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Adani Group crisis updates: Adani Enterprises shares at lowest since March 2022
Adani Group crisis updates: Adani Group has firmly denied allegations of pulling off the 'largest fraud' in corporate history, levelled against it by Hindenburg Research, a US-based investment research firm.
Adani-Hindenburg issue updates: Billionaire Gautam Adani, facing allegations of pulling off the 'largest fraud' in corporate history, on Thursday issued a video message to investors, explaining the decision behind his flagship firm, Adani Enterprises, withdrawing a fully subscribed follow-on public offer (FPO). “Yesterday's decision of its withdrawal would have surprised many. But considering the volatility of the market seen yesterday, our board strongly felt that it wouldn't have been morally correct to proceed with FPO,” said Adani, whose firm has issued a strong rebuttal to allegations levelled by Hindenburg Research, a US-based investment research firm....Read More
The matter has also turned political, with several opposition party MPs demanding a discussion on the issue, in the ongoing budget session of Parliament.
Meanwhile Adani, until recently the third-richest person in the world and the richest from Asia, is no longer among the ten wealthiest people, and has also lost the crown of the richest Asian to fellow Indian billionaire Mukesh Ambani.
Abu Dhabi's IHC gets back all of $400 million it invested in Adani Group's FPO
Abu Dhabi’s International Holding Co., which invested about $400 million in Adani Enterprises Ltd.’s follow-on share sale, said the funds have been returned after the Indian billionaire pulled the deal. “While the decision to withdraw its flotation isn’t unique, and we understand floats get pulled for various reasons” the funds have been transferred back to its account, it said in a statement on Thursday.
The funding from IHC, which is controlled by a key member of the emirate’s royal family, would have represented about 16% of the offering and would have built on an almost $2 billion investment in Adani’s companies last year.
Bangladesh asks Adani Power to revisit 2017 pact over ‘excessive’ pricing: Report
Authorities in Bangladesh have sought a revision of an agreement with Adani Power Ltd for importing electricity from a thermal power plant in Jharkhand over the “excessive” pricing of coal, according to a Bangladeshi media report. Read full story
MEA speaks on the issue
“Not aware of any outreach by any foreign govts, if they have any query vis-a-vis a private organisation they'll be rooted to other concerned departments”: Arindam Bagchi, spokesperson, Ministry of external affairs
Adani Enterprises shares at lowest since March 2022
With a drop of nearly 23% on Thursday, the flagship firm's shares were at their lowest since March last year. Among other companies of the group, Adani Total Gas, Adani Green Energy each lose 10%, and Adani Transmission and Adani Ports and Special Economic Zone sheds 5%.
Markets end on mixed note
Amid Adani scare, Sensex, which began day in red, climbs 224.16 points to end at 59,932.24. However, Nifty, which also opened in red, falls to end at 17,610.40. Read
Calling off FPO a ‘sensible decision’: Mobius Investors
"Probably they will try to answer all the accusations and reschedule the share sale; however, it is necessary to give a full disclosure of balance sheets and particularly details regarding debtors": Mark Moribus, Founder, Mobius Capital Investors
SBI gave $2.6 billion in loans to Adani Group: Reports
The State Bank of India has given total loans of around $2.6 billion to the scandal-hit group, reports said, citing people familiar with the matter. The amount is about half of what is allowed under rules.
Rajya Sabha, Lok Sabha adjourned for the day amid uproar over Adani ‘scam’
Both houses of Parliament adjourned till tomorrow, even as opposition MPs continue to demand discussion on the Adani ‘scam.’
Now, Adani slips to 3rd richest in Asia
According to Forbes Real Time Billionaire Index, Adani has now been overtaken by China's Zhong Shanshan as the second-richest Asian. They are now the fifteenth and sixteenth richest in the world, as per the index; Mukesh Ambani has the highest net worth in Asia, and tenth highest globally.
Proceedings in Parliament to resume shortly
Proceedings in both Rajya Sabha and Lok Sabha to resume shortly. Both houses witnessed uproar by opposition MPs on the Adani issue, and were adjourned till 2 pm.
‘People losing crores of rupees…’: Congress president
We want the Centre to form a JPC to investigate this, or take a day-to-day report under the supervision of the CJI. People are losing crores of rupees by investing in LIC, SBI and other nationalised banks: Mallikarjun Kharge, Congress president and Rajya Sabha LoP
What is the Adani-Hindenburg issue?
Here's all you need to know about the Adani-Hindenburg controversy. Read
Opposition calls for probe under supervision of CJI
Either a Joint Parliamentary Committee (JPC) should probe the issue, or a team under the supervision of the Chief Justice of India (CJI) should investigate it: Opposition. Read more
What is an FPO? What differentiates from an IPO?
FPO iss when a company, which has already been listed on an exchange, issues new shares to investors. Read
RBI seeks reports from banks on exposure to Adani Group: Reports
The Reserve Bank of India (RBI) has sought reports from banks over their exposure to the Adani Group, say reports citing people aware of developments.
Congress demands JPC probe
Lok Sabha MP Manish Tewari calls for a probe by a Joint Parliamentary Committee against Adani.
Gautam Adani's video message for investors
The Adani Enterprises board felt it would not be “morally correct” to proceed with the follow-on public offering, said the billionaire. Read
Opposition demands discussion on Adani ‘scam’
Congress, DMK, TMC, SP, JDU , Shiv Sena (UBT) , CPM, CPI, NCP, IUML, NC AAP, and Kerala congress seek discussion in Parliament on Adani ‘scam.’
