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MUMBAI: The US regulators are reported to have begun inquiries into presentations by Adani Group to American investors after US short-seller Hindenburg Research on January 24 this year published a detailed report on Adani group in which it alleged that the conglomerate, among other things, had used offshore companies to manipulate its stock price, cooked its books and other corporate malfeasance.
On Friday, Adani Enterprises lost 6.8%, Adani Transmission 6.4% and Adani Power closed 5.4% lower. The other seven stocks from the group lost between 1.5% and 4.2%, BSE data showed.
On Friday, Adani Enterprises lost 6.8%, Adani Transmission 6.4% and Adani Power closed 5.4% lower. The other seven stocks from the group lost between 1.5% and 4.2%, BSE data showed.
The group’s combined market cap loss amounted to nearly Rs 48,000 crore – at Rs 9.8 lakh crore, below the Rs 10-lakh-crore mark again.
Reacting to the report, an Adani Group spokesperson said the group was ‘strongly committed’ to follow all laws and regulations in all the markets in which it has a presence. “We strongly reject any suggestion that Adani Group and its businesses have not acted as per the regulations and accounting standards of the jurisdictions in which they operate. Our various issuers groups remain confident that disclosures are full and complete as disclosed in the relevant issuer offering circulars,” it said.
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