with Prime Minister Narendra Modi, and Adani’s rise has been touted as a success story synonymous with India’s growth since Modi took office in 2014. One of the big backers was Abu Dhabi’s International Holding Company, an existing investor in Adani Enterprises, which [said in a statement](https://www.ft.com/content/ccf85bcd-7cdd-4255-b51c-eb798c156f45) that it believed in the Indian conglomerate’s fundamentals. Adani’s plummeting personal net worth—which is down nearly $50 billion this year—follows the release of a report last week by the activist investor group Hindenburg Research about Adani’s eponymous company. [Tyre Nichols' Killing Is The Result of a Diseased Culture](https://time.com/6251525/tyre-nichols-killing-diseased-culture/?utm_source=roundup&utm_campaign=20230201) [Without Evusheld, Immunocompromised People Are on Their Own](https://time.com/6251474/immunocompromised-covid-19-evusheld-fda/?utm_source=roundup&utm_campaign=20230201)Against COVID-19 [All the Movies and TV Shows That Make Up the New DCU](https://time.com/6251536/dcu-movies-tv-shows-slate/?utm_source=roundup&utm_campaign=20230201) [TikTok's 'De-Influencing' Trend Is Here](https://time.com/6251346/tik-tok-deinfluencers-reviews/?utm_source=roundup&utm_campaign=20230201)to Tell You What Stuff You Don't Need to Buy [The Real Reason Florida Wants to Ban AP African-American Studies](https://time.com/6251733/ap-african-american-history-professor-florida-interview/?utm_source=roundup&utm_campaign=20230201), According to an Architect of the Course At present, Adani still holds a fortune of $72 billion but has lost the most wealth of anyone on Bloomberg’s Billionaire Index since the start of the year. On Wednesday, Adani’s net worth fell below Indian business tycoon Mukesh Ambani, whose company Reliance Industries operates in oil and gas, telecommunications, retail, and other sectors. [in its share price](https://fortune.com/2023/01/31/gautam-adani-net-worth-richest-asian-mukesh-ambani-hindenburg-research-report/) since the release of the Hindenburg report. But the Real Victim May Be India’s Reputation](https://time.com/6251110/adani-group-hindenburg-research-fraud-consequences-india/)

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 ...

The regulator is expected to provide a report to the government soon. 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 Adani 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. [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). [slumps](https://www.forbes.com/sites/siladityaray/2023/01/30/adani-groups-listed-shares-continue-to-slide-as-war-of-words-with-hindenburg-escalates/?sh=777931477fa9) by another $8.5 billion to $88.2 billion. [pushing him out](https://www.forbes.com/sites/roberthart/2023/01/27/gautam-adani-slips-from-top-5-richest-as-his-net-worth-plummets-after-corporate-con-accusations/?sh=7b7a0d287f02) of the world’s top five richest people. [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.” [statement](https://www.forbes.com/sites/siladityaray/2023/01/26/adani-group-evaluating-legal-action-against-hindenburg-after-listed-shares-take-major-hit/?sh=4098962d3741) saying the company was “evaluating the relevant provisions” under both U.S.

The crisis of confidence plaguing Gautam Adani has taken a sudden turn for the worse, with a record 28% plunge in his flagship company's stock raising ...

Banks including Barclays Plc had earlier asked for more shares to cover a $1 billion loan. [stopped](https://www.bloomberg.com/news/articles/2023-02-01/credit-suisse-s-private-bank-halts-margin-loans-on-adani-bonds) accepting bonds of Adani Group’s firms as collateral for margin loans to its private banking clients. The crisis of confidence plaguing Gautam Adani has taken a sudden turn for the worse, with a record 28% plunge in his flagship company’s stock raising questions over the extra collateral he needs to cover loans.

Editor's note, February 1st: Since this leader was published, Adani Enterprises has called off its share sale, citing market volatility and an ...

