Gautam Adani Group

Shares of Adani Enterprises traded 16.06 per cent higher at Rs 1825 at around 3 pm (IST), while the benchmark BSE Sensex traded almost flat at 60475.

RECOMMENDED With a net worth of $26 billion, Shiv Nadar is the third richest in India. Shares of Adani group of companies plunged somewhere between 18 per cent and 58 per cent from January 24, 2023 to February 3, 2023. Likewise, Adani Ports and ACC have also rallied nearly 40 per cent and 17 per cent, respectively, from their respective 52-week high levels, hit on February 3, 2023. The allegations sent bonds and shares in the conglomerate’s companies down. With a net worth of $61.40 billion, Adani now stands at 17th spot in the Forbes real-time billionaires list. Shares of Adani Enterprises traded 16.06 per cent higher at Rs 1,825 at around 3 pm (IST), while the benchmark BSE Sensex traded almost flat at 60,475. A report by the US short-seller Hindenburg Research on January 24 claiming that the Indian conglomerate had engaged in stock manipulation and accounting fraud ruined market sentiment.

Gautam Adani of the Adani Group was Asia's wealthiest man coming into 2023. Now, he's lost billions after a bombshell report from New York-based Hindenburg ...

[Bloomberg has a nice, quick rundown](https://www.bloomberg.com/news/articles/2023-01-27/who-is-gautam-adani-and-what-is-hindenburg-research?cmpid=BBD020123_BIZ&utm_medium=email&utm_source=newsletter&utm_term=230201&utm_campaign=bloombergdaily&sref=qYiz2hd0) on the basic ins and outs of Adani and the Adani Group. India has seemed like a relatively safe bet, and an implosion of a conglomerate like Adani’s would “dramatically raise” the country’s risk profile, Vaishnav said. “India has to move from developing to developed, and energy is like a food,” Adani told the Times. Hindenburg’s report also says that the Adani Group has been the focus of four major government fraud investigations and that its “obvious accounting irregularities and sketchy dealings seem to be enabled by virtually non-existent financial controls.” In other words, Hindenburg believes no one’s looking under the hood. “In India, they were sort of an open secret, but it’s telling that this report had to come from the outside,” Vaishnav said. [As the Times notes](https://www.nytimes.com/2023/01/31/business/who-is-gautam-adani.html), Adani was investigated over tax issues related to coal imports but was cleared; he has also been linked to an Indian stock market manipulation scheme. “The fact that his company could lose $100 billion in market value in a week and his net worth could decline by $50 billion is a big deal,” he said. Both Adani and Modi are committed to India’s economic growth, and there’s a widespread perception that Adani and his businesses have benefited from his relationship with the leader. “This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India,” the company said. Adani Enterprises [managed to raise funds](https://www.bloomberg.com/news/articles/2023-01-31/adani-share-sale-fully-subscribed-after-last-minute-jump-in-bids?sref=qYiz2hd0) for a $2.5 billion share sale in the days following the Hindenburg report only to later [call the sale off](https://www.cnbc.com/2023/02/01/gautam-adani-calls-off-2point5-billion-equity-sale-as-share-price-plunges.html#:~:text=Gautam%20Adani%20calls%20off%20%242.5%20billion%20equity%20sale%20as%20regulatory%20concerns%20grow,-Published%20Wed%2C%20Feb&text=Gautam%20Adani%2C%20one%20of%20the,%2C%20falling%2028%25%20on%20Wednesday.) amid all the scrutiny. [fortune](https://www.bloomberg.com/billionaires/profiles/gautam-s-adani/?sref=qYiz2hd0) of over $100 billion, rendering him the richest man in Asia and one of the richest people in the world. “The document is a malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive,” the company said, calling it “tremendously concerning” that an investor sitting on another continent could have caused “serious and unprecedented adverse impact” on investors.

Adani Group has denied the allegations, saying it complies with all laws and has made necessary disclosures over time. Nonetheless, investors dumped its shares ...

