A few days back, Hindenburg released a report on Adani Group alleging that the group is involved in stock manipulation and accounting fraud, which not only led to Adani’s big loss but also a huge deviation in the stock market.
This sparked a big discussion and debate – is the Hindenburg report really true, or are there any personal gains involved in this situation? What was Adani’s response to these allegations?
How The World’s 3rd Richest Man is Pulling The Largest Con In Corporate History
Last week (24 Jan. 2023) ,an American company Hindenburg research LLC published a report on adani group in which with significant accusations levied on the richest man in Indian, Mr Gautam Adani.
As a result, within 3 days of publication of this reports adani group of companies had to bear the brunt of losses to the tune of 65 billion doller.
Adani falls to eighth rank on Forbes rich list with Adani Total Gas, Adani Transmission and Adani Green Energy stocks dropping 20% while shares of Adani Power and food company Adani Wilmar falling 5%.
Adani’s net worth falls by $8.5 billion as the market selloff in some of his listed companies continued.
Allegations On Adani Groups
ACCOUNTING FRAUD
STOCK MANIPULATION
CORRUPTION
THEFT OF TAX PAYERS FUND
MONEY LAUNDERING
OFFSHORE SHELL COMPANIES
Hindenburg Says about his report
As per Hindenburg, the Right to Information (RTI) requests it filed with SEBI confirm that the offshore funds (of Adani Group) are subjects of an ongoing investigation.
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Hindenburg further goes on to quote a former trader for Elara, an offshore fund with almost $3 billion in concentrated holdings of Adani shares, who said “it is obvious that Adani controls the shares”, also adding that the funds are “intentionally structured to conceal their ultimate beneficial ownership.”
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