India’s market regulator is looking into allegations against Adani Group made by US short seller Hindenburg Research, which accused the conglomerate of “the largest con in corporate history.”
India’s market regulator is looking into the explosive allegations against Adani Group made by US short seller Hindenburg Research, which accused the conglomerate of “the largest con in corporate history.” The claims, published in late January, set off a crash in the company’s market value and robbed its owner Gautam Adani of his title as Asia’s richest man, as a 400-page rebuttal by the conglomerate failed to reassure investors.
Adani Group did not respond to a CNN request for comment on the inquiry on Tuesday. But on Monday, a spokesperson provided a statement in response to a report by Bloomberg that said the company had halved its revenue growth target for the next financial year and planned to hold off on fresh capital expenditure. The balance sheet of each of its independent portfolio companies is “very healthy” and “our business plan is fully funded,” the spokesperson told CNN.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Adani slashes growth targets amid rout sparked by Hindenburg, Bloomberg reportsIndia's Adani group has halved its revenue growth target and plans to scale down fresh capital expenditure, Bloomberg News reported on Sunday.
Read more »
Adani slashes growth targets amid rout sparked by Hindenburg - Bloomberg NewsIndia's Adani Group has halved its revenue growth target and plans to scale down fresh capital expenditure, Bloomberg News reported on Sunday.
Read more »
Adani hires Grant Thornton for some independent audits after Hindenburg fallout -sourcesIndia's Adani Group has appointed accountancy firm Grant Thornton for independent audits of some of its companies in a bid to discredit claims by short-seller Hindenburg Research that have battered its stocks and bonds, two people familiar with the matter said on Monday.
Read more »
Adani Enterprises swings to Q3 profit; makes no 'material' adjustments post HindenburgIndia's Adani Enterprises reported a swing to third-quarter profit on Tuesday from a loss a year earlier, and said it had made no 'material financial adjustments' in the wake of the U.S. short seller report that roiled its shares.
Read more »
Moody's cuts outlook for four Adani group companies, cites rapid declines in market valueMoody's lowered its outlook for four Adani Group companies, citing a 'significant and rapid decline' in the market values of the entities.
Read more »
Singapore's DBS says exposure to Adani group is 'tightly managed'DBS Group has a tightly managed exposure to India's Adani group of companies, the chief executive of Southeast Asia's largest bank said on Monday.
Read more »