Many Adani group companies report results this week. Separately, JPMorgan on Tuesday said the group companies were still eligible for inclusion in the bank's bond indexes. "Monday's announcement of them able to close over $1 billion loans also worked in their favor. In a major setback for the billionaire, the market rout also forced him to [(ADAG.NS)](https://www.reuters.com/companies/ADAG.NS) and Adani Power [(ADAN.NS)](https://www.reuters.com/companies/ADAN.NS), all however ended 5% lower. 24 alleged it had engaged in stock manipulation and used tax havens. [(ADAW.NS)](https://www.reuters.com/companies/ADAW.NS) adding 5%. [(ADEL.NS)](https://www.reuters.com/companies/ADEL.NS) closed up 14.6% on Tuesday, still around half the level seen before the Hindenburg report was released. The cumulative losses of Adani group's seven listed companies still stand at $109 billion despite Adani Ports also gaining 1.4% on Tuesday and Adani Wilmar [(ADNA.NS)](https://www.reuters.com/companies/ADNA.NS), Adani Ports and Special Economic Zone [(APSE.NS)](https://www.reuters.com/companies/APSE.NS) and Ambuja Cements [(ABUJ.NS)](https://www.reuters.com/companies/ABUJ.NS) -- noted that a short seller had alleged "certain issues against some" Adani group entities, saying for the first time they may be looked into. It also said the group had unsustainable debt. [pre-pay](/world/india/adani-group-plans-trim-its-capital-spending-plans-mint-newspaper-2023-02-05/) $1.11 billion of loans on shares.

The Indian, who was second richest in the world less than three weeks ago, had tumbled out of the top-20; Now ranked 17th after rally in group stocks on ...

This was after the rally in Adani Enterprise stock in the Bombay Stock Exchange, where it had gone up by 20 percent early in the trading and is now up 17 percent to ₹1842 ($22.27). [business news](https://www.arabianbusiness.com)from the UAE and Gulf countries, follow us on [YouTube](http://www.youtube.com/user/arabianbusiness/featured?sub_confirmation=1)page, which is updated daily. [Life Insurance Corporation of India and State Bank of India, who have both revealed large exposure to Adani Group companies](https://www.arabianbusiness.com/industries/banking-finance/adani-scandal-india-reveals-investigation-into-adani-freefall-potential-to-tank-countrys-banks). [In a 413-page report on January 29](https://hindenburgresearch.com/adani/), the group said: “This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India.” [a drop of nearly 75.7 percent since the Hindenburg Research produced a damning report](https://www.arabianbusiness.com/money/corporate/capital-markets/adani-crashes-another-6bn-on-day-8-of-hindenburg-scandal), where it accused Adani of stock manipulation, investing in own companies through shell companies and other fraudulent activities. The flagship company of the group had slumped from a 52-week high of ₹4,190 ($50.66) to a low of ₹1,017 ($12.3) last week –

The head of Mobius Capital Partners said fraud accusations against Adani should be seen as isolated and wake investors up to the scale of the Indian market.

