Adani

The German economy unexpectedly contracted in the last quarter of 2022 as high gas prices and rising borrowing costs squeezed demand. Gross domestic product ...

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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 ...

Chairman of Indian conglomerate Adani Group, Gautam Adani, speaks at the World Congress of Accountants in Mumbai on Nov. 19, 2022. Indranil Mukherjee—AFP/Getty ...

[413-page rebuttal](https://www.adani.com/-/media/Project/Adani/Invetsors/Adani-Response-to-Hindenburg-January-29-2023.pdf?la=en) to the allegations on Sunday. Yet the risk of contagion and decimated confidence in Indian bourses remains very real. Tellingly, perhaps, the Adani Group’s rebuttal has already played the nationalism card, On Friday, shares of India’s banks and the Life Insurance Corporation of India plunged. Since that time, Adani’s wealth has risen from an estimated $7 billion to $120 billion, according to the [environmental scrutiny group AdaniWatch](https://www.adaniwatch.org/perceived_climate_of_impunity). “The Indian banking system is relatively insulated from any potential downside risks,” CLSA said. He later dabbled in precious gems before his big break with the development of a deep-water port at Mundra, which today is India’s “This has created a major risk now, not only for the Adani Group, but for the entire [Indian] market,” says Hemindra Hazari, an independent banking and economics analyst. He was born to a Gujarat textile merchant and, after dropping out of university, spent his early career as a scooter-riding plastics trader. The pair are known to be close associates since the 1990s and Modi According to the Hindenburg report, “issues of corruption permeate multiple layers of government,” especially calling out the Securities and Exchange Board of India, or SEBI. It’s reportedly the worst financial blow ever experienced by an Asian billionaire and knocked him from third to ninth in the global rich list.

Adani Group releases 413-page rebuttal to allegations made by Hindenburg Research.

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:

A war of words between the Adani Group and Hindenburg Research escalated on Monday as shares in some of the Indian conglomerate's listed companies continued ...

The statement 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.” Adani Group CFO Jugeshinder Singh addressed some of the allegations in a recent [video](https://www.youtube.com/watch?v=wH6jMHv_HqI), but came under some [criticism](https://twitter.com/isai_/status/1618256999426461697) from opposition parties in India. Since Hindenburg’s report became public, Adani has fallen from third place in list of the world’s richest and has shed $38 billion from his total net worth. [disclosed](https://www.forbes.com/sites/siladityaray/2023/01/25/adani-group-shares-slide-after-hindenburg-alleges-largest-con-in-corporate-history/?sh=55bdcd0e3564) a short position against Adani Group’s listed companies and published a report accusing the company of engaging in “brazen stock manipulation and accounting fraud scheme over the course of decades.” In a likely bid to assuage domestic investors and gain public support in India, Adani’s statement attempted to portray Hindenburg’s allegation as an attack on India. We also believe India’s future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation.” On Monday alone, Adani’s net worth fell by $8.5 billion as the market selloff in some of his listed companies continued. In its 413-page rebuttal against Hindenburg’s allegations, the Adani Group labeled the activist investor as the “Madoffs of Manhattan.” In a cheeky footnote added to its response on Monday, Hindenburg said: “Adani seems unaware that Madoff lived in Manhattan, so he was quite literally his own Madoff of Manhattan.”

The Adani Group, the Indian conglomerate run by Asia's wealthiest man, has gone on the offensive to fight fraud allegations by an American investor.

(NYT) (Stereogum) (Politico) (Insider) (FT) de la Merced](https://www.nytimes.com/by/michael-j-de-la-merced), [Lauren Hirsch](https://www.nytimes.com/by/lauren-hirsch) and (WSJ) (Bloomberg) [“main driving force”](https://www.ft.com/content/851f52d5-9423-419f-aecd-e0c7bf4908ef) of China’s economy. (A Pentagon representative told NBC News, “These comments are not representative of the department’s view on China.”) [hired Hein Schumacher](https://www.ft.com/content/d6fe2f07-641b-43c9-b44f-33877256bff5), who is also the head of a Dutch dairy cooperative, as its chief executive. [413-page rebuttal](https://twitter.com/anu1122/status/1619744903696879620) to the fraud accusations by Hindenburg Research, a small New York-based firm run by Nathan Anderson.

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.

