Gautam Adani Group

Adani Group has published a detailed rebuttal running to more than 400 pages against allegations of fraud made by a US investment firm, calling the short ...

The long rebuttal sought to reassure investors about the group’s debt, banking relationships and corporate governance practices. Investors were betting on the self-made industrialist’s ability to grow his businesses in sectors that Modi had prioritized for development. “Adani Group has attempted to conflate its meteoric rise and the wealth of its Chairman, Gautam Adani, with the success of India itself,” it said in a post on The infrastructure tycoon’s net worth has also plummeted by some $30 billion, according to the [Bloomberg Billionaires Index](https://www.bloomberg.com/billionaires/profiles/gautam-s-adani/). In its response, the Adani Group portrayed the US short seller’s report as an “attack” on India and its investors. In its long and angry response published on Sunday, the Adani Group called Hindenburg’s allegations “baseless and discredited” and said the research firm had an “ulterior motive.”

Allegations of stock manipulation and accounting fraud from New York-based investor Hindenburg Research against Adani Group are piling pressure on the ...

The closely held firm specializes in forensic financial research, according to its website. It described the short seller’s conduct as “nothing short of a calculated securities fraud under applicable law.” The group said it would “exercise our rights to pursue remedies to safeguard our stakeholders before all appropriate authorities.” Hindenburg then said Adani’s response ignored all its key allegations and was “obfuscated by nationalism.” Adani was born to a small textile merchant family in 1962 in the western industrial state of Gujarat. Hindenburg also said it had taken a short position — basically a bet that the stock price would go down — in Adani’s companies through US-traded bonds and non-Indian-traded derivatives. Adani Group today comprises half a dozen major companies with interests ranging from energy to transportation and infrastructure development. Anderson’s firm — technically a research and trading outfit, not a hedge fund with outside investors — is less than five years old and wagers its own money in the markets. Even in Manhattan’s financial circles, Anderson is hardly a big name. Gautam Adani became Asia’s richest man last year and was second only to Elon Musk in the world at one point. Allegations of stock manipulation and accounting fraud from New York-based investor Hindenburg Research against Adani Group are piling pressure on the Indian conglomerate and its 60-year-old founder. While his net worth took a beating in the days after Hindenburg’s report was published on Jan. The alignment extends to foreign affairs. Among the allegations:

There are already mounting markets concerns about Adani's creditworthiness. With Evergrande's crash fresh in investors' minds, the Indian billionaire is in ...

Even as Hindenburg responded swiftly to Adani’s rebuttal, saying it failed to answer “ [62 of our 88 questions](https://hindenburgresearch.com/adani-response/),” it is nonetheless worth pondering what the short seller might focus on next to win over investors’ minds and money. [worked with Harry Markopolos](https://indianexpress.com/article/explained/explained-economics/what-is-hindenburg-research-accused-adani-fraud-8404531/), the analyst who uncovered Bernie Madoff’s Ponzi scheme that [robbed investors of as much as $65 billion](https://www.cnbc.com/2021/04/14/bernie-madoff-dies-mastermind-of-the-nations-biggest-investment-fraud-was-82.html). In a rebuttal to Hindenburg’s claim that Indian tycoon Gautam Adani has overseen the “

Adani's net worth stands at $84.4 billion at the time of writing this story and was ranking at the 11th spot on the Bloomberg Billionaires' Index.

They did not do any research- they cut, copy, pasted and the report was a hit job on the FPO. Even if we did not answer all the 88 questions- they used our disclosures and they did not do any research. The report accused the Adani Group of indulging in practices such as blatant stock manipulation, money laundering, and accounting fraud over decades. Adani has pulled off this gargantuan feat with the help of enablers in government and a cottage industry of international companies that facilitate these activities.” Adani Group chairperson and Asia’s richest man Gautam Adani is out of the top 10 global billionaires list as he has lost around $8 billion in net worth. Besides this, it also identified entities in Cyprus, Singapore, the UAE, and several Caribbean Islands discreetly controlled by Vinod Adani.

Adani Group chairman Gautam Adani could lose the title of world's richest Asian to Reliance Industries chairman Mukesh Ambani.

