With #Adaniscam trending on twitter, the Adani group바카라s stocks spiralled, knocking Adani from third to the seventh and then eighth in the richest billionaire바카라s list.
#Adaniscam trended on Twitter on January 29 after the Hindenburg바카라s report on January 24 titled 바카라Adani Group: How The World바카라s 3rd Richest Man Is Pulling The Largest Con In Corporate History바카라, following a two-year investigation, raised concerns about the Adani group바카라s 바카라substantial debt바카라. With the hashtag trending on twitter, the Adani group바카라s stocks spiralled, knocking Adani from third to the seventh and then eighth in the richest billionaire바카라s list.
On Monday, the Hindenburg Research refuted the Adani Group's 413-page-long response to the report. The firm바카라s response to the report says, "fraud cannot be obfuscated by nationalism". It also adds the Adani group has 바카라predictably바카라 denied the claims by Hindenburg adding, 바카라We also believe India바카라s future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation.바카라
The Adani group in the round of ripostes had called the report is 바카라A malicious combination of selective misinformation and stale baseless and discredited allegations바카라. The Adani group is now considering taking legal action against Hindenburg research. 바카라We are evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg바카라, Adani group바카라s legal head said in a statement. Moreover, the group likened the damning allegations made by Hindenburg research to a 바카라Calculated attack바카라 on India, its institutions and growth story, saying the allegations are 바카라nothing but a lie바카라.
The report containing details of Adani family controlled offshore shell entities in tax havens, from the Caribbean, Mauritius and United Arab Emirates has caused the group substantial loss since its release. It claims these were used to facilitate corruption money laundering and taxpayer theft while siphoning money from the group바카라s listed companies.
Activist short seller Hindenburg Research, the firm which caught global attention with take-downs of electric-vehicle makers Nikola and Lordstown Motors, alleged in a report on Wednesday that its two-year investigation found the Adani Group "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades". The report claimed its 바카라2-year investigation바카라 presented 바카라evidence that the INR 17.8 trillion (U.S. $218 billion) Indian conglomerate Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades바카라, also additionally showing evidence of various irregularities in Adani바카라s finances, from inflated stock valuations to sky-high debt. It said the conglomerate was being run unprofessionally like 바카라a family business바카라, with Adani family members 바카라controlling the group바카라s finances and key decisions바카라.
The report by the tiny New York firm that specialises in short selling and generating public reports via its website that allege corporate fraud, has led to Adani group losing more than USD 50 billion in market value in just two trading sessions and Adani himself losing in excess of USD 20 billion, or about one-fifth of his total fortune.
The Group said that at various points in the report , it was clear that Hindenburg research didn바카라t have a good understanding of the Indian legal system , the accounting practices and how fund - raising processes work in Indian capital market . In response US based short seller Hindenburg also added바카라 바카라We also believe India바카라s future is being held back By the Adani group, Which has draped itself in the Indian flag while systematically looting the nation. Earlier, the Hindenburg had said that it would 바카라welcome바카라 a legal suit if Adani wanted to file in the USA.
Amid, this crisis, A major concern arises regarding the exposure of LIC and SBI in Adani group바카라s stock, to which the SBI chairman Dinesh Kumar Khara said , 바카라There is nothing alarming about our Adani exposure and we don바카라t have any concerns as of now.바카라 He said that Adani group hadn바카라t raised any funding from SBI in the recent past and that the bank would take a 바카라prudent call바카라 on any funding request from them in the near future. India바카라s market regulator SEBI Has also increased scrutiny of deals by the Adani group over the past year and will study the report to add to its own ongoing preliminary investigation into the group바카라s foreign portfolio investors, according to two sources aware of the matter. On the other hand, In an interview to PTI, Jugshinder Singh, Adani Enterprises CFO, said the group will release a comprehensive response to the Hindenburg report, "providing documentary evidence" to "clearly outline that there was no research done and that there wasn't any investigating reporting. Only pure baseless misrepresentation of factual situations, if not lies." The selloff in Adani stocks is being looked into by market regulator Sebi and stock exchanges.