Adani

(Bloomberg) -- India's largest life insurer is plowing more money into Gautam Adani's flagship unit, undeterred by a short seller's fraud allegations that ...

The short seller has alleged that Adani Group was involved in “brazen” market manipulation, accounting fraud, used offshore shells for money laundering and siphoned from listed companies. While the amount Mumbai-based LIC is investing is relatively tiny — considering it has almost 43 trillion rupees of assets under management at LIC — it marks a contrarian position to other domestic financial institutions that have little to no Adani investments. Adani Enterprises for instance, surged over 1,900% in the last five years, trumping even the likes of Elon Musk’s Tesla Inc. Most mutual funds have largely stayed away from the group, despite some wild rallies seen by some of the stocks. of India is spending about 3 billion rupees ($37 million) as an anchor investor in a $2.5 billion new share sale by Adani Enterprises Ltd., according to a filing. LIC’s investment signaled its vote of confidence in Asia’s richest man and his beleaguered group on Jan.

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/).

Allegations of stock manipulation and accounting fraud from New York-based investor Hindenburg Research against Adani Group are piling pressure on the ...

Adani Group today comprises half a dozen major companies with interests ranging from energy to transportation and infrastructure development. The closely held firm specializes in forensic financial research, according to its website. Adani was born to a small textile merchant family in 1962 in the western industrial state of Gujarat. While his net worth took a beating in the days after Hindenburg’s report emerged, he was still comfortably in the top 10 in the Bloomberg Billionaires Index as of late January. 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.

The fallout from Hindenburg's short-seller report is reverberating across the Indian tycoon's sprawling business interests.

Then Indian markets reopened Friday and it quickly became apparent that Hindenburg Research, a tiny New York firm, had pierced the defenses of the mighty Adani Group, a corporate giant half a world away.

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

The heavy selling of Adani-linked shares, which wiped out billions of dollars worth of market value for India's second-largest conglomerate, caused trading in ...

It said Adani had not answered any of the questions. Hindenburg said it judged the seven key Adani listed companies to have an “85% downside, purely on a fundamental basis owing to sky-high valuations.” The bloodletting resumed in earnest on Friday, with shares in the flagship company Adani Enterprises falling 18.3%. Adani Green and Adani Total Gas also fell 20%. He surpassed Amazon boss Jeff Bezos to briefly become the world’s second richest man in September after a surge in the value of his seven listed entities. Adani Ports and Special Economic Zone Ltd. It is a highly leveraged company. “Then the banking system gets affected. Shares in Adani Transmission plunged 20% on Friday after sinking 8.1% on Wednesday. After this week's losses, Bloomberg's index ranked him fourth richest in the world with a fortune worth $113 billion. Businesses in the conglomerate span industries including construction, data transmission, media, renewable energy, defense manufacturing and agriculture. But analysts said there could be wider repercussions if the selling persists.