Gautam Adani Group

Indian billionaire Gautam Adani is repaying some debt early as he scrambles to end a rout in shares of his embattled conglomerate that entered a third week ...

Another agency, S&P, cut the outlook for its ratings on two companies, Adani Ports and Adani Electricity, to negative from stable, citing the risk of higher funding costs or reduced access to capital. “I have likened buying shares in a family group company to getting married, and then having all of your in-laws move into the bedroom with you,” wrote Damodaran. Analysts have long expressed fear that the rapid expansion of Adani businesses came with huge risk. Opposition lawmakers in India have demanded a probe into the Hindenburg report. A brutal stock market meltdown has wiped over $110 billion off the combined market value of firms belonging to the ports-to-power Indian conglomerate in recent weeks. Indian banks that hold the group’s assets could also be affected if the value of those holdings continues to drop. In a statement on Monday, the Adani Group said its promoters, or controlling shareholders, will be paying back loans worth $1.11 billion ahead of their scheduled maturity in September 2024. The same five companies were also suspended on Friday for hitting those limits. Meanwhile, shares in Adani Ports, India’s largest private port operator, were up 9%. Moody’s said Friday that the plunge in the shares of Adani companies was likely to reduce the group’s ability to raise capital. In its report, Hindenburg Research questioned the “sky-high valuations” of Adani firms and said their “substantial debt” put the entire group “on a precarious financial footing.” In its first statement on the market turmoil, India’s market regulator, the Securities and Exchange Board of India, said Saturday that it had observed “unusual price movement in the stocks of a business conglomerate.” It said that if any information came to SEBI’s notice, it would be examined and “appropriate action” would be taken.

India's parliament was adjourned for a third day as the opposition sought to draw attention to what they describe as the close ties between Prime Minister ...

Billionaire Gautam Adani's companies have been in freefall since last month, with India's opposition party questioning his closeness with Prime Minister ...

The crisis engulfing the Adani Group has intensified as hundreds of members of India's opposition parties took to the streets to press for a probe into allegations against the conglomerate. The billionaire and Mr Modi are from the same state and Mr Adani has repeatedly denied allegations by Mr Modi's opponents that he has benefited from their close ties. Adani Group crisis deepens as protesters from India's opposition parties take to the streets

The Indian tycoon drops out of the top end of the powerful club of the world's biggest fortunes.

MUMBAI: Shares in the flagship firm of troubled Indian conglomerate Adani rocketed as much as 25 per cent on Tuesday (Feb 7), clawing back some of its ...

This is a refreshing sign of confidence," markets commentator Srinath Sridharan told AFP. Advertisement

Adani Enterprises Ltd. led gains in the group's stocks on Tuesday, stemming losses from a rout over the past two weeks as technical indicators and option ...

24 alleging market manipulation and [accounting fraud](https://www.bloomberg.com/news/articles/2023-01-25/adani-group-stocks-drop-after-hindenburg-takes-short-position) — claims Adani has repeatedly denied. [prepaid nearly $1.1 billion of loans](https://www.bloomberg.com/news/articles/2023-02-06/adani-transmission-to-repay-1-11-billion-share-backed-facility). The gains helped trim the slump in the group’s market capitalization to $112 billion since US-based Hindenburg Research released a report on Jan.

Last week, Gautam Adani, Chairman of Adani Group had gone from world's third's richest person on 17 January 2023 to not even being among the top 20.

Shares of Adani Enterprises traded 16.06 per cent higher at Rs 1825 at around 3 pm (IST), while the benchmark BSE Sensex traded almost flat at 60475.

RECOMMENDED With a net worth of $26 billion, Shiv Nadar is the third richest in India. Shares of Adani group of companies plunged somewhere between 18 per cent and 58 per cent from January 24, 2023 to February 3, 2023. Likewise, Adani Ports and ACC have also rallied nearly 40 per cent and 17 per cent, respectively, from their respective 52-week high levels, hit on February 3, 2023. The allegations sent bonds and shares in the conglomerate’s companies down. With a net worth of $61.40 billion, Adani now stands at 17th spot in the Forbes real-time billionaires list. Shares of Adani Enterprises traded 16.06 per cent higher at Rs 1,825 at around 3 pm (IST), while the benchmark BSE Sensex traded almost flat at 60,475. A report by the US short-seller Hindenburg Research on January 24 claiming that the Indian conglomerate had engaged in stock manipulation and accounting fraud ruined market sentiment.

Gautam Adani of the Adani Group was Asia's wealthiest man coming into 2023. Now, he's lost billions after a bombshell report from New York-based Hindenburg ...

