In Focus

Hindustan Times


By Neha Yadav
Published Feb 02, 2023

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Adani - Hindenburg Controversy 

Indian billionaire Gautam Adani faced allegations of financial irregularities by a financial research firm Hindenburg

Photo Credits: HT File Photo

Here is everything you need to know about the Adani-Hindenburg controversy

Photo Credits: AP

According to Forbes, Adani was the world's third-richest man but due to the ongoing allegations, the billionaire's rank plunged to number 15

Photo Credits: Bloomberg

Hindenburg Research is a financial research firm founded by Nathan Anderson that studies equity, credit, and derivatives

Photo Credits: Bloomberg

Hindenburg Research released a report alleging Adani of misusing offshore tax havens and flagged concerns about high debts and valuations of 7 listed companies

Photo Credits: HT File Photo

It also disclosed that it holds 'short positions' in the Indian conglomerate Adani Enterprises through U.S.-traded bonds and non-Indian traded derivatives

Photo Credits: Bloomberg

Adani Group issued a 413-page statement and called the report 'baseless'. The group said that the allegations are 'unsubstantiated speculations' 

Photo Credits: HT File Photo

Reuters reported that India's market regulator has increased scrutiny of Adani Group's deals over the past years and will provide fresh details in the report

Photo Credits: Reuters File Photo

Hindenburg raised the issue of financial controls and said that there have been many changes observed in Chief Financial Officers (CFOs) of listed Adani companies

Photo Credits: HT File Photo

On February 1, Adani Enterprises called off its $2.5 billion share sale. Its share price dropped to another 28.45% in Mumbai

Photo Credits: Bloomberg

Later, Adani also issued a video message to investors explaining the withdrawal of a fully subscribed follow-on public offer (FPO) on February 2, 2023

Video Credits: Twitter/@AdaniOnline

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Photo Credits: Bloomberg