It wakes up people who have been sleeping, and not looking at India the way they should, as a big country and a very fast-growing country." And there are some very big companies in India." On the potential fallout, he said, "The Adani companies represent, what, about 6% of the Indian index. So we have to use the Adani as sort of somewhat of an isolated case." Adani-exposed exchange traded and mutual funds have been [hit heavily](https://www.cnbc.com/2023/02/07/these-etfs-and-mutual-funds-face-millions-in-losses-amid-the-adani-crisis.html). So that's one of the big problems that I had," Mobius said. [Goldman Sachs](https://www.cnbc.com/2023/02/06/adani-rout-deepens-efforts-to-defend-conglomerate.html), [Nomura and HSBC](https://www.cnbc.com/2023/02/01/adani-vs-hindenburg-how-asias-richest-man-lost-his-crown-in-just-a-few-days.html) have also said they do not believe there will be a "broader contagion" in Indian markets. Another positive, he said, "is that the allegations will raise questions, and there'll be examination of other companies and corporate governance will probably improve as a result." [Adani Enterprises](https://www.cnbc.com/quotes/ADANIENT-IN/), [Adani Transmission](https://www.cnbc.com/quotes/ADANITRANS-IN/), [Adani Green Energy](https://www.cnbc.com/quotes/ADANIGREEN-IN/), [Adani Power](https://www.cnbc.com/quotes/ADANIPOWER-IN/) and [Adani Total Gas](https://www.cnbc.com/quotes/) have [plummeted](https://www.cnbc.com/2023/02/02/adani-losses-top-100-billion-in-wake-of-hindenburg-research-report.html) in value since then, with the group shedding more than $113 billion from its market value. [bright spot](https://www.cnbc.com/2023/01/27/india-is-a-true-bright-spot-in-the-midst-of-a-global-downturn-top-execs.html) over the last year as other major economies have suffered from energy market volatility, decades-high inflation and a sharp slowdown in economic growth. [report](https://hindenburgresearch.com/adani/) alleging the Adani Group had engaged in "brazen stock manipulation and accounting fraud scheme over the course of decades." [massive planned share sale](https://www.cnbc.com/2023/02/01/adani-abandons-2point5-billion-share-sale-in-big-blow-to-indian-tycoon.html) because of concerns about the group's debt pile and exposure to political risk, he told CNBC Tuesday.

The group, led by billionaire Gautam Adani, has been roiled by days of market turmoil after Hindenburg Research on Jan. 24 alleged it had engaged in stock ...

Separately, JPMorgan on Tuesday said the group companies were still eligible for inclusion in the bank’s bond indexes. Many Adani group companies report results this week. The crisis is one of the biggest reputational challenges for 60-year-old Adani, whose fortunes surged in recent years along with his stock prices, before the Hindenburg jolt. On Monday, Adani Group said it would pre-pay $1.11 billion of loans on shares. 24 alleged it had engaged in stock manipulation and used tax havens. It also said the group had unsustainable debt.

Adani's fortune rose by $1.2 billion to $60.6 billion to take him to 17th position on the Forbes richest list.

The Newshour Debate The Newshour [Ambuja Cement](/topic/ambuja-cement)gained over 1 percent and NDTV too closed over 1 percent higher.

Adani Enterprises' recovery from its lows has attracted a lot of traders to the stock, said Ambareesh Baliga, a Mumbai-based independent market analyst.

The cumulative losses of Adani group’s seven listed companies still stand at $109 billion despite Adani Ports also gaining 1.4% on Tuesday and Adani Wilmar adding 5%. Adani Ports posted a lower quarterly profit on Tuesday as foreign exchange losses soared, and said it would pay back 50 billion rupees ($605 million) – or 13% of its net debt – in the new fiscal year from April. Adani Enterprises’ recovery from its lows has attracted a lot of traders to the stock, said Ambareesh Baliga, a Separately, JPMorgan on Tuesday said the group companies were still eligible for inclusion in the bank’s bond indexes. The crisis is one of the biggest reputational challenges for 60-year-old Adani, whose fortunes surged in recent years along with his stock prices, before the Hindenburg jolt. 24 alleged it had engaged in stock manipulation and used tax havens.

Opposition targets country's ruling Bharatiya Janata party over crisis at conglomerate run by leader's ally.

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Gautam Adani's recent woes have vindicated persistent doubts in India about the tycoon's rise. With his eponymous group's bonds trading at distressed levels ...