[Bloomberg has a nice, quick rundown](https://www.bloomberg.com/news/articles/2023-01-27/who-is-gautam-adani-and-what-is-hindenburg-research?cmpid=BBD020123_BIZ&utm_medium=email&utm_source=newsletter&utm_term=230201&utm_campaign=bloombergdaily&sref=qYiz2hd0) on the basic ins and outs of Adani and the Adani Group. India has seemed like a relatively safe bet, and an implosion of a conglomerate like Adani’s would “dramatically raise” the country’s risk profile, Vaishnav said. “India has to move from developing to developed, and energy is like a food,” Adani told the Times. Hindenburg’s report also says that the Adani Group has been the focus of four major government fraud investigations and that its “obvious accounting irregularities and sketchy dealings seem to be enabled by virtually non-existent financial controls.” In other words, Hindenburg believes no one’s looking under the hood. “In India, they were sort of an open secret, but it’s telling that this report had to come from the outside,” Vaishnav said. [As the Times notes](https://www.nytimes.com/2023/01/31/business/who-is-gautam-adani.html), Adani was investigated over tax issues related to coal imports but was cleared; he has also been linked to an Indian stock market manipulation scheme. “The fact that his company could lose $100 billion in market value in a week and his net worth could decline by $50 billion is a big deal,” he said. Both Adani and Modi are committed to India’s economic growth, and there’s a widespread perception that Adani and his businesses have benefited from his relationship with the leader. “This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India,” the company said. Adani Enterprises [managed to raise funds](https://www.bloomberg.com/news/articles/2023-01-31/adani-share-sale-fully-subscribed-after-last-minute-jump-in-bids?sref=qYiz2hd0) for a $2.5 billion share sale in the days following the Hindenburg report only to later [call the sale off](https://www.cnbc.com/2023/02/01/gautam-adani-calls-off-2point5-billion-equity-sale-as-share-price-plunges.html#:~:text=Gautam%20Adani%20calls%20off%20%242.5%20billion%20equity%20sale%20as%20regulatory%20concerns%20grow,-Published%20Wed%2C%20Feb&text=Gautam%20Adani%2C%20one%20of%20the,%2C%20falling%2028%25%20on%20Wednesday.) amid all the scrutiny. [fortune](https://www.bloomberg.com/billionaires/profiles/gautam-s-adani/?sref=qYiz2hd0) of over $100 billion, rendering him the richest man in Asia and one of the richest people in the world. “The document is a malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive,” the company said, calling it “tremendously concerning” that an investor sitting on another continent could have caused “serious and unprecedented adverse impact” on investors.

Opposition groups push Modi to investigate allegations by US short-seller as firm suffers market rout.

Adani said the pledge by major shareholders to repay that debt was “in continuation of promoters’ assurance to prepay all share-backed financing”. “Is there any hope of a fair and impartial investigation under you?” he said in a reference to Modi. It said mechanisms were in place to deal with volatility in specific stocks. Some burned a suitcase plastered with images of Modi and the Adani Group head, Gautam Adani. Stock in five other Adani listed companies fell by 5% to 10%. The repayments include shares in Adani’s ports business, Adani Green Energy and Adani Transmission.

Rahul Gandhi alleged that Adani's rise was due to Prime Minister Modi as several rules were changed to benefit his business conglomerate.

Continuing his assault, Gandhi said PM Modi went to Australia and by magic, SBI gave a $1 billion loan to Adani. The Congress MP said Adani was now in 8-10 sectors and that how his net worth reached $140 billion from $8 billion from 2014 to 2022. After that, India's most profitable airport 'Mumbai Airpot' was hijacked from GVK using agencies like CBI, and ED and was given to Adani by the Government of India," Gandhi claimed. "This rule was changed by the Government of India," Gandhi said. "Yesterday (Monday), PM Modi said at the HAL (Hindustan Aeronautics Limited) that we hurled the wrong allegations. He said Harvard University should study Adani's rise and the relationship between business and politics.

Today's recovery in stock prices came after Adani Group promoters have prepaid $1.1 billion loans ahead of its maturity of Sep 2024 in three key companies ...

[Sensex](https://economictimes.indiatimes.com/indices/sensex_30_companies)and [Nifty](https://economictimes.indiatimes.com/indices/nifty_50_companies)Track [latest market news](https://economictimes.indiatimes.com/markets/stocks), [stock tips](https://economictimes.indiatimes.com/markets/stocks/recos)and [expert advice](https://economictimes.indiatimes.com/markets/expert-view)on [ETMarkets](https://economictimes.indiatimes.com/markets). [Adani stocks](/topic/adani-stocks)listed on exchanges, only two of them were trading lower. Valuation guru Aswath Damodaran had recently said that even after the massive drubbing, Adani Enterprises' stock is still not cheap enough for him to buy. For fastest news alerts on financial markets, investment strategies and stocks alerts, [subscribe to our Telegram feeds](https://t.me/joinchat/J60pKE7SOStsj5sI8nDmHQ).) Shares of Out of 10

Adani Enterprises' recovery from its lows has attracted a lot of traders to the stock, said Ambareesh Baliga, a Mumbai-based independent market analyst.

