India’s Adani Group has cut its revenue growth target by half and plans to reduce new capital expenditure, Bloomberg News reported on Sunday.
Listed companies controlled by billionaire Gautam Adani have lost more than $100 billion in market value since January 24, when US short seller Hindenburg Research accused the group of stock manipulation and improper use of offshore tax havens.
The group has dismissed the allegations and denied any wrongdoing.
Adani Group will now be shooting for revenue growth of 15% to 20% for at least the next fiscal year, down from the 40% it originally targeted, Bloomberg News reported, citing people familiar with the matter.