Adani

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:

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%.

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.

An advocacy group focused on the impact of debt markets on climate change called on Monday for major bond investors to shun India's Adani Group, ...

Register for free to Reuters and know the full story Billionaire chairman Gautam Adani, one of the world's richest people, dismissed these as baseless. Spokespeople for the Adani Group, BlackRock, Allianz and Pimco did not immediately respond to requests for comment.

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 ...

Shares of most of Adani Group companies continued to see sharp losses for a third consecutive trading session.

[Adani Enterprises](/quotes/ADANIENT-IN/)' follow-on public offering will be fully subscribed, calling Hindenburg's report "simply a lie" and the timing of the report "malicious." [fell](https://www.bloomberg.com/billionaires/profiles/gautam-s-adani/) $27.9 billion year to date, the index showed. [Hindenburg's report](https://www.cnbc.com/2023/01/25/adani-group-hindenburg-short-position.html), which accused the conglomerate of stock manipulation and an "accounting fraud scheme." 'Attack on India' 20, 2022, before falling to to $92.7 billion as of last week's close, according to the index. [Adani Total Gas](https://www.cnbc.com/quotes/ATGL-IN) and [Adani Transmission](/quotes/ADANITRANS-IN/) both dropped by the daily 20% limit, [Adani Green Energy](/quotes/ADANIGREEN-IN/) fell more than 19%, and [Adani Power](/quotes/ADANIPOWER-IN/) lost 5%.

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 ...

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.

The selloff in companies controlled by Gautam Adani has caused quite a stir lately—but Adani-controlled companies have already experienced some of the ...

20, 2022: Adani Enterprises stock price closes at 4164.25 rupees, reaching a record high.\n\nJan. Adani Enterprises joins the Nifty 50, India's flagship large-cap stock index.\n\nDec. 8, 2021: Adani Enterprises acquires a 23.5% stake in the Mumbai International Airport Ltd from ACSA Global Ltd, giving it majority control of the airport.\n\nMay 16, 2022: Adani announces plans to buy control of two Indian-listed cement companies from Switzerland-based Holcim in a $10.5 billion deal.\n\nAug. 23, 2022, Adani announced it has acquired 29% stake in New Delhi Television and plans to launch a takeover attempt of the media company.\n\nSept. 16, 2022, Adani becomes the world’s second-richest person, according to BBG Billionaires index.\n\nSept. 2020: Adani Enterprises shares rise 8.07% on Aug.

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

It is something we as Indians should be proud of and should fight to defend — regardless of how hard one company waves the flag in our faces. Indian courts might be difficult to navigate, political risk in New Delhi and the states might be tough to manage, but the Indian equity markets are world-class. This is the one thing that has set us apart for three decades, since SEBI was first set up in response to our first big market manipulation scandal. The possibility of profit is enough of a motive — you don’t have to reach for theories about a transnational network of anti-India bankers and journalists. The company is a small, respected, New York-based shop of short-sellers that thinks it recognizes the signs of overvalued companies ripe for a selloff. It looks as though the Adani Group’s attempt to wrap itself in the Indian tricolor and see if criticism bounces off the flag may succeed.

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.

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.

India is making its way onto global investors' maps. How the country's financial authorities tackle the $65 billion selloff at Gautam Adani's eponymous ...

Adani added the short-selling campaign was a calculated attack on India and its growth ambition. Nevertheless, shares in Adani Green Energy [(ADNA.NS)](https://www.reuters.com/companies/ADNA.NS) and Adani Total Gas [(ADAG.NS)](https://www.reuters.com/companies/ADAG.NS), a joint venture with France’s TotalEnergies [(TTEF.PA)](https://www.reuters.com/companies/TTEF.PA), have lost nearly 40% of their value in the past three trading sessions. State-controlled Life Insurance Corporation, India's largest insurer which has invested more than $4 billion in the Adani group, said on Jan. short-seller Hindenburg Research published a research note on the group. The Indian conglomerate's response has failed to pacify investors. How the former banker handles Adani will make a big impact. Shares of the Adani group companies have lost $65 billion since Jan. The newish chair of India’s securities regulator, Madhabi Puri Buch, has already For those who passively track stock market indexes, the controversy engulfing Adani, briefly the world’s third richest man, may act as a deterrent from an already expensive market. No wonder that high-net-worth individuals, family offices, and pension funds from Israel to Canada have poured through New Delhi and Mumbai in recent months, many on a maiden trip to assess investment opportunities. Foreigners now own about a fifth of all stocks, though their share has decreased slightly as domestic investors have piled in too. Morgan Stanley economists forecast its stock market will be the world’s third largest before the end of 2030.