The cumulative losses of Adani group’s seven listed companies still stand at $109 billion despite Adani Ports also gaining 1.4% on Tuesday and Adani Wilmar adding 5%. Adani Ports posted a lower quarterly profit on Tuesday as foreign exchange losses soared, and said it would pay back 50 billion rupees ($605 million) – or 13% of its net debt – in the new fiscal year from April. Adani Enterprises’ recovery from its lows has attracted a lot of traders to the stock, said Ambareesh Baliga, a Separately, JPMorgan on Tuesday said the group companies were still eligible for inclusion in the bank’s bond indexes. The crisis is one of the biggest reputational challenges for 60-year-old Adani, whose fortunes surged in recent years along with his stock prices, before the Hindenburg jolt. 24 alleged it had engaged in stock manipulation and used tax havens.

Rahul Gandhi today launched a sharp attack in parliament on Prime Minister Narendra Modi linked to billionaire Gautam Adani, whose companies are in the ...

The Adani group says it has complied with all laws and disclosure requirements. You can say whatever you want outside," Mr Rijiju said. Across the entire country, it's just 'Adani', 'Adani', 'Adani'...Adani ji never fails in any business he ventures into - solar energy, wind energy.

Demonstrators from the opposition Congress party demanded an investigation into allegations of fraud and stock price manipulation by India's second-biggest ...

Adani said in a written statement that the pledge by major shareholders to repay that debt was “in continuation of promoter’s assurance to prepay all share-backed financing.” “During the past week, unusual price movement in the stocks of a business conglomerate has been observed,” India’s market regulator said, without naming the Adani Group. “Is there any hope of a fair and impartial investigation under you?” he said in a reference to Modi. Last week, the Adani Group cancelled a $2.5 billion share offering, promising to provide refunds to investors. Stock in five other Adani listed companies fell 5% to 10%. The Adani Group said Monday that its major investors, known in India as “promoters,” had pledged to prepay $1.1 billion in share-backed loans due for repayment by September 2024. So far, there is no sign the fracas was spreading across India’s financial sector and the protests are more a reflection of political theater rather than spontaneous public outrage. It said mechanisms were in place to deal with volatility in specific stocks. The Adani group has denied any wrongdoing. Some burned a suitcase plastered with images of Modi and Adani. In New Delhi, Congress party workers threw fake currency notes in the air and chanted slogans. Opposition party workers in the financial capital, Mumbai, and in the southern city of Chennai gathered outside the offices of a state-run bank and the country’s largest insurer, which are known to have investments in Adani shares.

New Delhi: In what appeared to be an encore of his campaign against the alleged Rafale scam, Congress leader Rahul Gandhi lashed out at Prime Minister ...

He was loyal to him,” Gandhi said, adding that Gautam Adani helped Modi in constructing “the idea of a resurgent Gujarat” and “bring different businessmen together” to set up businesses in Gujarat. On Tuesday, Gandhi said that the Adani group landed lucrative defence contracts soon after Modi’s visit to Israel. “The real magic started” when BJP came to power in 2014, he alleged in his 40-minute speech during the Motion of Thanks on the President’s Address. “The relationship (between Gautam Adani and Modi) began many years ago when Narendra Modiji was the chief minister of Gujarat, and when most of India’s businesses were asking questions of the prime minister; they were against him. Over the last few days, political parties have also been demanding a Joint Parliamentary Committee (JPC) or a Supreme Court-monitored independent probe on allegations of fraud against the Adani group. New Delhi: In what appeared to be an encore of his campaign against the alleged Rafale scam, Congress leader Rahul Gandhi lashed out at Prime Minister Narendra Modi for “facilitating” the Adani Group’s meteoric rise through an array of seemingly partisan measures.

TMC MP Mahua Moitra on Tuesday slammed the government and regulators for not probing the allegations against the Adani Group by the US-based short seller ...

"So the traffic in JNPT (Jawaharlal Nehru Port Trust) can't grow." On July 18, the ED raided GVK in Mumbai and Hyderabad. "What about the DRI, what about customs? For the first few days, the response was tepid due to the adverse report by Hindenburg and the subsequent stock plunge. However, the issue was subscribed fully by the closing day. The government, Moitra said, should launch a thorough probe as the country's reputation and financial stability were at risk.

