BENGALURU: Adani Group, the Indian conglomerate rocked by a Hindenburg Research report last year, faced another heavy share selloff on Monday (Aug 12) after the short seller accused the head of India's market regulator of having links to offshore funds also used by the group. US$2.
The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, Jan 27, 2023. BENGALURU: Adani Group, the Indian conglomerate rocked by a Hindenburg Research report last year, faced another heavy share selloff on Monday after the short seller accused the head of India's market regulator of having links to offshore funds also used by the group.
Citing whistleblower documents, Hindenburg said on Saturday that Madhabi Puri Buch, chair of the Securities and Exchange Board of India since 2022, has a conflict of interest in the Adani matter due to previous investments. "The allegations are coming for the second time. Lot of investigations have happened over the last year and a half. This is a temporary, knee-jerk reaction. Things will get back to normalcy," said Sunny Agrawal, head of fundamental equity research at SBICAPS Securities.
Adani Enterprises is looking to launch a US$1 billion share sale by mid-September, having shelved a record US$2.5 billion offer in the wake of Hindenburg's first set of allegations. Adani Energy raised US$1 billion from US investors and sovereign wealth funds earlier this month.
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.
DBS net profit up 4% to S$2.8 billion in Q2, beats forecastSINGAPORE: Singapore's biggest bank DBS posted on Wednesday (Aug 7) a rise of 4 per cent in second-quarter net profit from a year earlier, boosted by stronger total income, with fee income at a record. Its net profit for the quarter rose to S$2.8 billion (US$2.
Read more »
Ola Electric gets bids worth $1.8 billion in India's first EV IPOBENGALURU : Ola Electric's IPO drew $1.8 billion in bids as the share sale closed on Tuesday, as investors piled into the first stock offering by a pure-play electric vehicle maker in India.The SoftBank-backed company's $734 million IPO, also India's biggest so far this year, received bids for 1.
Read more »
Bank Indonesia to hold rates at 6.25% on July 17, wait for US Fed to cut: Reuters pollBENGALURU : Bank Indonesia (BI) will keep its key interest rate at 6.25 per cent on Wednesday but will cut it by 25 basis points next quarter, earlier than previously expected following the likely start of policy easing by the U.S. Federal Reserve in September, a Reuters poll found.
Read more »
Honeywell Automation India's Q1 profit jumps on order executionBENGALURU : Engineering firm Honeywell Automation reported higher first-quarter profit on Monday, aided by execution of existing orders. The Indian unit of U.S.-based Honeywell International reported a profit of 1.37 billion rupees (around $16 million), compared to 1.03 billion rupees a year ago.
Read more »
Dollar poised for comeback, recent weakness just a hiccup: Reuters pollBENGALURU : The U.S. dollar will claw back some of its recent losses over the coming three months on expectations financial markets have again gone too far in pricing in too many Federal Reserve interest rate cuts this year, a Reuters poll of foreign exchange strategists found.
Read more »
India's central bank holds rates again, as expectedBENGALURU : The Reserve Bank of India (RBI) kept its key interest rate unchanged on Thursday, as widely expected, as it continued its efforts to sustainably lower inflation towards its 4 per cent target.
Read more »