A good place to start would be for the Securities and Exchange Board of India, the markets regulator, to declare the status of any ongoing probes into the Adani Group. So it is important that the country’s capital markets are above board and seen to be so. These entities, it alleged, accounted for much of the trading in the group’s shares and pumped up the prices of Adani’s seven listed companies to stratospheric levels. Adani alone now accounts for 7% of the capital spending of India’s 500 largest listed firms. [report](/business/2023/01/26/hindenburgs-critique-of-the-adani-empire) by Hindenburg Research, a fledgling short-selling firm, resulted in a fall of tens of billions of dollars in the wealth of [Gautam Adani](/the-economist-explains/2023/01/31/who-is-gautam-adani), one of the world’s richest men and a close associate of Narendra Modi, India’s prime minister. The ultimate success of the share offering, which closed on January 31st, may appear to leave the matter closed.

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 ...

The regulator is expected to provide a report to the government soon. 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 Adani 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. [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). [slumps](https://www.forbes.com/sites/siladityaray/2023/01/30/adani-groups-listed-shares-continue-to-slide-as-war-of-words-with-hindenburg-escalates/?sh=777931477fa9) by another $8.5 billion to $88.2 billion. [pushing him out](https://www.forbes.com/sites/roberthart/2023/01/27/gautam-adani-slips-from-top-5-richest-as-his-net-worth-plummets-after-corporate-con-accusations/?sh=7b7a0d287f02) of the world’s top five richest people. [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.” [statement](https://www.forbes.com/sites/siladityaray/2023/01/26/adani-group-evaluating-legal-action-against-hindenburg-after-listed-shares-take-major-hit/?sh=4098962d3741) saying the company was “evaluating the relevant provisions” under both U.S.

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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A report by Hindenburg Research last week alleged improper use by the of offshore tax havens and stock manipulation by the Adani Group. It also raised concerns ...

"I do not know how the markets will behave in short term. It also raised concerns about high debt and the valuations of seven listed Adani companies. The group has always made the necessary regulatory disclosures, it added. This decision will not have any impact on our existing operations and future plans," the billionaire added in a statement to Indian exchanges. Given these extraordinary circumstances, the Company’s board felt that going ahead with the issue will not be morally correct," Adani said. NEW DELHI, Feb 1 (Reuters) - Gautam Adani's flagship firm called off its $2.5 billion share sale in a dramatic reversal on Wednesday as a rout sparked by a U.S.

The embattled Adani Group announced Wednesday that it was canceling its latest $2.5 billion stock offering and refunding investors.

[salvaged](https://www.forbes.com/sites/johnhyatt/2023/01/31/gautam-adanis-middle-eastern-allies-help-him-shrug-off-fraud-allegations-wealth-plunge/?sh=4002a1d06287&utm_campaign=socialflowForbesMainTwitter&utm_medium=social&utm_source=ForbesMainTwitter) the offering with a last-minute injection of $400 million, [reportedly](https://economictimes.indiatimes.com/news/company/corporate-trends/behind-the-scenes-how-gautam-adani-lost-75-bn-in-market-value-but-pulled-off-2-4-bn-share-sale-despite-short-attack/articleshow/97503260.cms?from=mdr) with a nudge over the phone by Gautam Adani himself. The Adani Group has not responded to Forbes’ request for comment. [November](https://www.reuters.com/markets/asia/indias-adani-enterprises-raise-245-bln-via-new-share-sale-2022-11-25/), was thrown into chaos on January 24 when Hindenburg Research published its 100-page [report](https://hindenburgresearch.com/adani/), which alleges a years-long conspiracy by the Adani Group to commit accounting fraud and enrich its principals through stock market manipulation. The Adani Group has denied Hindenburg’s report and threatened legal action against the U.S. “The Board takes this opportunity to thank all the investors for your support and commitment to our FPO.” On Wednesday, a day after Adani Enterprises announced it secured full investor subscription to its $2.5 billion follow-on public offering, the embattled group reversed course, issuing a statement that it was calling off its stock offering and returning all proceeds to investors.

Gautam Adani looks set to cede his position as Asia's richest man to another Indian billionaire as shares in his business empire continue to plunge ...

