The report of American research firm Hindenburg has also raised questions on the Adani Group. It claimed that 7 major listed companies of Adani group are overvalued by more than 85 per cent.
Adani Group was harmed by an American firm’s report in the first month of the New Year 2023. Following this revelation, the value of Gautam Adani’s firms plummeted, resulting in a loss of almost 50 thousand crores. In the analysis of forensic financial research company Hindenburg, several doubts have been raised about Adani Group firms. Adani Group is now ready to launch an attack against Hindenburg Research.
Adani Group released a statement on Republic Day, January 26, in this respect. It further stated that it is considering applicable measures under US and Indian legislation for punitive action against the Hindenburg research firm. This has sparked concerns about the group’s inappropriate use of tax havens and huge debt.
The research produced by Hindenburg Research on January 24, 2023 was branded as harmful in a statement given by Gautam Adani Group. It went on to say that the report is a nasty mash-up of selected falsehoods and old, unsubstantiated, and defamatory charges. This paper was written without conducting any research. Shareholders’ and investors’ mood has deteriorated since its publication.
Adani Group has said unequivocally that we have been harassed on purpose by a foreign corporation in order to undermine the company’s follow-on public offering (FPO). According to Adani Management, this study deceived the group’s investment community and the wider public, as well as tainted the reputation of Adani Group’s leaders. As a result, we are assessing the necessary legal measures for corrective and punitive action.
Let us inform you that Adani Enterprises Limited is planning a follow-on public offering to raise Rs 20,000. (Adani Enterprises FPO). FPO’s floor price was fixed at Rs 3,112 per share.
According to the Forbes Real Time Billionaire Index, Gautam Adani’s fortune plummeted by $ 6.1 billion, or Rs 489,99,30,00,000, following the Hindenburg report. Shares of Adani Group firms listed on the stock exchange fell sharply. According to the analysis, seven of the group’s largest publicly traded firms are overvalued by more than 85%.
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