That’s a huge drop from the $121 billion fortune he was estimated to have at the beginning of the year (which put Adani in third place, behind LVMH CEO Bernard Arnault and [Tesla](https://fortune.com/company/tesla/) CEO Elon Musk). Fears over the Adani Group are dragging down other Indian companies. On Monday, the share sale got a Adani’s wealth surged in 2022 due to an increase in share price in Adani Group companies. If Adani’s fortune continues to drop, he risks losing the position of Asia’s richest person to Ambani. [$75 billion](https://www.bloomberg.com/news/articles/2023-01-31/adani-s-2-5-billion-share-offering-faces-critical-final-day?srnd=fixed-income) in value. [the following day](https://hindenburgresearch.com/adani-response/), arguing that “the Adani Group has attempted to conflate its meteoric rise and the wealth of its Chairman, Gautam Adani, with the success of India itself.” [accused](https://fortune.com/2023/01/25/hindenburg-research-accused-gautam-adani-of-multibillion-dollar-fraud/) the Adani Group of stock manipulation, poor governance, and “pulling the largest con in corporate history.” As of Jan. [Reliance Industries](https://fortune.com/company/reliance-industries/), is right behind Adani in 12th place, with a fortune of $82.2 billion. [Bloomberg Billionaires Index](https://www.bloomberg.com/billionaires/). [losing his title](https://www.bloomberg.com/news/articles/2023-01-31/asia-s-richest-man-gautam-adani-drops-off-list-of-world-s-top-10-wealthiest) as Asia’s richest person.

With a current fortune of $84.4 billion, Gautam Adani's ranking has fallen from fourth place to 11th on the Bloomberg Billionaires Index.

“Our total holding in the Adani Group companies under equity and debt on date is ₹36,474.78 crore. On Friday, Adani Group stocks fell up to 20% after Hindenburg made damaging allegations. chairman Mukesh Ambani, whose net worth is $82.2 billion, is tagging behind him at the No. The allegations have been rejected by the group. Currently, he is behind ten other billionaires like Bill Gates, Jeff Bezos and Google co-founders Larry Page and Sergey Brin. Also read: This was ₹35,917.31 crore as of December 31, 2022. For the fourth day running, shares of Adani Total Gas tanked 10%, Adani Green Energy tumbled 9.60%, Adani Transmission declined 8.62%, Adani Wilmar (5%), Adani Power (4.98%), NDTV (4.98%) and Adani Ports (1.45%) on the BSE. [Warning bells: On the Adani saga](https://www.thehindu.com/opinion/editorial/warning-bells-the-hindu-editorial-on-the-adani-saga/article66447037.ece) [fraudulent transactions and share price manipulation](https://www.thehindu.com/business/Industry/adani-shares-fall-as-short-seller-hindenburg-flags-groups-substantial-debt/article66432831.ece), at the Gautam Adani-led group. [world’s top 10 richest people](https://www.thehindu.com/business/adani-becomes-worlds-third-richest-person-first-for-an-asian/article65828857.ece) following a rout in company share prices in the aftermath of the [U.S.-based short seller Hindenburg Research’s report](https://www.thehindu.com/business/Industry/explained-adani-group-stocks-what-is-hindenburg-research-and-how-does-a-short-seller-operate/article66437011.ece).

Indian billionaire Gautam Adani at his office in the western Indian city of Ahmedabad in this April 2, 2014 file photo. Amit Dave/REUTERS.

The research firm questioned the “sky-high valuations” of Adani firms and said their “substantial debt” puts the entire group “on a precarious financial footing. It followed that on Sunday with a long and angry rebuttal running to more than 400 pages, in which it called Hindenburg’s allegations “baseless and discredited” and said the research firm had an “ulterior motive.” Adani’s empire has been fueled by a $30 billion borrowing binge, making his business one of the most indebted in the country. Its success offers Adani some respite after the relentless stock market battering of recent days. In 1994, AEL became the first of his companies to list on the stock exchange in Mumbai. “Presently there is a situation that’s emerging and we are not sure what is the factual position … In its investigation, Hindenburg accused the group of “brazen stock manipulation and accounting fraud scheme over the course of decades.” Often called the group’s “crown jewel,” Mundra Port is the country’s biggest commercial port by volume. Much of his fortune is tied up in the sprawling Adani Group, which he founded over 30 years ago. The rout was a screeching U-turn for Adani — some of his companies had seen their share prices surge by more than 1,000% on the Indian stock market over the last few years. But over the past week, Adani has fallen from the fourth place to 11th. [Gautam Adani](https://edition.cnn.com/2022/10/10/business/gautam-adani-india-risk-takers-22/index.html#:~:text=Now%20he%20may%20be%20too%20big%20to%20fail,-By%20Diksha%20Madhok&text=Indian%20billionaire%20Gautam%20Adani%20at,Ahmedabad%20on%20April%202%2C%202014.&text=On%20a%20late%20August%20evening,phones%20started%20buzzing%20with%20messages.) ended his trip to Davos earlier this month on an optimistic note.