India's state-backed Life Insurance Corp (LIC) has no current plans to bid in the ongoing $2.5 billion secondary share sale of Adani Enterprises , a source ...

[called the report baseless](/world/india/adani-enterprises-shares-rise-other-group-stocks-plunge-after-short-seller-2023-01-30/). The issue has so far been subscribed by 3%, raising doubts about its success. short-seller Hindenburg Research's criticism of its business practices last week, that has since led to a $65 billion loss in the Indian group's stock values. Register for free to Reuters and know the full story Adani has [(LIFI.NS)](https://www.reuters.com/companies/LIFI.NS) has no current plans to bid in the ongoing $2.5 billion secondary share sale of Adani Enterprises [(ADEL.NS)](https://www.reuters.com/companies/ADEL.NS), a source with direct knowledge of the matter told Reuters on Monday.

Opposition parties intend to bring up the issue in parliament · Billionaire widely seen to have close ties with Indian PM Modi.

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:

Conglomerate's decision is a boost to business empire rocked by fraud allegations.

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A large Middle Eastern conglomerate said it would invest $400 million in the share offering of an Adani Group business, even as investors dumped the Indian ...

The listed Indian firm is part of the namesake conglomerate of India’s richest man, Gautam Adani. firm’s second deal with Adani Group, after it invested 7.3 billion U.A.E. PJSC, or IHC, said it had bought 16% of the $2.5 billion offering from Adani Enterprises Ltd.

Concerns about debt levels in the Adani family empire have been growing for some time, as an episode related to the repayment of debt at an Australian coal ...

On Monday, Hindenburg denied it had attacked the Indian business community and accused Adani of ignoring its questions. Adani’s $US2.5 billion share sale is due to close on Tuesday, and its progress will be a key test of confidence in the conglomerate. But the bondholders, who included Alex Turnbull, son of former Australian prime minister Malcolm Turnbull, declined and the notes were ultimately repaid on maturation in December. Adani’s response to Hindenburg helped shares in Adani Enterprises rise 4 per cent on Monday. An Adani family trust repaid the notes in December. For example, Adani Enterprises is up a staggering 1355 per cent, thanks to an aggressive growth strategy fuelled by debt.

Led by Asia's richest man Gautam Adani, the group has locked horns with short seller Hindenburg Research.

The stock market meltdown is a dramatic setback for 60-year-old Adani. Other dollar-denominated bonds of the group were also trading lower. LIC took 5 percent of the $734m anchor portion. Maybank Securities and Abu Dhabi Investment Authority are among investors who bid for the anchor portion of the issue. The stock closed at 2,892.85 rupees ($35.47), 7 percent below the 3,112 rupees ($38.17) lower end of the offer price band. Flagship Adani Enterprises, which is facing a crucial test this week with a follow-on share offering, swung between gains and losses before settling 4.8 percent higher.

Companies owned by one of the world's richest men – multi-billionaire Gautam Adani – and planning some of India's most ambitious renewable energy and ...

[“the largest green hydrogen ecosystem in the world”](https://www.rechargenews.com/energy-transition/worlds-largest-green-hydrogen-ecosystem-tycoon-adani-and-oil-giant-totalenergies-link-for-50bn-india-spree/2-1-1237555). [made its own series of multi-billion-dollar forays](https://www.rechargenews.com/energy-transition/asias-richest-man-unveils-10bn-giga-plan-to-turn-indias-reliance-into-clean-energy-major/2-1-1030616) into the energy transition. [produce the world’s cheapest green H2](https://www.rechargenews.com/energy-transition/well-spend-70bn-on-renewables-and-make-worlds-cheapest-green-hydrogen-indian-billionaire-adani/2-1-1097901).

Gautam Adani has become one of India's most visible tycoons, the rise of his business empire closely associated with the fortunes of its economy.

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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.

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%.

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.

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

Former Senator and Leader of the Australian Greens, Bob Brown, has called on Prime Minister Anthony Albanese to set up a thorough-going inquiry into the ...

The Bob Brown Foundation organised a hugely contentious STOP ADANI CONVOY from Hobart to Melbourne, Sydney, Brisbane and finally Clermont near the proposed Carmichael coal mine in 2019. It was alleged Adani planned to direct profits from his notorious Carmichael coal mine in central Queensland to tax havens in the Caribbean. The Adani Group has lost US $66 billion of the value of its listed companies in the last 3 days of trading.

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.

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.

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.

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.