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.

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.

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 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.

Gautam Adani has slipped out of the list of the world's top 10 richest people and could soon be supplanted as Asia's wealthiest person if shares in his ...

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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Indian billionaire Gautam Adani at his office in the western Indian city of Ahmedabad in this April 2, 2014 file photo. Amit Dave/REUTERS.

The research firm questioned the “sky-high valuations” of Adani firms and said their “substantial debt” puts the entire group “on a precarious financial footing. It followed that on Sunday with a long and angry rebuttal running to more than 400 pages, in which it called Hindenburg’s allegations “baseless and discredited” and said the research firm had an “ulterior motive.” Adani’s empire has been fueled by a $30 billion borrowing binge, making his business one of the most indebted in the country. Its success offers Adani some respite after the relentless stock market battering of recent days. In 1994, AEL became the first of his companies to list on the stock exchange in Mumbai. “Presently there is a situation that’s emerging and we are not sure what is the factual position … In its investigation, Hindenburg accused the group of “brazen stock manipulation and accounting fraud scheme over the course of decades.” Often called the group’s “crown jewel,” Mundra Port is the country’s biggest commercial port by volume. Much of his fortune is tied up in the sprawling Adani Group, which he founded over 30 years ago. The rout was a screeching U-turn for Adani — some of his companies had seen their share prices surge by more than 1,000% on the Indian stock market over the last few years. But over the past week, Adani has fallen from the fourth place to 11th. [Gautam Adani](https://edition.cnn.com/2022/10/10/business/gautam-adani-india-risk-takers-22/index.html#:~:text=Now%20he%20may%20be%20too%20big%20to%20fail,-By%20Diksha%20Madhok&text=Indian%20billionaire%20Gautam%20Adani%20at,Ahmedabad%20on%20April%202%2C%202014.&text=On%20a%20late%20August%20evening,phones%20started%20buzzing%20with%20messages.) ended his trip to Davos earlier this month on an optimistic note.

U.S.-based short-seller Hindenburg Research severely criticised Indian conglomerate Adani in a Jan. 24 report ahead of its flagship company's $2.5 billion ...

The report says key listed Adani companies have substantial debt and are over-leveraged. It has a track-record of finding corporate wrongdoings and placing bets against the companies. 24 report ahead of the Adani Enterprises share sale, setting off an $86 billion rout in the group's domestically listed stocks and a sell-off in its bonds listed overseas. India's Prime Minister Narendra Modi is from the same state and their relationship has long come under scrutiny by Modi's opponents. The Adani group said that several of the CFOs that the Hindenburg report points to have remained within the group and moved on to new roles. The short-seller has said that listed Adani companies have seen a number of changes in chief financial officers (CFOs) and that auditors used by the group are relatively unknown.

The closely watched $2.5 billion share sale launched by Asia's richest man, Gautam Adani, has been fully subscribed, bucking expectations after a turbulent ...

The company, whose chairman is the United Arab Emirates’ national security adviser, had invested $2 billion last year in some of Adani’s subsidiaries. said it will make a $381 million investment in Adani Enterprises. “Indian investors are well versed with their market – foreign investors look at global markets, so if there is an issue of corporate governance in a country, they might look at it more closely,” Freitas added. Most of the allegations involved concerns about the group’s debt levels, activities of top executives, use of offshore shell companies to artificially boost share prices and past investigations into fraud. The short-selling firm said its report followed a two-year investigation. While the shares of some Adani-linked companies went up, three were still down between 5% and 10%.

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.

On any list of winners from the ginormous losses ruining Gautam Adani's year, Elon Musk deserves a spot. Adani's $70 billion loss these last few days ...

