Adani

On Jan. 24, the New York-based forensic financial research firm disclosed its short positions on Adani companies, on the grounds of alleged accounting fraud and ...

[fraud at hedge fund Platinum Partners](https://www.justice.gov/usao-edny/pr/platinum-partners-portfolio-manager-daniel-small-convicted-defrauding-bondholders-mul-0). The name Hindenburg is derived from the [1937 airship explosion](https://www.smithsonianmag.com/smithsonian-institution/80th-anniversary-hindenburg-disaster-mysteries-remain-180963107/) in New Jersey that killed 36 passengers. According to Hindenburg’s report, the firm put together its short positions in Adani companies through US-traded bonds and non-Indian-traded derivative instruments. For this case, Anderson teamed up with another senior financial fraud investigator, his mentor Harry Markopolos, who famously [went after Bernard Madoff’s Ponzi scheme](https://www.theguardian.com/business/2010/mar/24/bernard-madoff-whistleblower-harry-markopolos). They create an important system of checks and balances in markets prone to froth. [Hindenburg’s latest report](https://hindenburgresearch.com/?p=2376), 106 pages in all, seeks answers to 88 questions related to discrepancies at Adani that it says it found across two years. Stints in capital-raising at the firms Blue Heron Capital and Tangent Capital were Anderson’s first steps toward investigative research. There, he worked with investment management companies, and found that “the processes across these firms is virtually the same, and not particularly incisive,” as he told the FT. The conglomerate’s legal head, Jatin Jalundhwala, in a statement on Jan. If Adani collapses, it will hurt taxpayers in a big way. 27). This has sent shares of the company spiraling down into a

In recent weeks Gautam Adani was near the top of the global rich list, with a fortune estimated in excess of $130 billion. Then this week came a raft of ...

After Total's buy-in, shares in Adani Enterprises nearly doubled in price by the end of 2022, to 4,100 rupees. [25% of Adani New Industries](https://totalenergies.com/media/news/press-releases/india-totalenergies-and-adani-join-forces-create-world-class-green), a division of Adani Enterprises. [Total bought a 20% stake](https://www.adanigreenenergy.com/newsroom/media-releases/total-to-invest-usd-510-million-for-50-percent-stake-in-2148-mwac-solar-power-projects-held-by-agel) in Adani Green Energy for $2 billion and paid another [$510 million for 50% of its 2.35 gigawatt p](https://www.financialexpress.com/industry/20-stake-total-puts-2-billion-into-adani-green/2173627/)ortfolio of operating solar assets. They worked on plans to develop liquefied natural gas import facilities, and in October 2019 Total agreed to pay $600 million for a 50% stake in Adani Gas. The price was undisclosed, but the partners say they intend to build the world's biggest “green” hydrogen business, featuring a $5 billion electrolyzer. At the start of last week they were at 1,900 rupees, but have since fallen 20%. This bodes poorly for the attempts by flagship Adani Enterprises to sell $2.5 billion worth of new stock — [at prices significantly higher](https://timesofindia.indiatimes.com/business/india-business/adani-enterprises-2-5-billion-share-offering-oversubscribed-by-anchor-investors-report/articleshow/97315230.cms) than now. Last September, Total CEO Patrick Pouyanne said that they would likely trim their 20% stake in Adani Green, which had bloomed to $10 billion in value. In recent weeks Gautam Adani was near the top of the global rich list, with a fortune estimated in excess of $130 billion. Total’s partnership with Adani goes back at least as far as 2018, when Total made an initial investment in what's now called Adani Total Gas, a gas distributor to homes and businesses. They allege that Adani, 60, and his close associates have used a network of offshore accounts to anonymously buy up and manipulate the thin, illiquid float of his public companies — then sold overpriced shares to unsuspecting retail investors. There's not a lot of investor exposure to Adani's empire because insiders control so much of the float.

Some Adani companies are suspended as heavy selling of Adani-linked shares continues to wipe billions of dollars' worth of market value.

Adani Ports and Special Economic Zone Ltd sank 15.2 per cent. Its shares fell 1.6 per cent on Wednesday. "Then the banking system gets affected. Hindenburg Research said in a rebuttal that it would welcome legal action by the Adani group. "Clearly, the report and its unsubstantiated contents were designed to have a deleterious effect on the share values of Adani Group companies as Hindenburg Research by their own admission, is positioned to benefit from a slide in Adani shares," Mr Jalundhwala said. Mr Freitas said he expected the weekend would give investors time to study the situation and Adani time to build a defence against Hindenburg's criticisms. "So it kind of raises doubts about corporate governance in India as a whole and how the regulator fits into the picture." Mr Jalundhwala said the allegations were an attempt by Hindenburg to sabotage Adani's share offering, which was undermined as the value of Adani Enterprises shares fell below the price range of the offering. Jatin Jalundhwala, head of the Adani group's legal department, said the group "was evaluating the relevant provisions under US and Indian laws for remedial action against Hindenburg Research". Investors began unloading shares after Hindenburg Research issued a report that said it was betting against shares in companies in the Adani empire. Shares in India's Adani Group have plunged up to 20 per cent as the company considers legal action over allegations of stock market manipulation and accounting fraud. Hindenburg said it judged the seven key Adani-listed companies to have an "85 per cent downside, purely on a fundamental basis owing to sky-high valuations".

