Wednesday, September 17, 2025
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

India’s Adani hits back at Hindenburg, insists made full disclosure By Reuters

by Reuters
January 29, 2023
in Finance
Reading Time: 3 mins read
A A
0
Home Finance
Share on FacebookShare on Twitter


© Reuters. FILE PHOTO: The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. REUTERS/Amit Dave/File Photo

By Jayshree P Upadhyay, Aditya Kalra and Aditi Shah

NEW DELHI (Reuters) – India’s Adani Group issued a detailed response on Sunday to a Hindenburg Research report that sparked a $48 billion rout in its stocks, saying it complies with all local laws and had made the necessary regulatory disclosures.

The conglomerate led by Asia’s richest man, the Indian billionaire Gautam Adani, said last week’s Hindenburg report was intended to enable the U.S.-based short seller to book gains, without citing evidence.

For 60-year-old Adani, the stock market meltdown has been a dramatic setback for a school-dropout who rose swiftly in recent years to become the world’s third richest man, before slipping last week to rank seventh on the Forbes rich list.

Adani Group’s response comes as its flagship company, Adani Enterprises, pushes ahead with a $2.5 billion share sale. This has been overshadowed by Hindenburg’s report, which flagged concerns about debt levels and the use of tax havens.

“All transactions entered into by us with entities who qualify as ‘related parties’ under Indian laws and accounting standards have been duly disclosed by us,” Adani said in the 413-page response issued late on Sunday.

“This is rife with conflict of interest and intended only to create a false market in securities to enable Hindenburg, an admitted short seller, to book massive financial gain through wrongful means at the cost of countless investors,” it added.

Hindenburg did not immediately respond to a request for comment on the Adani response on Sunday.

Its report had questioned how the Adani Group has used offshore entities in tax havens such as Mauritius and the Caribbean islands, adding that certain offshore funds and shell companies “surreptitiously” own stock in Adani’s listed firms.

Adani said on Thursday that it is considering taking action against Hindenburg, which responded on the same day by saying it would welcome such a move.

Hindenburg’s report also said five of seven key listed Adani companies have reported current ratios, a measure of liquid assets minus near-term liabilities, of below 1 which it said suggested “a heightened short-term liquidity risk”.

It said key listed Adani companies had “substantial debt” which has put the entire group on a “precarious financial footing” and that shares in seven Adani listed companies have an 85% downside due to what it called “sky-high valuations”.

Adani’s response stated that over the past decade, its group companies have “consistently de-levered”.

Defending its practice on pledging shares of its promoters – or key shareholders – the Adani Group said that raising financing against shares as collateral was common practice globally and loans are given by large institutions and banks on the back of thorough credit analysis.

The group added there is a robust disclosure system in place in India and its promoter pledge positions across portfolio companies had dropped from more than 50% in March 2020 in some listed stocks, to less than 20% in December 2022.

‘SAIL THROUGH’

The Hindenburg report, and its fallout, is seen as one of the biggest ever challenges facing the billionaire, whose business interests ranging from ports, airports, mining and power to media and cement.

Adani’s response included more than 350 pages of annexes that included snippets from annual reports, public disclosures and earlier court rulings.

Hindenburg, Adani said, had sought answers to 88 questions in its report, but 65 of them were related to matters that have been disclosed by Adani portfolio companies in annual reports.

The rest, Adani said, relate to public shareholders and third parties, and some were “baseless allegations based on imaginary fact patterns”.

Hindenburg, known for having shorted electric truck maker Nikola Corp and Twitter, said it holds short positions in Adani companies through U.S.-traded bonds and non-Indian-traded derivative instruments.

Adani also responded to allegations by Hindenburg relating to the company’s auditors, saying “all these auditors who have been engaged by us have been duly certified and qualified by the relevant statutory bodies.”

Its response comes just hours ahead of India market opening, when the $2.5 billion secondary share sale begins its second day of subscription. Friday’s plunge took Adani Enterprises shares below the issue price, raising doubts about its success.