After a tepid start, the offer was fully subscribed shortly before the close of trading in Mumbai. That was the first time a person from Asia had ranked so highly on the Bloomberg list, long dominated by white tech entrepreneurs. Indian market regulators have not yet commented on the dramatic events of the past week. The capital-raising exercise was touted as India’s biggest ever public offering by a listed company. [Forbes](https://www.forbes.com/real-time-billionaires/#70f0c9de3d78)’ real-time ranking of billionaires already has Ambani, who controls Reliance Industries, above Adani. [$40 billion](https://www.bloomberg.com/billionaires/) off Adani’s personal fortune.

The cancellation of the offering is a blow to the company and its billionaire owner, Gautam Adani.

But after its share price fell so far below the offering price, Adani Enterprises quickly scrapped the sale, telling the National Stock Exchange of India And the rise in shares of an Adani subsidiary led to speculation that the stock was being manipulated. The sale, which was announced before the Hindenburg report was released, was intended to bring in foreign investors. The Hindenburg report criticized the ownership structure of Mr. The share price for Adani Enterprises, for example, had risen 3,000 percent over the last five years. Adani’s company, claiming that offshore shell companies run by his older brother, Vinod Adani, helped the conglomerate manipulate its share prices. Hindenburg has taken on about 30 companies and made its name when it raised evidence of fraud at Nikola, the electric vehicle maker, which led to the ouster and conviction of But his personal fortune continues to shrink amid a sell-off that’s hobbling his business empire and his big growth ambitions. His company was investigated on allegations of tax impropriety related to imported equipment and coal, but was eventually cleared. “The market has been unprecedented, and our stock price has fluctuated over the course of the day,” Mr. Hindenburg is what’s known as an activist short seller, an investor that takes aim at companies it suspects of fraud and exposes the wrongdoing. Shareholders in these companies have seen more than $90 billion in market value wiped out since the investment firm

A scrapped $2.5bn share offering is the first victim of a short-seller's attack | Business.

As the week’s drama unfolded, Mr Adani was himself abroad, officially taking ownership of the port in Haifa he acquired in 2022 for $1.2bn—and unofficially doubtless trying to send a reassuring message to his foreign backers. “I promise you that in the years to come we will transform the skyline we see around us,” he told his Israeli audience on January 31st. In just two days, Friday January 27th and Monday January 30th, global funds pulled a net $1.5bn from the Indian stockmarket. Then there are the possible spillovers to the rest of India Inc. [wiped](/leaders/2023/01/31/nagging-questions-over-the-adani-empire-wont-go-away) from the market value of the Adani Group’s ten listed companies (see chart 1). So far the knock-on effects on firms like LIC and State Bank of India have been painful but not life-threatening; their share prices declined by 8% and 5%, respectively on February 1st. Its envisioned projects in renewables and hydrogen were seen as the cornerstone of an effort, championed by India’s prime minister, Narendra Modi, to turn the country into a global clean-energy powerhouse. All this requires masses of capital, a slug of which was meant to come from the new share offering. Still, Adani Enterprises managed to line up anchor investors (among them the Life Insurance Corporation of India, or LIC, the State Bank of India, and some big American banks) and a handful of deep-pocketed backers who apparently did not mind paying over the odds. Within days the Adani Group issued a 413-page rebuttal, calling Hindenburg’s report “all lies”—and a “calculated attack” on India itself. Now he faces an assault of a different kind—not on his person but on the conglomerate that bears his name. On January 24th Hindenburg Research, a small New York investment firm, published a report accusing the Adani Group of pulling “the largest con in corporate history”.

Gautam Adani, one of Asia's richest people, has seen his firms lose more than $90bn in market value.

"This decision will not have any impact on our existing operations and future plans." Adani Group has hit back at the allegations against it and said it was evaluating "remedial and punitive action" against Hindenburg Research in the US and India. He was third on the list last week. After the market closed, Adani Group said the company would return the share sale proceeds due to "the unprecedented situation and the current market volatility". The report came days ahead of a planned sale of Adani shares to the public, and on Tuesday, the $2.5bn share sale in the group's flagship company managed to scrape through to be fully subscribed despite the controversy. It also alleged the Adani Group had engaged in decades of "brazen" stock manipulation and accounting fraud, and claimed its companies had "substantial debt" which put the entire group on a "precarious financial footing".