Adani Enterprises Ltd. surged, leading gains as most of the Indian conglomerate's stocks rose after its founders pre-paid some debt and traders covered ...

[shares ](/quote/ADE:IN)rallied as much as 25% before finishing up nearly 15% in Mumbai on Tuesday. 24 alleging market manipulation and accounting fraud — claims that Adani has repeatedly denied. That helped trim the slide in the group’s market capitalization to $115 billion since US-based Hindenburg Research released a report on Jan.

The fire continues to decimate the market value of the conglomerate built by the Indian tycoon Gautam Adani. For two weeks now, this fire, ...

The group's valuation has plunged after a short-seller raised fraud allegations. What's the way out?

Mr Buckley says that as pressure mounts, the Adani Group's ability to win government contracts easily to ramp up revenues will be challenged. Most of the loans taken by these companies are against these revenue and profit-accruing assets," says the corporate banker quoted above. Most of the group's capital-guzzling new businesses such as green energy, airports and roads are housed under flagship company Adani Enterprises Ltd (AEL) and depend on it for funds. The BBC sent a list of questions to the Adani Group. He added that the group has an "impeccable track record of fulfilling our debt obligations". "I have seen varied operating [Adani] projects from ports, airports, cements to renewables which are solid, stable and generating a healthy cash flow. A spokesperson replied: "All our ongoing projects continue according to the plan. On Monday, the group said in a statement that it would prepay loans worth $1.1bn, taken using shares as collateral, ahead of their maturity date next year. "There is pressure on the company's credibility. But with stock prices plunging, the value of this collateral has also dipped. But since 24 January, when short seller Hindenburg Research accused the group of "brazen" stock manipulation and accounting fraud, its valuations have nearly halved. Last week, the group also called off its secondary share sale.

Opposition targets country's ruling Bharatiya Janata party over crisis at conglomerate run by leader's ally.

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Gautam Adani's recent woes have vindicated persistent doubts in India about the tycoon's rise. With his eponymous group's bonds trading at distressed levels ...

Others in the syndicate include Singapore’s DBS [(DBSM.SI)](https://www.reuters.com/companies/DBSM.SI), Japan’s Mitsubishi UFJ Financial Group [(8306.T)](https://www.reuters.com/companies/8306.T) and Italy’s Intesa Sanpaolo [(ISP.MI)](https://www.reuters.com/companies/ISP.MI). [(SBI.NS)](https://www.reuters.com/companies/SBI.NS) and domestic private lender ICICI Bank [(ICBK.NS)](https://www.reuters.com/companies/ICBK.NS) as the top five fee-earners. Adani added the short-selling campaign was a calculated attack on India and its growth ambition. In a move that helped calm the market, Gautam Adani this week paid over $1 billion to release pledges on some of his shares, and his companies are laying out plans to make debt repayments. [(HOLN.S)](https://www.reuters.com/companies/HOLN.S) was financed by about $5 billion of loans underwritten by Barclays, Deutsche and StanChart. Citi [(C.N)](https://www.reuters.com/companies/C.N) has been a top adviser on Adani’s debt capital markets deals since 2014. The Securities and Exchange Board of India continued to approve all the group’s proposals even though a government minister’s written reply, disclosed in parliament in 2021, revealed that the regulator was investigating some Adani group companies. At the time, Adani said the story was “ [blatantly erroneous](https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.indiatoday.in%2Fbusiness%2Fstory%2Fblatantly-erroneous-adani-group-rejects-report-on-fpi-account-freeze-1814660-2021-06-14&data=05%7C01%7CThomas.Shum%40thomsonreuters.com%7C758f847b205241ed224408db0977ac8a%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C638114181836046794%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=fyJmjv7ChEJ4eSGvhAkldTIORmSVoUyLOtLWQkWaDOs%3D&reserved=0)”. Deutsche, Barclays and StanChart pocketed $57 million of the $260 million of investment banking revenue generated by the Adani group since Dealogic records began. By contrast, other big Indian groups like Mukesh Ambani’s Reliance Industries [(DBKGn.DE)](https://www.reuters.com/companies/DBKGn.DE) and those carrying the Tata name are more popular with institutional investors. The [warning signs](https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.breakingviews.com%2Fconsidered-view%2Fgautam-adani-takes-new-tycoon-risk-to-next-level%2F&data=05%7C01%7CThomas.Shum%40thomsonreuters.com%7C758f847b205241ed224408db0977ac8a%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C638114181836046794%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=y2aoQoDHUWyJVplG6a1S3henx%2BL03NdfkvC%2FdoGcRtU%3D&reserved=0) were hiding in plain sight. [media report](https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Feconomictimes.indiatimes.com%2Fmarkets%2Fstocks%2Fnews%2Fa%2Fcs-of-3-fpis-owning-adani-shares-frozen%2Farticleshow%2F83496483.cms&data=05%7C01%7CThomas.Shum%40thomsonreuters.com%7C758f847b205241ed224408db0977ac8a%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C638114181836046794%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=95p1PsbJLE%2FhM0ArveirIihM5CDDo3cbg2Gmr5fmm4U%3D&reserved=0) which implied opaque Mauritius-based funds had puffed up the value of the tycoon’s companies.

