Gautam Adani Group

(Bloomberg) -- Adani Enterprises Ltd. has shelved a plan to raise as much as 10 billion rupees ($122 million) via its first-ever public sale of bonds ...

There was no response from a representative for Adani Group to an e-mailed request for comment. While the group has vigorously denied the allegations, its stock and bond prices have slumped. Edelweiss declined to comment, while the other three financial firms that were on the planned Adani Enterprises note offering didn’t immediately respond to requests for comment.

India's Axis Bank on Saturday said its exposure to Adani Group entities stood at 0.94% of its net advances on Dec. 31, adding that it remained comfortable ...

Adani Group has rejected the criticism and denied wrongdoing in detailed rebuttals. short-seller's scathing report in January that has cratered its shares, prompted calls from opposition lawmakers for a wider probe and the central bank to check on banks' exposure to the conglomerate. 31, adding that it remained comfortable with its exposure.

Gautam Adani, billionaire and chairman of Adani Group, during an event at the Port of Haifa in Haifa, Israel, on Tuesday. Kobi Wolf—Bloomberg via Getty Images.

The bulk of the $12 million that investment banks were set to earn was contingent on the success of the deal, people with knowledge of the matter said. “The dust is not yet settled,” Alok Churiwala, managing director of Mumbai-based Churiwala Securities Pvt., said on Thursday. The arrangers of Adani enterprise’s scrapped equity offering have had to reconcile themselves to minuscule fees and are scrambling to recover what they can from what was supposed to be a mega follow-on share sale. “It is between one private company, and the regulator and the market; It doesn’t concern the macroeconomy,” T. “The exposure of banks, LIC to Adani is not worrying at all. By Wednesday afternoon, a state-run financial institution — also one of the anchor investors in the follow-on offer — said it won’t support the group further. Although Adani’s interests from ports to energy are inextricably intertwined with the nation’s growth plans, government officials talked down its impact on the wider economy. But the sense of relief among major investors was palpable. [close](https://www.bloomberg.com/news/articles/2023-01-31/adani-share-sale-fully-subscribed-after-last-minute-jump-in-bids) a record $2.5 billion share sale despite a searing short seller attack that triggered a stock rout. local time in his Bombardier Global 6500 private jet — a relatively-new acquisition with super-speedy wireless connectivity — the industrialist spent a lot of time in the quietest part of the flight cabin on marathon calls. But the brutal sell off in Adani Group stocks continued on Wednesday, Feb. The tycoon often tailors his corporate strategy to Modi’s nation-building priorities.

The controversy has turned the spotlight on the dizzying rise of the 60-year-old businessman and raised concerns about loss of investor confidence in India.

The controversy has also turned into a political flashpoint. For the time being, the group faces a crisis of confidence despite a marginal rally in its companies’ stocks on Friday. However, calls for a probe are growing amid questions about whether financial regulators had done enough scrutiny of the group. The controversy has turned a spotlight on the dizzying rise of the 60-year-old businessman, a college dropout from a middle-class family, who began as a commodities trader before expanding into infrastructure in the 1990s when he built a port in Gujarat state and made a foray into areas such as coal mining. It also said that “substantial debt” puts the group on a precarious financial footing. The group became one of the country’s top three conglomerates. “I think the investor confidence which existed before shall continue even now." The rout faced by the Adani conglomerate, which spans such key areas as ports, power generation, airports, mining, and renewable power, has raised fears of a potential loss of investor confidence in India’s growing economy. “However, I did not really look into their association at a business level.” The firm looks for corporate wrongdoing and makes money if stock prices of the company fall. The report said the shares were overvalued and their prices had soared more than 800% in the past three years. investment firm, Hindenburg Research, alleged that the companies engaged in stock market manipulation and fraud.

Less than two weeks ago, Gautam Adani was the fourth-richest person in the world. With a personal fortune estimated at $120 billion, the self-made Indian ...

[considering legal action](https://edition.cnn.com/2023/01/25/business/india-adani-shares-plunge-hindenburg-report-hnk-intl/index.html) in response to the claims. “The India story is looking weak” to foreign investors now, he added. It charged Hindenburg with launching [“a calculated attack on India”](https://www.cnn.com/2023/01/30/investing/india-adani-rebuttal-hindenburg-allegations-intl-hnk/index.html) and said the investment firm is only interested in its own financial gain. Opposition lawmakers in India have demanded a probe into the Hindenburg report. Indian banks that hold Adani Group assets could also be affected if the value of those holdings continues to drop. Ratings agency Moody’s said Friday that the turmoil was likely to reduce the group’s ability to raise capital. The French energy giant described its $3.1 billion exposure to Adani, via joint investments in India, as “limited”. The country’s emissaries leaned into its relatively robust economic outlook. The firm said it had taken a short position in Adani Group companies, meaning it would benefit from a drop in their value. Shares of Adani Enterprises, Adani’s flagship firm, have plummeted almost 55% since Hindenburg’s report was published on January 24. Adani’s business partners and lenders are clarifying their ties to the conglomerate, while India’s federal government is reportedly With a personal fortune estimated at $120 billion, the self-made Indian industrialist was wealthier than either Bill Gates or Warren Buffet.