Others in the syndicate include Singapore’s DBS [(DBSM.SI)](https://www.reuters.com/companies/DBSM.SI), Japan’s Mitsubishi UFJ Financial Group [(8306.T)](https://www.reuters.com/companies/8306.T) and Italy’s Intesa Sanpaolo [(ISP.MI)](https://www.reuters.com/companies/ISP.MI). [(SBI.NS)](https://www.reuters.com/companies/SBI.NS) and domestic private lender ICICI Bank [(ICBK.NS)](https://www.reuters.com/companies/ICBK.NS) as the top five fee-earners. Adani added the short-selling campaign was a calculated attack on India and its growth ambition. In a move that helped calm the market, Gautam Adani this week paid over $1 billion to release pledges on some of his shares, and his companies are laying out plans to make debt repayments. [(HOLN.S)](https://www.reuters.com/companies/HOLN.S) was financed by about $5 billion of loans underwritten by Barclays, Deutsche and StanChart. Citi [(C.N)](https://www.reuters.com/companies/C.N) has been a top adviser on Adani’s debt capital markets deals since 2014. The Securities and Exchange Board of India continued to approve all the group’s proposals even though a government minister’s written reply, disclosed in parliament in 2021, revealed that the regulator was investigating some Adani group companies. At the time, Adani said the story was “ [blatantly erroneous](https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.indiatoday.in%2Fbusiness%2Fstory%2Fblatantly-erroneous-adani-group-rejects-report-on-fpi-account-freeze-1814660-2021-06-14&data=05%7C01%7CThomas.Shum%40thomsonreuters.com%7C758f847b205241ed224408db0977ac8a%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C638114181836046794%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=fyJmjv7ChEJ4eSGvhAkldTIORmSVoUyLOtLWQkWaDOs%3D&reserved=0)”. Deutsche, Barclays and StanChart pocketed $57 million of the $260 million of investment banking revenue generated by the Adani group since Dealogic records began. By contrast, other big Indian groups like Mukesh Ambani’s Reliance Industries [(DBKGn.DE)](https://www.reuters.com/companies/DBKGn.DE) and those carrying the Tata name are more popular with institutional investors. The [warning signs](https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.breakingviews.com%2Fconsidered-view%2Fgautam-adani-takes-new-tycoon-risk-to-next-level%2F&data=05%7C01%7CThomas.Shum%40thomsonreuters.com%7C758f847b205241ed224408db0977ac8a%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C638114181836046794%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=y2aoQoDHUWyJVplG6a1S3henx%2BL03NdfkvC%2FdoGcRtU%3D&reserved=0) were hiding in plain sight. [media report](https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Feconomictimes.indiatimes.com%2Fmarkets%2Fstocks%2Fnews%2Fa%2Fcs-of-3-fpis-owning-adani-shares-frozen%2Farticleshow%2F83496483.cms&data=05%7C01%7CThomas.Shum%40thomsonreuters.com%7C758f847b205241ed224408db0977ac8a%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C638114181836046794%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=95p1PsbJLE%2FhM0ArveirIihM5CDDo3cbg2Gmr5fmm4U%3D&reserved=0) which implied opaque Mauritius-based funds had puffed up the value of the tycoon’s companies.

Gautam Adani-Hindenburg issue: Ahead of Adani Enterprises FPO opening, the short seller published a report raising concern over debt positioning of Adani ...

India Business News: Hindenburg Research has accused Adani Group of several financial irregularities, including artificially inflating its financial results ...

On February 7, the Centre amid concerns over Life Insurance Corporation of India’s exposure to Adani Group companies, said that the insurer had strictly followed the statutory framework and regulations while making investments. Hindenburg Research has accused Adani Group of several financial irregularities, including artificially inflating its financial results, misstating its revenues and profits, and overstating the value of its assets. She further stressed that the “regulators are independent of the government... Investment banking company Credit Suisse had earlier stopped accepting bonds of Adani group as collateral for margin loans to its private banking clients, Bloomberg agency reported. Though Adani Enterprises Limited’s Rs 20,000-crore follow-on public offer (FPO) was fully subscribed, the company decided to cancel it and return the money to investors after its share plunged 28.4%. The sell-off in Adani group stocks finally halted on Tuesday as the group unveiled more steps to restore investor confidence and reduce its debt, including a plan to repay Adani Ports and Special Economic Zone Ltd’s loans worth Rs 5,000 crore by March next year.