Two companies accused by Hindenburg Research of assisting the Adani Group in its alleged conspiracy of accounting fraud and stock market manipulation were ...

[profile](https://www.linkedin.com/in/ramnishkochgave/) and Elara’s [website](https://elaracapital.com/our-firms/management-team)) signed on behalf of Elara Capital (India) Private Limited in the Adani Enterprises’ offering document. [salvaged](https://www.forbes.com/sites/johnhyatt/2023/01/31/gautam-adanis-middle-eastern-allies-help-him-shrug-off-fraud-allegations-wealth-plunge/?sh=4002a1d06287&utm_campaign=socialflowForbesMainTwitter&utm_medium=social&utm_source=ForbesMainTwitter) the offering with a last-minute injection of $400 million, [reportedly](https://economictimes.indiatimes.com/news/company/corporate-trends/behind-the-scenes-how-gautam-adani-lost-75-bn-in-market-value-but-pulled-off-2-4-bn-share-sale-despite-short-attack/articleshow/97503260.cms?from=mdr) with a nudge over the phone by Gautam Adani himself. “I think this is definitely held by the Adani Group…Because no one else would want to buy,” one of the traders told Hindenburg. “Innuendoes that they are in any manner related parties of the promoters are incorrect,” the group wrote. investment bank Jefferies; and various Indian financial institutions. Instead, Adani Green Energy chose an entity it could likely influence, if not control outright.” Separately, Monarch was convicted in 2011 of participating in A year later, Monarch underwrote Adani Green Energy’s $110 million bond offering. investment firm, but shortly after this story was first published, Adani Enterprises canceled the offering and said it will refund investors. Monarch Networth Capital, an Indian brokerage firm, has been partially owned by the privately held Adani Properties Private Limited since 2016, according to Hindenburg’s report. Hindenburg wrote: “Given the importance of maintaining SEBI compliance, one would have expected the Adani Group to have chosen experienced, credible bookrunners to manage the deal. “It would be my speculation that there were insiders.” The Adani Group has denied Hindenburg’s report and threatened legal action against the U.S.

Gautam Adani, one of the world's richest men, withdrew Adani Enterprises' $2.5 billion share offering. Shares of Adani Enterprise were routed, ...

The tycoon, once the [second richest person](https://www.cnbc.com/2022/08/30/billionaire-gautam-adani-college-dropout-to-worlds-third-richest-person.html) in the world, has slipped to the 13th position in the [Bloomberg Billionaires Index](https://www.bloomberg.com/billionaires/) as of Feb. [reported](https://www.cnbc.com/2023/01/31/adanis-battle-with-hindenburg-leaves-investors-sizing-up-its-exposure.html), Adani has established relationships with a slate of international banks and private equity investors. Adani Group has denied the allegations, saying they have "no basis" and stem from an ignorance of Indian law. The report went on to raise concerns around the debt and valuations of seven Adani companies. 24 report](https://hindenburgresearch.com/adani/), short seller Hindenburg Research alleged that "Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme." Goldman's trading desk participated in the deal as well, a source familiar with the matter told CNBC.

Gautam Adani's beleaguered empire is spiraling into crisis, as the fallout from a short-seller's fraud allegations leads to a worsening meltdown in the ...

Banks either want more collateral for loans, or are [scrutinizing](https://www.bloomberg.com/news/articles/2023-02-02/citigroup-s-wealth-unit-halts-margin-loans-on-adani-securities) the value of the company’s debt to lend against. [pulled a record](https://www.bloomberg.com/news/articles/2023-02-01/credit-suisse-s-private-bank-halts-margin-loans-on-adani-bonds) domestic stock offering after the Adani group suffered a $92 billion market crash.

Embattled billionaire Gautam Adani said his ports-to-power conglomerate would examine its capital market plans after abruptly pulling his flagship firm's ...

“This decision will not have any impact on our existing operations and future plans. We will continue to focus on timely execution and delivery of projects.” “Once the market stabilizes, we will review our capital market strategy,” the 60-year-old tycoon said in a

Adani Ports & Special Economic Zone or APSEZ's 3.375% bond due in July 2024 fell the most in global secondary markets on Wednesday.