Gautam Adani, chairman of the Indian conglomerate Adani Group, at the World Congress of Accountants in Mumbai on November 19, 2022. The founder of Gautam Adani, the richest man in Asia and only second after Elon Musk, is out of the five richest people in the world. for seventh place in the Bloomberg Billionaire Index.
Indranil Mukherjee Afp | Getty Images
Most of the company’s Adani Group shares continue to see clear losses for the third consecutive trading session as the company tries to recapture the short seller Hindenburg’s report, which accuses the conglomerate of stock manipulation and “accounting fraud scheme.”
Adani Company removed previous gains up to 10% and ended trading flat in afternoon trade in Mumbai after the group published a long response over 400 pages to the Hindenburg report at the weekend, saying that it will use the right to “pursue remedies” to protect its investors “before all the appropriate authorities.” “
Adani Enterprises’ share price remains more than 25% lower in the month to date, Refinitiv data shows. This was followed by a sale of secondary shares worth $2.5 billion, which was overshadowed by losses that wiped out a total of $48 billion last week.
Founder Gautam Adani, the richest man in Asia and once second only to Elon Musk, fell out of the top five in the world to seventh place in the Bloomberg Billionaire Index.
His net worth fell by $27.9 billion year-to-date, the index showed. It peaked at $150 billion on September 20, 2022, before falling to $92.7 billion at the close of last week, according to the index.
Although small gains were seen in Adani Enterprises, other affiliates of the Adani Group continued to plunge.
‘Attack on India’
Adani Group said Hindenburg’s allegations were a “calculated attack on India, the independence, integrity and quality of India’s institutions, and India’s story of growth and ambition,” in a response released over the weekend.
The group’s chief financial officer Jugeshinder Singh said in an interview with CNBC-TV18, a CNBC affiliate, that the value of Adani Enterprises has not changed “just because” of the volatility of the share price, adding “the ability to incubate new ones.” business.”
He added that he was confident Adani Company‘ The upcoming public offering will be fully subscribed, calling the Hindenburg report “just a lie” and the timing of the report “bad”.
Hindenburg, on Monday morning, described the group’s response as “bloated” and claimed to have “ignored every major accusation” against the conglomerate raised.
“The fraud cannot be defeated by the nationalism of a bloated response that ignores every major allegation we raise,” the seller’s brief was titled in response to the Adani Group.