In its rebuttal to Hindenburg, Adani has sought to frame the allegations as an assault on India itself. China, too, is seconding the difficulty of the strategy. There’s at least one way Adani’s troubles are a microcosm of India’s: a misplaced belief you can simply grow your way out of debt. He presided over the implementation of a national goods-and-services tax. But that’s easier said than done amid recession fears in the U.S., Europe and Japan and an uncertain trajectory for China. In 2014, voters returned the BJP to power in hopes Modi would apply the “ We’ll leave it to the folks at Hindenburg to defend their allegations (which Adani has firmly denied). “To a significant extent, the damage has been done,” says analyst Udith Sikand at Gavekal Research. This week, Modi’s party had hoped to turbocharge its argument to stay on after nearly a decade in power. Musk, too, whose distraction since buying Twitter has investors fleeing Tesla (and costing him way more than Adani). It accelerated when Adani thought it wise to issue a 413-page rebuttal that conveyed a thou-dost-protest-too-much vibe. On any list of winners from the ginormous losses ruining Gautam Adani’s year, Elon Musk deserves a spot.

Gautam Adani pulled off a closely watched $2.5 billion equity sale for his flagship company, largely thanks to existing shareholders, earning the Indian ...

Abu Dhabi's International Holding Company to invest US$400m in Indian conglomerate as it tries to complete share sale.

[Adani Group](https://www.adani.com/) has denied the allegations, which it described as a “malicious combination of selective misinformation and stale, baseless and discredited allegations” and accused Hindenburg of attempting to damage its reputation before a large share offering. It is using financial instruments to profit from its falling share prices. The funding from IHC represents about 16% of Adani’s fundraising offer. Shares in Adani Total Gas were down 10% on Tuesday, hitting a daily limit imposed by the Indian exchange designed to prevent rapid share price movements. He has fallen to 11th place in the daily-updated Bloomberg billionaires index after a personal wealth wipeout of $34bn in just four days of trading since the accusations were published. The wild trading was sparked by a report by Hindenburg that claimed the Adani empire was laden with debt and engaged in a “brazen stock manipulation and accounting fraud scheme”.

Gautam Adani's crucial $2.5 billion share sale achieved a full subscription on Tuesday as investors pumped funds into his flagship Adani Enterprises , despite a scathing short-seller's report which had pummelled the Indian billionaire's stocks.

Hindenburg said in its report it had shorted U.S.-bonds and non-India traded derivatives of the Adani Group. Adani had in recent days repeatedly said investors were standing by its side and the share offering would go through. Demand from retail investors garnered bids only worth around 10% of the shares on offer for that segment. dollar-denominated bonds issued by Adani Ports and Special Economic Zone continued their fall into a second week. Adani Group's total gross debt in the financial year ended March 31, 2022, rose 40% to 2.2 trillion rupees ($26.83 billion). It added that shares in seven Adani listed companies have an 85% downside due to what it called "sky-high valuations".

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.” The record $2.5 billion share sale by Gautam Adani’s flagship firm was fully subscribed on the final day, offering Asia’s richest man a reprieve after his empire was rocked by allegations of fraud by short seller Hindenburg Research. 24, he was still one of the richest men in the world according to the Bloomberg Billionaires Index. Adani was born to a small textile merchant family in 1962 in the western industrial state of Gujarat. 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. Adani Group today comprises half a dozen major companies with interests ranging from energy to transportation and infrastructure development. The alignment extends to foreign affairs. He dropped out of university and began his career sorting diamonds for a firm in the financial hub of Mumbai. A record $2.5 billion share sale by his flagship firm, Adani Enterprises Ltd., was fully subscribed on the final day, Jan. While his net worth took a beating in the days after Hindenburg’s report was published on Jan. He later imported materials used in manufactured goods and by the mid-1990s was managing the Mundra Port, which he now owns.

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.

NEW DELHI — (AP) — Asia's richest man, Gautam Adani, saw his companies shed $68 billion in market value after short-selling firm Hindenburg Research accused ...