The quarterly earnings disclosures of three Adani units -- Adani Green Energy, Adani Ports and Special Economic Zone and Ambuja Cements -- noted that a ...

Many Adani group companies report results this week. [Adani Power](https://cfo.economictimes.indiatimes.com/tag/adani+power) [Adani Wilmar](https://cfo.economictimes.indiatimes.com/tag/adani+wilmar) "Monday's announcement of them able to close over $1 billion loans also worked in their favor. [Adani Enterprises](https://cfo.economictimes.indiatimes.com/tag/adani+enterprises) Separately, JPMorgan on Tuesday said the group companies were still eligible for inclusion in the bank's bond indexes. The crisis is one of the biggest reputational challenges for 60-year-old Adani, whose fortunes surged in recent years along with his stock prices, before the Hindenburg jolt. [Adani Green](https://cfo.economictimes.indiatimes.com/tag/adani+green) [Adani Ports](https://cfo.economictimes.indiatimes.com/tag/adani+ports) It also said the group had unsustainable debt. 24 alleged it had engaged in stock manipulation and used tax havens. [Adani Group](https://cfo.economictimes.indiatimes.com/tag/adani+group)

The Adani Group, a multinational conglomerate founded by Indian billionaire Gautam Adani, has received extensive coverage from global news organisations in ...

[Raksha Kumar](https://reutersinstitute.politics.ox.ac.uk/people/raksha-kumar) is a freelance journalist, with a specific focus on human rights. Law says that the aim of Adani Watch is a bit different. “The difference is they never took me to court,” says Thakurta, who makes many visits to the courts in the six defamation cases he is battling, slapped on him by the Adani Group. “We are only focused on uncovering the misdeeds of Adani Group, and not aiming for any specific outcome,” he says. The first one is the crisis in business journalism. “They are so big that we have no choice as journalists but to keep tabs on them,” said Ravi Nair, the journalist who published the series on the Adani Group’s offshore investments for Adani Watch. [ exponentially](https://www.timesnownews.com/business-economy/companies/gautam-adani-net-worth-up-13x-in-2-5-years-to-rs-11-lakh-crore-only-ril-tcs-mcap-more-his-personal-wealth-article-93894535) in Narendra Modi’s second term. Today the Adani Group has an overarching presence in the Indian economy. The mandate of Adani Watch quickly expanded to the conglomerate’s activities beyond the Carmichael mine. The website developed a network of contributors to explain and document Adani Group’s activities and its impact on the environment and human rights in India, Myanmar and Indonesia. Activists, including Brown, heard about the Adani Group when it announced it would dig the biggest coal mine in Australia’s history – the Carmichael coal mine in Queensland. As a result, Adani’s stock prices plummeted resulting in losses of more than $100 billion and the group had to cancel a further share sale.

India Business News: Hindenburg Research has accused Adani Group of several financial irregularities, including artificially inflating its financial results ...

On February 7, the Centre amid concerns over Life Insurance Corporation of India’s exposure to Adani Group companies, said that the insurer had strictly followed the statutory framework and regulations while making investments. Hindenburg Research has accused Adani Group of several financial irregularities, including artificially inflating its financial results, misstating its revenues and profits, and overstating the value of its assets. She further stressed that the “regulators are independent of the government... Investment banking company Credit Suisse had earlier stopped accepting bonds of Adani group as collateral for margin loans to its private banking clients, Bloomberg agency reported. Though Adani Enterprises Limited’s Rs 20,000-crore follow-on public offer (FPO) was fully subscribed, the company decided to cancel it and return the money to investors after its share plunged 28.4%. The sell-off in Adani group stocks finally halted on Tuesday as the group unveiled more steps to restore investor confidence and reduce its debt, including a plan to repay Adani Ports and Special Economic Zone Ltd’s loans worth Rs 5,000 crore by March next year.