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On January 25th, US based Hindenburg Research published a journal claiming that World’s top third richest billionaire Gautam Adani led Adani Groups is coping with a largest con in the corporate history.
This research journal instantly drew a lot of attention from BJP’s opponents and many observers found valid arguments that Adani Groups benefited from the NDA government’s decisions and policies besides other routes.
Hindenburg Research mentioned the names of Gautam Adani’s brother Rajesh Adani and brother-in-law Samir Vora, who played key roles in the diamond trading scheme using offshore shell entities to generate artificial turnover.
The research journal became so popular that it immediately wiped out Rs 46,000 crore of Adani Groups from the stock markets. In the last two days, 10 Adani groups stocks lost Rs 2.37 lakh crore in market value. On Friday trading, the stocks of Adani continued to crash and this is a great fall of Adani brand.
Sensing more trouble, Adani Group issued a statement that the research is malicious and completely baseless. A few national media channels claimed that Adani Groups is contemplating to take legal action against Hindenburg Research.
Apparently Hindenburg Research carried out many details and documented evidence of Adani Groups rise in the last couple of years. Shortly after Adani Groups threatened with a legal action, Hindenburg Research reacted in a more befitting way.
“We asked 88 straightforward questions that we believe give the company a chance to be transparent. Thus far, Adani has answered none of these questions. If Adani is serious, it should also file suit in the US where we operate. We have a long list of documents we would demand in a legal discovery process,” read the statement of Hindenburg Research.
Based on the research journal, the Securities and Exchange Board of India (SEBI) has entered the scene and has increasingly examined all the transactions that Adani Group has been undertaking in the listed space. From business circles we hear that SEBI has called Adani Groups multiple times and sent mails regarding queries but none were answered.
Today, 27-01-2023 Shares of Adani Total Gas plummeted 19.65 per cent, Adani Transmission tumbled 19 per cent, Adani Green Energy plunged 15.50 per cent and Adani Enterprises tanked 6.19 per cent on the BSE.
Tags Adani Adani Group