The Adani Group, founded by Gautam Adani, Asia's richest person, has lost $50 billion in value this week as it rebutted a critical report from a New York ...

Mr. But India is one of the world’s fastest-growing large economies, and Mr. Critics have complained that Mr. Modi and Mr. [said](https://scroll.in/latest/984589/protecting-interest-of-monopolies-kerala-cm-hits-out-at-centre-for-leasing-airport-to-adani-group) that Mr. Adani, Mr. Adani was an early supporter of Mr. Modi flew to Delhi on Mr. In the 1980s, Mr. After winning power in the national elections of 2014, Mr. The group’s growth surged in recent years, as it expanded into airports and The Adani Group has dismissed Hindenburg’s allegations in a series of rebuttals, calling them “a maliciously mischievous attempt” to profit by sinking its shares.

Shares of India's Adani Enterprises sank nearly 20% on Friday as a scathing report by a U.S. short seller triggered a rout in the conglomerate's listed ...

The nervousness has led to a fall in stocks across the board. When a selloff of this kind of magnitude is seen in a very short span of time, investors sell other stocks where they are in the money. Clearly given the size of the group and outstanding debt, this has also impacted the banks." At this point it is something we are more attentive to than we would have been - these kinds of stories and their fallout." it has clearly dented the overall investor sentiment in the market. short seller triggered a rout in the conglomerate's listed firms, casting doubts on how investors will respond to the company's [record $2.45 billion secondary sale](/business/indias-adani-kicks-off-245-bln-share-sale-while-under-short-seller-attack-2023-01-27/).

A report of fraud has sparked a mass sell-off in businesses led by Indian billionaire Gautam Adani.

Mr Adani is a self-made tycoon who has built a fortune with investments in ports, airports, renewable energy and other industries. Mr Adani has dropped from the third richest person in the world to the seventh on The Adani Group has dismissed the report as malicious, but the response has failed to stem the uproar.

Gautam Adani had appeared to weather the biggest broadside yet to his sprawling empire, heading into a holiday in India as the world's fourth-richest person ...

The transaction, India’s biggest ever primary follow-on public offering, is meant to draw in a mix of institutions, retail investors and high-net-worth individuals. He’s fallen below Bill Gates and Warren Buffett to the seventh-richest person on the globe. Adani Group is the biggest target yet for Nathan Anderson, the man behind Hindenburg who earned Wall Street’s attention with takedowns of electric-vehicle makers Nikola and Lordstown Motors. Hindenburg, in turn, shot back that Adani has “resorted to bluster and threats.” In the end, units like Adani Green Energy and Adani Total Gas plunged by the daily 20 per cent limit, delivering punishing losses after years of world-beating gains. Bonds and shares of the various Adani entities fell.

2 lakh crore 'debt' (based on the estimate of financial year ending March 2022) of Adani, 40 percent is from Indian public sector banks and financial ...

Now while Adani is facing the severest crisis in his corporate history, as already noted, Indian banks and financial institutions whose assets Adani has used for his money-spinning businesses are subject to what is called maximum “market exposure” that call for urgent intervention on the part of the authorities for protecting the interests of customers and people. At the same time, according to the laws of motion of corporate capital today, there is nothing untoward in the bursting of Adani bubble. The sudden plummeting or collapse of Adani stocks following Hindenburg report is to be viewed in this inherent logic of corporate accumulation today. His unholy nexus with power made it easy for him to massively transfer thousands of crore worth of bank money to his flourishing corporate empire on the basis of mere ‘goodwill’. Above all, the Modi regime cannot evade its responsibility regarding the circumstances that led to this ignominious development and hence it is bound to explain to the people on them based on proper procedures. Being a college drop-out, starting his career by setting up a commodity trading business in the 1980s, it was the liberalisation-globalisation regime of the 1990s that enabled Adani to set up the Mundra port in 1995. Amidst Modi’s sermons against black money leading to the arbitrary superimposition of Demonetization, the biggest-ever “corporate-onslaught” on the Indian people, Adani had unfettered economic and financial avenues of plundering public wealth and bank-money with impunity, the details of which are already there in public domain. In 2002, the total worth of the main holding company of Adani was just $70 million. Under the corporate-saffron regime of Modi who came to power on an anti-corruption plank, Adani transformed himself into an epitome of crony capitalism, sky-rocketing his wealth to hitherto unknown levels in global corporate history. State-owned banks have lent twice as much to the Adani Group as private banks, with almost half of the lending by SBI alone based on mere ‘goodwill’ on account of Adani’s closest nexus with the Indian regime. In spite of Modi’s poll-eve rhetoric on repatriating huge deposits stashed away in foreign banks by wealthy Indians, Adani could easily carry forward the use of foreign tax-havens. 4 lakh crore), equaling almost 20 percent of its market value (‘aggregate market capitalization’) since January 24, following the release of the “credible and well-researched” report of Hindenburg Research alleging “brazen stock manipulation and accounting fraud scheme over course of decades” by it, India’s biggest crony capitalist.