Gautam Adani-Hindenburg issue: Ahead of Adani Enterprises FPO opening, the short seller published a report raising concern over debt positioning of Adani ...

India Business News: Hindenburg Research has accused Adani Group of several financial irregularities, including artificially inflating its financial results ...

On February 7, the Centre amid concerns over Life Insurance Corporation of India’s exposure to Adani Group companies, said that the insurer had strictly followed the statutory framework and regulations while making investments. Hindenburg Research has accused Adani Group of several financial irregularities, including artificially inflating its financial results, misstating its revenues and profits, and overstating the value of its assets. She further stressed that the “regulators are independent of the government... Investment banking company Credit Suisse had earlier stopped accepting bonds of Adani group as collateral for margin loans to its private banking clients, Bloomberg agency reported. Though Adani Enterprises Limited’s Rs 20,000-crore follow-on public offer (FPO) was fully subscribed, the company decided to cancel it and return the money to investors after its share plunged 28.4%. The sell-off in Adani group stocks finally halted on Tuesday as the group unveiled more steps to restore investor confidence and reduce its debt, including a plan to repay Adani Ports and Special Economic Zone Ltd’s loans worth Rs 5,000 crore by March next year.

The Adani Group, a multinational conglomerate founded by Indian billionaire Gautam Adani, has received extensive coverage from global news organisations in ...

[Raksha Kumar](https://reutersinstitute.politics.ox.ac.uk/people/raksha-kumar) is a freelance journalist, with a specific focus on human rights. Law says that the aim of Adani Watch is a bit different. “The difference is they never took me to court,” says Thakurta, who makes many visits to the courts in the six defamation cases he is battling, slapped on him by the Adani Group. “We are only focused on uncovering the misdeeds of Adani Group, and not aiming for any specific outcome,” he says. The first one is the crisis in business journalism. “They are so big that we have no choice as journalists but to keep tabs on them,” said Ravi Nair, the journalist who published the series on the Adani Group’s offshore investments for Adani Watch. [ exponentially](https://www.timesnownews.com/business-economy/companies/gautam-adani-net-worth-up-13x-in-2-5-years-to-rs-11-lakh-crore-only-ril-tcs-mcap-more-his-personal-wealth-article-93894535) in Narendra Modi’s second term. Today the Adani Group has an overarching presence in the Indian economy. The mandate of Adani Watch quickly expanded to the conglomerate’s activities beyond the Carmichael mine. The website developed a network of contributors to explain and document Adani Group’s activities and its impact on the environment and human rights in India, Myanmar and Indonesia. Activists, including Brown, heard about the Adani Group when it announced it would dig the biggest coal mine in Australia’s history – the Carmichael coal mine in Queensland. As a result, Adani’s stock prices plummeted resulting in losses of more than $100 billion and the group had to cancel a further share sale.

India Business News: Hindenburg Research has accused Adani Group of several financial irregularities, including artificially inflating its financial results ...

On February 7, the Centre amid concerns over Life Insurance Corporation of India’s exposure to Adani Group companies, said that the insurer had strictly followed the statutory framework and regulations while making investments. Hindenburg Research has accused Adani Group of several financial irregularities, including artificially inflating its financial results, misstating its revenues and profits, and overstating the value of its assets. She further stressed that the “regulators are independent of the government... Investment banking company Credit Suisse had earlier stopped accepting bonds of Adani group as collateral for margin loans to its private banking clients, Bloomberg agency reported. Though Adani Enterprises Limited’s Rs 20,000-crore follow-on public offer (FPO) was fully subscribed, the company decided to cancel it and return the money to investors after its share plunged 28.4%. The sell-off in Adani group stocks finally halted on Tuesday as the group unveiled more steps to restore investor confidence and reduce its debt, including a plan to repay Adani Ports and Special Economic Zone Ltd’s loans worth Rs 5,000 crore by March next year.