Gautam Adani lost $35 billion in a week and dropped out of the ten richest in the world. But Mark Zuckerberg saw his biggest one-day gain since taking Facebook ...

[biggest one-day](https://www.forbes.com/sites/phoebeliu/2023/02/02/mark-zuckerbergs-fortune-soared-12-billion-thursday-on-meta-stocks-biggest-jump-in-nearly-a-decade/?sh=5c02487449ce) increase since taking Facebook public in May 2012. 11) and India’s Mukesh Ambani (at No. The dismissal indicated to investors that there is “low risk medium-term” for exchanges, whIch are not yet subject to regulation by the Securities and Exchange Commission, said Owen Lau, a senior analyst at Oppenheimer & Co. [ it was cancelling](https://www.forbes.com/sites/johnhyatt/2023/02/01/adani-enterprises-cancels-25-billion-share-sale-amid-fraud-accusations/?sh=5f623ee14ca2) a $2.5 billion share offering that it had just completed. 2 richest person in the world after LVMH’s Bernard Arnault. On Friday, the Throughout 2022 Zuckerberg lost some [$78 billion](https://www.forbes.com/sites/chasewithorn/2022/12/21/the-planets-billionaires-are-nearly-2-trillion-poorer-this-year/?sh=2764d48941e4) of his fortune as Meta’s advertising revenue declined and Meta’s shares fell. That was good news for founder Mark Zuckerberg, whose net worth rose more than $12 billion due to the spike, making it his Altogether, his net worth has been halved in the past two weeks and he now ranks the 17th richest globally, worth $61.7 billion, according to Forbes, just behind Meta’s Mark Zuckerberg. L’Oreal heir Francoise Bettencourt Meyers moved into that elite group–one that had been all men earlier this week. The S&P 500 was up by a modest 1.6% this week and the Nasdaq up 3.3%. His fortune is now less than half what it was two weeks ago, following allegations by a short seller of stock manipulation and accounting fraud.

Gautam Adani, industrialist and the chairman of the Adani Group has been in a world of pain ever since a report by Hindenburg Research dropped on January 24 ...

MOST READ The firm is known for its controversial research tactics and for publishing negative reports about companies that it believes are fraudulent or overvalued. However, compared to Ambani and Damani, Adani's net worth has suffered a multi-fold loss which makes the other two’s losses seem frivolous. He has now lost more than half of his wealth, knocking him out of the top 15 on the Forbes Live Billionaire List as of February 4. Gautam Adani, industrialist and the chairman of the Adani Group has been in a world of pain ever since a report by Hindenburg Research dropped on January 24.

On Bloomberg Billionaire Index, as of February 4th, Gautam Adani tops the chart of losing more money year-to-date followed by Mukesh Ambani and Radhakishan ...

Surpassing Bill Gates and Warren Buffet, Adani had become the world's third richest person by the end of 2022 with a $121 billion worth empire.

Surpassing Bill Gates and Warren Buffet, Adani became the world’s third richest person by the end of 2022 with a $121 billion worth empire. Amid heightened uncertainties, the Reserve Bank of India on Thursday dismissed concerns about the “exposure” of Indian banks to the Adani conglomerate and said that the banking sector was “resilient and stable”. While the Adani Group has repeatedly denied all allegations terming the report “bogus” and threatening action, it was forced to call back what was billed to be India’s biggest follow-on share sale (worth $2.5 billion). [Gautam Adani’s](https://www.hindustantimes.com/india-news/adani-crisis-latest-how-adani-selloff-stacks-up-against-the-biggest-stock-collapses-101675470315495.html) fortune in [six days](https://www.hindustantimes.com/business/inside-the-19-hour-adani-embroglio-that-led-to-scrapping-of-2-5-billion-fpo-101675478246743.html), a steep nosedive that has few parallels in history. According to [Bloomberg Billionaires Index](https://www.bloomberg.com/billionaires/profiles/gautam-s-adani/), Adani’s downfall is over 3 times bigger than ‘crypto king’ Sam Bankman-Fried’s loss of $16 billion in less than a week. Surpassing Bill Gates and Warren Buffet, Adani had become the world’s third richest person by the end of 2022 with a $121 billion worth empire.