25, the flagship company, Adani Enterprises, and others in the group have plunged by as much as 20% in a single day. The report cited information from former Adani executives, thousands of documents and other research. His critics say much of his success stems from his close ties to the government and to Prime Minister Narendra Modi, who has at times campaigned using an Adani jet. Hindenburg's report raised concerns of wider problems and prompted investors to dump Adani Group shares. "It could also increase scrutiny since lenders may require more assurances which could make the company more careful,” he said. Adani’s supporters say he has cleverly aligned the group’s priorities with those of the government by investing in key industries like renewable energy, defense and agriculture. It posed 88 questions for Adani to answer. Before Modi took office, Adani was friendly with the rival Congress Party, which governed Gujarat state when many of his early projects began. In the 1980s, he started importing plastics before establishing Adani Enterprises, which traded in everything from shoes to buckets and remains his flagship company. It has expanded to Australia and Indonesia and, according to Adani Power's website, is on track to be “one of the largest mining groups in the world.” Within a decade, Adani became India's largest developer and operator of coal mines. Adani companies operate airports in major cities, build roads, generate electricity, manufacture defense equipment, develop agricultural drones, sell cooking oil and run a media outlet.

Gautam Adani's conglomerate managed to raise fresh funds despite market turmoil looming over the move.

While the Adani Group’s companies are expected to remain volatile, it is clear that they have supporters. “Our interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises,” the Emirati company’s chief executive said in a statement. The United Arab Emirates has emerged in recent years as a close ally to the government of India. Other important investors subscribing to the offer answer directly to the Indian government. Within India’s professional investment community, much of what was written in the Hindenburg report had already been heard long before the bombshell burst. Retail investors — or those not affiliated with professional trading firms or banks — bought only 12 percent of the shares that had been earmarked for them. At the start of this year, the share price for Adani Enterprises had risen 3,000 percent over five years. In other words, buyers would have to be persuaded to pay more than what existing shares fetched on the secondary market, lest the sale flop. In each market trading session since the report’s publication, shares of most of the public companies controlled by Mr. Instead, a week ago, Hindenburg Research, a New York investment firm betting Adani Group’s stock price would tumble, dropped a bomb of a report on the conglomerate, calling its finances “ The average for India’s benchmark stock index over the past few months was around 20 times earnings. Tens of billions of dollars in value

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.

NEW DELHI — (AP) — Asia's richest man, Gautam Adani, saw his companies shed $68 billion in market value after short-selling firm Hindenburg Research accused ...

25, the flagship company, Adani Enterprises, and others in the group have plunged by as much as 20% in a single day. The report cited information from former Adani executives, thousands of documents and other research. His critics say much of his success stems from his close ties to the government and to Prime Minister Narendra Modi, who has at times campaigned using an Adani jet. Hindenburg's report raised concerns of wider problems and prompted investors to dump Adani Group shares. "It could also increase scrutiny since lenders may require more assurances which could make the company more careful,” he said. Adani’s supporters say he has cleverly aligned the group’s priorities with those of the government by investing in key industries like renewable energy, defense and agriculture. It posed 88 questions for Adani to answer. Before Modi took office, Adani was friendly with the rival Congress Party, which governed Gujarat state when many of his early projects began. In the 1980s, he started importing plastics before establishing Adani Enterprises, which traded in everything from shoes to buckets and remains his flagship company. It has expanded to Australia and Indonesia and, according to Adani Power's website, is on track to be “one of the largest mining groups in the world.” Within a decade, Adani became India's largest developer and operator of coal mines. Adani companies operate airports in major cities, build roads, generate electricity, manufacture defense equipment, develop agricultural drones, sell cooking oil and run a media outlet.

Success of the $2.5 billion share sale had been in doubt after a U.S. short-seller accused one of India's largest conglomerates of fraud.

"The Hindenburg report has taken a toll on sentiment, especially at the retail level...and the successful closure of the [offering] may not be able to mend the damage anytime soon." "The [offering] did get subscribed, thanks to a few institutional as well as large family offices," a Mumbai market analyst told Reuters. Interest flagged as shares that had been intended to be offered at a discount ended up being priced above market in the wake of Hindenburg's report.5 The richest man in Asia secured a $2.5 billion show of support in the face of a U.S. Hindenburg Research alleged Adani's family controls a web of offshore entities, using them to manipulate share prices and launder funds.2 Adani said Hindenburg maliciously rehashed previously discredited or officially disproved allegations.3 short-seller's accusation that he is perpetrating "the largest con in corporate history."

In the midst of a market rout last week that stripped Indian conglomerate Adani Group of $65 billion in market capitalization, Adani announced that it was ...