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Hindenburg said in its report it has shorted U.S.-bonds and non-India traded derivatives of the Adani Group. The Hindenburg report and its fallout have drawn global attention. The share sale needs at least 90% subscription to go through. dollar-denominated bonds issued by Adani Ports and Special Economic Zone Adani is now the world's eighth richest person, down from third ranking on Forbes' rich list last week. Adani has called the report baseless. The issue was subscribed 20% by Tuesday. 24 report from Hindenburg Research which flagged concerns about high debt levels and the use of tax havens, with cumulative losses now at $65 billion. [(IHC.AD)](https://www.reuters.com/companies/IHC.AD) said late on Monday [it will invest](https://bityl.co/GvFp) $400 million in the issue. Register for free to Reuters and know the full story [(ADAN.NS)](https://www.reuters.com/companies/ADAN.NS), Adani Green [(ADNA.NS)](https://www.reuters.com/companies/ADNA.NS) and Adani Total Gas [(ADAG.NS)](https://www.reuters.com/companies/ADAG.NS), were down 5%-10%, extending their falls after Adani's 413-page response to Hindenburg's allegations failed to boost investor confidence. [(ADEL.NS)](https://www.reuters.com/companies/ADEL.NS) shares rose on Tuesday, the last day for its $2.5 billion secondary share sale, with all eyes on whether the company can secure enough backing for the offering after a U.S.

Gautam Adani has won a vote of confidence from a $400 million investment by International Holding Co. (IHC)—an Abu Dhabi-based conglomerate controlled by a ...

and Indian laws for “remedial and punitive action against Hindenburg Research.” The short seller’s report published on January 24 triggered a sell off in Adani Group companies and slashed founder Gautam Adani’s net worth by 30% to $88 billion, according to Forbes’ estimates. (IHC)—an Abu Dhabi-based conglomerate controlled by a key member of the United Arab Emirates’ royal family—into Adani Enterprises. The company said last week that it was “evaluating the relevant provisions” under both U.S. He is now ranked the world’s eighth richest person after holding the No. “Our interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises,” Syed Basar Shueb, CEO of IHC, said in a [Gautam Adani](https://www.forbes.com/profile/gautam-adani-1/?list=rtb/&sh=7707e5e85b0e) has won a vote of confidence from a $400 million investment by International Holding Co.

Gautam Adani's $2.4bn equity sale has received bids for just over 60 per cent of shares on offer as it enters its final hours, with the Indian billionaire ...

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Gautam Adani is facing perhaps his biggest challenge yet as a small U.S. investment firm accuses his Indian conglomerate of fraud and stock manipulation.

Mr. As Mr. Previously, Mr. That, said Mr. The fight could have geopolitical implications, given the United States’ courting of India as a counterweight to China, as part of a grouping called the Quad that also includes Japan and Australia, Mr. Among Hindenburg’s allegations are that offshore shell companies run by Mr. “The big issue is that Adani has spent the last four years in raising debt on Wall Street,” Mr. [publishing its report](https://hindenburgresearch.com/adani/) on Jan. (Hindenburg has criticized the ownership structure of his company.) Even though he remains enormously wealthy, on paper Mr. In the last decade, he secured one of his biggest international deals — the Carmichael project in Australia, one of the And he is facing perhaps the biggest challenge of his career.

Indian billionaire Gautam Adani pulled off a closely watched $2.5 billion equity sale for his flagship company, earning some reprieve after his empire was ...

The order books for institutional and retail investors opened within days of US short seller Hindenburg’s scathing report. Market values of Adani’s listed companies plunged after Hindenburg alleged the conglomerate used a web of companies in tax havens to inflate revenue and stock prices. Still, it’s well below the 90.5 cent level before the Hindenburg report was published. The fully subscribed offering nevertheless removes one overhang for India’s $3.2 trillion stock market, which recently dropped out of the world’s five biggest by value. Uptake from retail investors was notably weak, with a large portion of the offering taken up by institutions and existing shareholders including Abu Dhabi’s International Holding Co. The offering by Adani Enterprises Ltd.

Allegations of stock manipulation and accounting fraud from New York-based investor Hindenburg Research against Adani Group are piling pressure on the ...