In a separate statement on Sunday, Adani Group’s chief financial officer Jugeshinder Singh said it is focused on the share sale and is confident it will succeed. He also said its anchor investors have shown faith and remain invested.

“We are confident the FPO (follow-on public offering) will also sail through,” he said.



Source link

Tags: AdaniDisclosurefullHindenburghitsIndiasInsistsReuters
Previous Post

Adani Group Says Hindenburg Report Constitutes Securities Fraud Under Indian Law

Next Post

Asia’s richest man in eye of a storm By Reuters

Related Posts

Coffee Break: Armed Madhouse – Plinking Narcos

Coffee Break: Armed Madhouse – Plinking Narcos

by Haig Hovaness
September 16, 2025
0

Amongst firearms pastimes, plinking, informal capturing at cans, affords a helpful analogy for the Trump administration’s rising navy exercise in...

Who Killed Charlie Kirk? | Mises Institute

Who Killed Charlie Kirk? | Mises Institute

by Ron Paul
September 16, 2025
0

I had the pleasure of showing on Charlie Kirk’s program a number of instances through the years and I all...

Bessent sees trade deal likely with China before November deadline on reciprocal tariffs

Bessent sees trade deal likely with China before November deadline on reciprocal tariffs

by Jeff Cox
September 16, 2025
0

Treasury Secretary Scott Bessent expressed confidence Tuesday {that a} commerce take care of China is close to.With so-called reciprocal tariffs...

KKR Acquires Japan’s Hoken Minaoshi Hompo Group From Advantage Partners

KKR Acquires Japan’s Hoken Minaoshi Hompo Group From Advantage Partners

by RTTNews
September 16, 2025
0

(RTTNews) - KKR & Co. Inc. (KKR), an funding agency, on Tuesday introduced that it has acquired Hoken Minaoshi Hompo...

China’s Elite Are Disillusioned With America—But Can’t Quit It

China’s Elite Are Disillusioned With America—But Can’t Quit It

by Donavan Lingerfelt, Ma Junjie
September 16, 2025
0

In a shocking shift, China — longtime recipient of US financial and political assist, and one of many largest beneficiaries...

gold loans: Gold loans turn safe haven for low-income borrowers

gold loans: Gold loans turn safe haven for low-income borrowers

by Rozebud Gonsalves
September 16, 2025
0

Mumbai: Decrease-income debtors, who usually depend upon small-ticket loans, are more and more transferring away from microfinance establishments (MFIs) and...

Next Post
Asia’s richest man in eye of a storm By Reuters

Asia's richest man in eye of a storm By Reuters

Can The Next Recovery Cycle Push Ethereum Price To 00?

Can The Next Recovery Cycle Push Ethereum Price To $2300?

From RailTel, Coal India, MCX, BEL to Maharashtra Seamless, stocks to track on September 17

From RailTel, Coal India, MCX, BEL to Maharashtra Seamless, stocks to track on September 17

September 17, 2025
I tested the Apple Watch Series 11 for a week – here’s my buying advice now

I tested the Apple Watch Series 11 for a week – here’s my buying advice now

September 17, 2025
Putin dons military fatigues in war games 500 miles from the frontline in a show of strength to the West

Putin dons military fatigues in war games 500 miles from the frontline in a show of strength to the West

September 17, 2025
Politico Plays Dumb on ‘The Nation’ Magazine’s Connection to George Soros

Politico Plays Dumb on ‘The Nation’ Magazine’s Connection to George Soros

September 17, 2025
Alger International Opportunities Fund Q2 2025 Commentary

Alger International Opportunities Fund Q2 2025 Commentary

September 16, 2025
Ransomware gangs including Scattered Spider and Lapsus$ claim to retire, but experts warn of possible rebrand

Ransomware gangs including Scattered Spider and Lapsus$ claim to retire, but experts warn of possible rebrand

September 16, 2025
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

From RailTel, Coal India, MCX, BEL to Maharashtra Seamless, stocks to track on September 17

I tested the Apple Watch Series 11 for a week – here’s my buying advice now

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In