The equities have been experiencing significant losses a week after Hindenburg Research issued its research on Adani Business, raising questions about the group’s financial situation, which the group described as “baseless.”
The largest port operator in India, Adani Group, was founded by billionaire Gautam Adani. Infrastructure, commodities, electricity production and transmission, and real estate are all areas of interest for the Adani Group.
The Adani Group has been expanding its line of business, and this year it paid $10.5 billion to acquire ACC and Ambuja Cements from Swiss company Holcim.
Adani Group was charged with engaging in a decades-long stock manipulation scheme on January 24.
After the Hindenburg article was published, shares of Adani’s companies plummeted by $100 billion.
After the Hindenburg report was released, MSCI said that they are looking for feedback on the Adani Group
In a 413-page response, the Adani Group refuted every allegation made against it by Hindenburg and called it an attack.
Credit Suisse Group AG is no longer accepting bonds from the Gautam Adani group of enterprises as collateral for margin loans.
In US trade, the Indian billionaire’s main company’s bonds fell to distressed levels.
India’s Reserve Bank (RBI) has requested information from lenders on their exposure to the Adani group.
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