[ad_1]
‘lie’:
The conglomerate has denied the accusations, but founder Gautam Adani still suffers enough losses to fall from the world’s third richest person to the eighth.
Investors exacerbated the woes of India’s largest conglomerate yesterday by selling more stakes in Adani Group. The company has already lost around US$70 billion in value following allegations of “brazen” corporate fraud.
The latest loss was only 21% of the offer had been signed by noon, as the sale of shares intended to raise US$2.5 billion was due to close later in the day, the company said.
Adani founder Gautam Adani, 60, was the world’s third-richest person last week, but slipped to number eight on the Forbes tracker after his personal fortune lost more than US$36 billion. bottom.
Photo: EPA-EFE
Adani Total Gas shares fell the most yesterday, trading halted in another session after dropping 10% in the morning.
The natural gas distributor, 37.4% owned by France’s TotalEnergies SE, has lost 45% in value over the past week.
Adani Power and Adani Wilmer also hit the circuit breaker after dropping 5% each. Adani Green Energy, on the other hand, fell 2.58%.
Adani Transmission and Adani Ports and SEZ edged higher, while flagship Adani Enterprises traded 3.5% higher, regaining lost ground. It’s cheaper to buy on the open market.
However, Abu Dhabi-based International Holding Company (IHC) held a vote of confidence in the group on Monday, saying it would pay $400 million to buy 16% of the shares offered.
This is the majority of the 21% of Indian companies who said they had subscribed by noon.
The fall in Adani shares was sparked last week by a report by Hindenberg Research, a US investment group, alleging “decades of brazen stock manipulation and accounting fraud schemes.”
The Adani conglomerate said it was the victim of a “viciously malicious” reputational attack, and released a 413-page statement on Sunday that said it refuted Hindenburg’s allegations.
The statement, which called Hindenberg “the Madoff of Manhattan” — a reference to crooked financier Bernie Madoff — said the researchers’ claims were “nothing but lies.”
“This is not simply an unjustified attack on a particular company, but a calculated attack on India, the independence, integrity and quality of Indian institutions and India’s growth story and ambition,” Adani said.
In response to Adani’s statement, Hindenburg said, “India’s future is being thwarted by the Adani group, dressed in the Indian flag, while systematically looting the country.”
Adani said his response contained only about 30 pages that focused on issues related to the report.
Comments are moderated. Please keep your comments relevant to the article. Statements containing abusive and obscene language, personal attacks of any kind or promotions will be removed and users will be banned.The final decision is at the discretion of Taipei Times.
[ad_2]
Source link