The Adani Group lost $8 billion in just 10 days due to the report of Hindenburg Research, a forensic economic research company based in New York.
New Delhi: The Adani Group lost $8 billion in just 10 days due to the report of Hindenburg Research, a forensic economic research company based in New York. Which is 9 lakh 73 thousand 401 crores in Indian currency. On January 24, the Hindenburg Research report on the activities of the Adani Group was published. Where the Adani Group is accused of fraudulently inflating the share prices of various companies under it. Since then, the share prices of various companies of the Adani Group have been falling.
According to a report by the business and economic affairs web portal 'Fortune', before the Hindenburg report came out, the total assets of the Adani group were $21.7 billion. Within 10 days it had come down to $9.9 crore. In other hand, the assets of the Adani Group have fallen by more than 50 percent. Due to this, Adani Group Chairman Gautam Adani has lost the title of the richest person in India and the Asia. According to the data provided by an American newspaper, Adani fell to the 22nd position on the list of the world's richest people on Friday. As of Thursday, he was number 16 on the list.
The Hindenburg report claims that the Adani group has artificially inflated the share prices of its companies over the past decade. In the last three years, 10000 million dollars of the 12000 million dollar net assets of that industrial group came through manipulation. Moreover, the organization has cheated crores of rupees in 'tax haven' countries in the name of business. Share prices of ten companies of Adani group fell sharply after the publication of this report. A company's stock has fallen by 17 percent, while a company's stock has fallen by up to 51 percent in one fell swoop.
Meanwhile, the Adani Group has denied all allegations and threatened legal action against Hindenburg. Even, in this situation Adani Group has canceled the process of releasing new FPOs in the market. After the cancellation of the Rs. 20,000 crore FPO, the share price of the industrial group fell further.
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