The closely held firm specializes in forensic financial research, according to its website. It described the short seller’s conduct as “nothing short of a calculated securities fraud under applicable law.” The group said it would “exercise our rights to pursue remedies to safeguard our stakeholders before all appropriate authorities.” Hindenburg then said Adani’s response ignored all its key allegations and was “obfuscated by nationalism.” The record $2.5 billion share sale by Gautam Adani’s flagship firm was fully subscribed on the final day, offering Asia’s richest man a reprieve after his empire was rocked by allegations of fraud by short seller Hindenburg Research. 24, he was still one of the richest men in the world according to the Bloomberg Billionaires Index. Adani was born to a small textile merchant family in 1962 in the western industrial state of Gujarat. Anderson’s firm — technically a research and trading outfit, not a hedge fund with outside investors — is less than five years old and wagers its own money in the markets. Adani Group today comprises half a dozen major companies with interests ranging from energy to transportation and infrastructure development. The alignment extends to foreign affairs. He dropped out of university and began his career sorting diamonds for a firm in the financial hub of Mumbai. A record $2.5 billion share sale by his flagship firm, Adani Enterprises Ltd., was fully subscribed on the final day, Jan. While his net worth took a beating in the days after Hindenburg’s report was published on Jan. He later imported materials used in manufactured goods and by the mid-1990s was managing the Mundra Port, which he now owns.

Adani Enterprises FPO had received bids for 50.86 million shares against an offer size of 45.5 million shares. This represents an overall subscription of ...

One of the anchor investors, IHC, also put in an additional $400 million towards the share sale. However, Adani Group reacted strongly to the report and slammed Hindenburg for coming out with a bogus report that had been "copy-pasted" from its previous disclosures. The Adani Enterprises FPO that opened for subscription on January 27 has been successful despite the report released by US short seller firm, Hindenburg Research. Retail investors have bid for only 12 per cent of the shares that were set aside for them. The record Rs 20,000 crore Adani Enterprises FPO received bids for 50.86 million shares against an offer size of 45.5 million shares. Adani Enterprises FPO had received bids for 50.86 million shares against an offer size of 45.5 million shares.

Abu Dhabi's International Holding Company to invest US$400m in Indian conglomerate as it tries to complete share sale.

[Adani Group](https://www.adani.com/) has denied the allegations, which it described as a “malicious combination of selective misinformation and stale, baseless and discredited allegations” and accused Hindenburg of attempting to damage its reputation before a large share offering. It is using financial instruments to profit from its falling share prices. The funding from IHC represents about 16% of Adani’s fundraising offer. Shares in Adani Total Gas were down 10% on Tuesday, hitting a daily limit imposed by the Indian exchange designed to prevent rapid share price movements. He has fallen to 11th place in the daily-updated Bloomberg billionaires index after a personal wealth wipeout of $34bn in just four days of trading since the accusations were published. The wild trading was sparked by a report by Hindenburg that claimed the Adani empire was laden with debt and engaged in a “brazen stock manipulation and accounting fraud scheme”.

Investors are sizing up Adani's debt exposure to the banking sector. Indian banks with exposure to the Adani Group include the State Bank of India, ...

In a 413-page report Sunday, Adani attacked short seller Hindenburg and its allegations of fraud and stock price manipulation. (74% ownership) and Airports Authority of India (26% of ownership). Indeed, Indian banks make up 0.6% of the group's sector loans, according to JPMorgan. Ackman was refencing this week's share sale for its flagship Adani Enterprises, which crucially achieved a full subscription Tuesday. [second only to Elon Musk,](https://www.cnbc.com/2022/08/30/billionaire-gautam-adani-college-dropout-to-worlds-third-richest-person.html) fell out of the world's top 10 richest to 11th place on the [Bloomberg's Billionaires Index](https://www.bloomberg.com/billionaires/), as of Monday's close. Of the seven companies operated by the Adani Group: Adani Green Energy, Adani Power and Adani Ports are sitting on the most net debt, according to analysts. Indian banks with exposure to the Adani Group include the State Bank of India, Life Insurance Corp., Union Bank of India, ICICI and Axis as well as others. "If the share price fall doesn't stop, Adani may need look at financing options, including conversations with investors in the Middle East that are eager to diversify," said a banker in Mumbai, India, who also preferred to remain anonymous due to the sensitivity of the topic, to CNBC. In a company release, IHC CEO Syed Basar Shueb, who is also an investor in SpaceX, said, "Our interest in Adani Group is driven by our confidence and believe in the fundamentals of Adani Enterprises Ltd; we see a strong potential for growth from a long-term perspective and added value to our shareholders." - Indian banks with exposure to the Adani Group include the State Bank of India, Life Insurance, Union Bank of India, ICICI and Axis, according to analysts. "Most of the incremental funding to the group for new businesses and acquisitions has come via overseas sources," according to Adarsh Parasrampuria, an analyst at investment group CLSA. At the same time, it's reduced the share of Indian banks in its borrowing figures — from 86% in fiscal 2016 to 33% in 2022, according to analysts.

