Most of Adani’s stock continued to lose money; founders lose $28 billion in month

Gautam Adani, chairman of Indian conglomerate Adani Group, at the World Congress of Accountants in Mumbai on November 19, 2022. Founder Gautam Adani, Asia’s richest man and once second only to Elon Musk, dropped out of the top 5 richest people in the world to rank seventh on the Bloomberg Billionaires Index.

Indranil Mukherjee | afp | beautiful pictures

Shares of most of the Adani Group companies continued to plummet for the third session in a row as the company tried to dismiss short selling. Hindenburg’s reportaccused the corporation of stock manipulation and an “accounting fraud scheme.”

Adani Enterprises erased the previous gain of up to 10% and was last traded flat in the afternoon session in Mumbai after the group released the report. long answer over 400 pages to Hindenburg’s report over the weekend, saying it would exercise its rights to “pursue remedies” to protect its investors “from all relevant authorities.” appropriate authority.”

Refinitiv data shows Adani Enterprises’ share price remains 25% lower in the month to date. It proceeded with a $2.5 billion secondary share sale, overshadowed by a habit wiped out a total of $48 billion as of the end of last week.

The founder of Gautam Adani, the richest man in Asia and second only to Elon Musk, fell from the top 5 richest people in the world to 7th place on the ranking Bloomberg Billionaire Index.

His net worth reduction $27.9 billion year-to-date, the index shows. It peaked at $150 billion on September 20, 2022, before falling to $92.7 billion late last week, according to the index.

Despite the small profits seen in Adani Enterprises, other branches of the Adani Group continued to plunge.

‘Attack India’

Adani Group said Hindenburg’s allegations were a “calculated attack on India, the independence, integrity and quality of Indian institutions and its growth and ambition story India”, in a response issued over the weekend.

Chief Financial Officer of Jugeshinder Singh speak In an interview with CNBC-TV18, a CNBC affiliate, that the value of Adani Enterprises does not change “simply because of” the volatility of the stock price, rather it lies in the “incubation capacity” create new businesses”.

He added that he is confident Adani Enterprises‘ the next public offering will be fully registered, calling Hindenburg’s report “simply a lie” and timing the report “malicious”.

Hindenburg on Monday morning described the group’s response as “bulky” and stated that it “ignored any significant allegations” against the corporation it raised.

“It’s impossible to cover up fraud with the nationalism of a bombastic response that ignores every major accusation we raise,” the short seller titled it. react for the Adani Group.


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