Adani

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 ...

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.

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.

(Bloomberg) -- Scrutiny of the debts of Adani Group companies has intensified following a report by short seller Hindenburg Research, fixing investor ...

was the only one in that group that was lower. Other members of the group had less favorable ratios. Here’s a calendar of the upcoming dollar bond interest payments. Five of those companies had a ratio that’s higher than the average of firms in India’s Nifty 50 index, according to Bloomberg-compiled data. When it comes to bond principal repayments, Adani companies have rupee notes maturing this year in the local credit market, where price moves have been more muted. But Hindenburg’s report last week alleging “accounting fraud” along with its short position in Adani’s US-traded bonds and non-Indian-traded derivatives has put the debt in the spotlight.

Investors including Maybank Securities Pte, Abu Dhabi Investment Authority, State Bank of India Employees Pension Fund and Life Insurance Corp. of India also ...

“These factors could have played a big role in compelling IHC to invest further in the Adani Group.” IHC, whose market capitalization has rocketed to $239 billion since 2019, is controlled by the Royal Group, a conglomerate that lists Sheikh Tahnoon bin Zayed al Nahyan — the UAE’s national security adviser and brother to the president — as its chairman. It will also explore business opportunities in Europe, Africa, Asia, and South America. Hindenburg accused the conglomerate of market manipulation, accounting fraud and operating a web of controlled offshore shell entities in tax havens. Shares in IHC fell as much as 5.2% on Monday, before erasing losses. “We see a strong potential for growth from a long-term perspective and added value to our shareholders.”

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.

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.

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%.

NEW YORK — 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,…

“The interconnected financial nature of the Adani Group makes it clear that buying debt from any subsidiary of Adani, is by extension supporting Adani’s mining businesses,” Haines said in the letter. It has said it will invest more than $50 billion in green hydrogen – a carbon-free fuel many hope can reduce emissions from heavy industry. firm Hindenburg Research prompted a multi-billion-dollar sell-off in the Indian group’s stocks last week by launching accusations of improper use of offshore tax havens and high debt.

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.

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.

(Bloomberg) -- Adani Group companies rebounded in the dollar bond market after some dropped to record lows the day before, following a vote of confidence in ...

Billionaire Gautam Adani is seeking to restore trust in his ports-to-power business following the Hindenburg report. IHC is at the forefront of a drive to diversify the United Arab Emirates economy. 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.

(Bloomberg) -- 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) ...

For Adani’s sale, retail investors had bid for 4% of the shares on offer to them, while the company’s employees bid for 13% of the shares for their category. “Adani Enterprises could rally today as the likelihood of the FPO subscription reaching 90% improves dramatically,” said Brian Freitas, an equities analyst who publishes on the platform Smartkarma, after the IHC investment announcement. Qualified institutional investors bid for 4,576 shares, a fraction of the 12.8 million on offer. The percentage rose to 53% on day two, before finally hitting 95% at the end of the offering. in July 2020, which raised $2 billion, had subscription of about 24% of shares on sale on the first day of the offering, according to a report by Mint newspaper at that time. There will be no change to the pricing and it will proceed as scheduled, Adani Group CFO Jugeshinder Singh told news channel CNBC TV 18 in an interview earlier.

(Bloomberg) -- An activist organization is asking bond investors to stop funding Adani Group unless the beleaguered Indian conglomerate “unequivocally halts ...

The conglomerate has committed to invest a total $70 billion by 2030 across its green energy value chain to become the world’s largest renewable energy producer. SumOfUs, an activist group that runs digital campaigns intended to apply pressure to powerful corporations, sent a letter to executives at some of the largest bond buyers — including BlackRock Inc., Pacific Investment Management Co. But its debt has come under intense scrutiny following a report by short seller Hindenburg Research, fixing investor attention in the months ahead on a string of bond interest deadlines.

In running the venture, Wilmar contributes expertise on the commodity and consumer-food-products businesses, while Adani provides local logistical and ...

“We will continue to support our Indian associate,” Wilmar said, adding that Adani Wilmar, which was recently listed India’s National Stock Exchange and Bombay Stock Exchange, had undergone a full initial public offering process under the scrutiny of regulators. The sprawling Adani Group, controlled by tycoon Gautam Adani, has been rocked to its core in recent days after Hindenburg Research accused the conglomerate of widespread corporate malfeasance, including market manipulation and accounting fraud. The day-to-day operations of Adani Wilmar Ltd.

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.

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.

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 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'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.

MUMBAI — India's Adani Enterprises shares rose on Tuesday, the last day for its $2.5 billion secondary share sale, with all eyes on whether the company can…

dollar-denominated bonds issued by Adani Ports and Special Economic Zone continued their fall into a second week. 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. 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. 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.

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.

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 ...

“It could also increase scrutiny since lenders may require more assurances which could make the company more careful,” he said. 25, the flagship company, Adani Enterprises, and others in the group have plunged by as much as 20% in a single day. legal challenge might give it access to documents related to Adani’s business dealings. It posed 88 questions for Adani to answer. Companies in the Adani Group lost about $68 billion, as estimated by Bloomberg, after Hindenburg Research issued its report last week. 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. Before Modi took office, Adani was friendly with the rival Congress Party, which governed Gujarat state when many of his early projects began. 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. 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. In the 1980s, he started importing plastics before establishing Adani Enterprises, which traded in everything from shoes to buckets and remains his flagship company. is India’s biggest private port operator. Article content

NEW DELHI (AP) — The closely watched $2.5 billion share sale launched by Asia's richest man, Gautam Adani, was fully subscribed on Tuesday, bucking ex...

The company, whose chairman is the United Arab Emirates’ national security adviser, had invested $2 billion last year in some of Adani’s subsidiaries. “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. said it will make a $381 million investment in Adani Enterprises. 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%.

Assessors including Crisil Ltd., the local arm of S&P Global Ratings, made a presentation to the Securities and Exchange Board of India in recent days, said the ...

Crisil said it had “no specific comments” for now, adding its discussions with regulators were confidential and that it regularly monitored developments. The ratings firms did not express concern or say a revision was pending, they added. But there has been no suggestion it would struggle to make debt payments or that the meeting with ratings agencies is more than routine dialog.

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 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'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.