Hours after Abu Dhabi and other investors salvaged the Adani Group's latest stock offering, Israeli Prime Minister Benjamin Netanyahu posed for photos with ...

“I am very confident that with the support from the Government of Israel, the local authorities, and our partner Gadot, we will transform the entire port landscape,” Adani said in his remarks. And I promise you that in the years to come we will transform the skyline we see around us,” said Adani. In Dubai, meanwhile, the state-owned bank NBD Emirates has underwritten ten foreign bond offerings for Adani Group companies since 2019, helping its companies raise $5.8 billion, according to Refinitiv, a financial data provider. He did not disclose a dollar amount or a specific timeline for the future investments. “We will deliver on this commitment and do our part to transform this city.” Hours later, at a press briefing at Israeli’s Haifa port, Gautam Adani posed for photos with Israeli Prime Minister Benjamin Netanyahu. Other investors included Goldman Sachs and London-listed Jupiter Asset Management, according to the New York Times and the The Adani Group has denied all wrongdoing and threatened legal action. Shares in Adani Enterprises rose 3.3% on Tuesday, lifting Adani's fortune by about $900 million and marking the first day since Hindenburg's report that Adani's fortune has grown. Adani had lost $22 billion on Friday, sinking him from No. Sheikh Tahnoon bin Zayed Al Nahyan, a member of Abu Dhabi’s ruling family and UAE security advisor, came to the rescue of Adani’s new offering on Monday. It’s been a tough week for Gautam Adani.

Shares in Adani Enterprises have held up relatively well, falling 14% since Hindenburg levelled accusations of fraud and stock manipulation last week, a charge ...

Though the group will want to refinance multi-billion-dollar loans used to pay for cement deals, foreign banks including Barclays [(BARC.L)](https://www.reuters.com/companies/BARC.L), Deutsche Bank [(DBKGn.DE)](https://www.reuters.com/companies/DBKGn.DE) and Standard Chartered [(STAN.L)](https://www.reuters.com/companies/STAN.L) may now demand tougher terms, and entities related to the tycoon are already pledging more shares of Adani Ports [(APSE.NS)](https://www.reuters.com/companies/APSE.NS) as security to lenders. Those piling in include Abu Dhabi’s International Holding Company [(IHC.AD)](https://www.reuters.com/companies/IHC.AD) and India’s Life Insurance Corporation [(LIFI.NS)](https://www.reuters.com/companies/LIFI.NS). [(ADEL.NS)](https://www.reuters.com/companies/ADEL.NS) was underwhelming. [brake on growth](/breakingviews/adani-re-ups-indias-emerging-market-risk-2023-01-31/). Investors bid for 1.12 times the shares on offer. dollar bonds across the group are rebounding, but some from Adani Green Energy [(ADNA.NS)](https://www.reuters.com/companies/ADNA.NS), and Adani Ports still trade at distressed levels near 70 cents on the dollar. Revenue at Adani Enterprises grew 75% in the most recent financial year, and group companies had planned to invest some $150 billion over the next five to 10 years in green hydrogen, logistics, roads, airports, healthcare infrastructure and more. Shares of Adani Enterprises closed at 2,974 rupees on Jan. [share sale](/breakingviews/adanis-buy-now-pay-later-fundraise-could-sting-2023-01-26/). Other buyers including wealthy Indians will be free to dump the stock sooner. [pain points](/breakingviews/adanis-financing-safety-net-rests-indian-banks-2023-01-30/). These groups [dragged](https://www.bseindia.com/markets/publicIssues/CummDemandSchedule.aspx?ID=6017&status=L) Gautam Adani’s $2.4 billion capital call across the finish line on Tuesday, despite a selloff triggered by Hindenburg Research’s [short attack](/breakingviews/short-seller-attack-raises-gautam-adani-stakes-2023-01-25/) on the eponymous infrastructure conglomerate.