The Adani Group was accused of “pulling the largest con in corporate history.” Now India is investigating the Hindenberg report's claims
t’s been three weeks since Hindenburg, a New York-based short-selling firm, accused Adani Group of “” through stock manipulation, accounting fraud, and other malfeasance. In response to Hindenburg’s allegations, Adani Group issued a 413-page reply calling the short-sellers claims “stale, baseless, and discredited allegations.”
The most obvious fallout of the Hindenberg report has been a loss of confidence in Adani Group from both investors and analysts, who are now keeping an eye on how the stock prices will impact the company’s operations, cash flow, and expansion plans.
France’s TotalEnergies paused a planned $4 billion hydrogen project with the group, while Bangladeshi officials have asked for a discount on electricity purchased from Adani’s power, according to a public stock exchange filing. Norway’s sovereign wealth fund also sold its stakes in three Adani Group companies worth just over $200 million. “Since year-end, we have further reduced in Adani companies.
The Reserve Bank of India also asked the country’s lenders to submit information about their exposure to Adani Group, with a handful of Indian banks publicly disclosing how much credit they had extended to Adani’s various companies at the end of last year. On Feb. 7, CreditSights published a round-up which found that so far, the risk was “manageable” at the end of last year., who is perceived to have close ties to Adani, has largely stayed silent on the matter.
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