“A reasonable reader,” he said, “would understand that they were sharing opinions about Eros based on news about the company.” (Enochian counsel Clayton Parker of K&L Gates declined to comment on the case.) “But proving falsity of fact might be a difficult task in a case like this,” Gutterman said. New York State Supreme Court Justice Joel Cohen found that all of the short sellers’ assertions, in articles, reports and online posts, were protected opinion. short-seller battle escalates](/world/india/adani-enterprises-shares-rise-other-group-stocks-plunge-after-short-seller-2023-01-30/) [Hindenburg says if Adani Group files lawsuit it will demand company documents](/business/hindenburg-says-if-adani-group-files-lawsuit-it-will-demand-company-documents-2023-01-26/) [DraftKings investors can't rely on short-seller report to prove fraud - N.Y. The company alleged that several short sellers, including ClaritySpring, had conspired to drive down its share price. In 2019, Justice Peter Sherwood dismissed the suit, holding that Hindenburg’s allegedly defamatory statements were statements of opinion protected by the 1st Amendment. “The context of financial analysis of companies, particularly, publicly traded companies, tends to be pure opinion,” he added. Yangtze sued Hindenburg, founder Nathan Anderson and a sister company, ClaritySpring Inc, for defamation in New York State Supreme Court in Manhattan, where Hindenburg is based. Hindenburg had offered a disclaimer about its short position in Yangtze shares at the beginning of its report, the judge noted. 24 report sparked the sell-off. Hindenburg blasted Yangtze River in a 2018 report that described the NASDAQ-listed company as a “shell” and a “scheme” that served only to transfer money from U.S.

Australia's corporate regulator is reviewing a short-seller report that accused India's Adani Group of improper use of offshore tax havens to determine ...

Register for free to Reuters and know the full story Hindenburg Research, a well known U.S. Bravus, an Australian Adani Group company, said in a statement that the group "refutes all allegations" made in the Hindenburg report about its Australian operations and that it has publicly provided evidence to back up its stance.

El multimillonario indio Gautam Adan enfrenta un gran reto: una pequeña empresa estadounidense acusa a su conglomerado de fraude y manipulación bursátil.

[Hindenburg ha contratacado](https://hindenburgresearch.com/adani-response/) diciendo: “El futuro de India está siendo frenado por el Grupo Adani, que se ha cubierto con la bandera india mientras saqueaba sistemáticamente la nación”. [publicar su informe](https://hindenburgresearch.com/adani/) el 24 de enero. Entre las acusaciones de Hindenburg está la de que las empresas fantasma dirigidas por el hermano mayor de Adani, Vinod Adani, ayudaron al conglomerado a manipular los precios de sus acciones. El operador en corto también puso en duda la calidad del auditor independiente de dos filiales, Adani Enterprises y Adani Gas. En el Grupo Adani, el fundador de Hindenburg, Nathan Anderson, se enfrenta a un Goliat. Gran parte de la actividad comercial de la filial, Adani Enterprises, se rastreó hasta sociedades patrimoniales con sede en paraísos fiscales, lo que llevó a especular con que las acciones —que habían contribuido a impulsar el patrimonio personal de Adani— estaban siendo manipuladas. Según Bloomberg News, las acciones de esas empresas cayeron alrededor de un 15 por ciento, en promedio, el día después de que Hindenburg emitiera sus informes, y habían bajado un 26 por ciento seis meses después. En otra muestra de la diversificación de su negocio, Adani tomó el control de NDTV, un medio de noticias independiente. Obtiene beneficios cuando su objetivo, a menudo una empresa que cotiza en bolsa, ve caer el precio de sus acciones. Y el alcance de Adani —que sigue siendo el hombre más rico de Asia y dirige uno de los mayores conglomerados de India— podría presagiar consecuencias más graves para un país que ha sido un punto brillante de la economía mundial. Por lo general, el multimillonario ha mantenido un perfil bajo a pesar de haberse convertido en uno de los hombres más ricos del mundo. El Grupo Adani ha rechazado las acusaciones de Hindenburg, que puede beneficiarse si caen las acciones del conglomerado.

The asset manager bought approximately £3.4mn of shares in Adani Enterprises — representing just 1.4 per cent of the anchor investors — through its £576mn India ...

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