India's Enron Moment? Gautam Adani slips to No. 30, group stocks lose ₹12 lakh crore in 1 month
1 year, 9 months ago

India's Enron Moment? Gautam Adani slips to No. 30, group stocks lose ₹12 lakh crore in 1 month

The Hindu  

Gautam Adani was the world's third and Asia's richest man a month back but a damning report by a U.S. firm triggered a massive sell-off in shares of his apples-to-airport group, plunging his own wealth by $80 billion and the tycoon slipping to No.30 on the world billionaire index. Hindenburg, which held short positions in unidentified shares of Adani Group firms through its U.S.-traded debt and offshore derivatives, on January 24 accused the conglomerate of "brazen stock manipulation and accounting fraud" and using a number of offshore shell companies to inflate stock prices. Sell-Off: Since the Hindenburg report, the group's 10 listed companies have lost ₹12.06 lakh crore, nearly equivalent to the market capitalisation of Tata Consultancy Services - India's second most valuable company. Allegations: Hindenburg claims Adani Group uses a number of shell companies to inflate stock prices and flout shareholding rules, which require at least 25% of listed companies to be held by the public. He and his wife Ranjanben were beneficial owners of the companies that bought shares in the open market following Adani Group's $10.5 billion acquisition of cement makers Ambuja Cements Ltd and ACC Ltd. FPO: The Hindenburg report came just as Adani Enterprises opened a ₹20,000 crore follow-on share sale - the second largest in India.

History of this topic

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