India’s Adani Group is considering an independent assessment of issues related to legal compliance, related party transactions and internal controls, revealed on Tuesday following a critical report from the US short-seller on its business. The group, led by billionaire Gautam Adani, has been roiled in days of market turmoil since Hindenburg Research on January 24…
It’s worth looking at the short-lived Yangtze River case to understand why Adani (and other Hindenburg targets) should think twice about suing Hindenburg in the US Hindenburg blasted Yangtze River in a 2018 report, which described the NASDAQ-listed company as a “shell” and a “scheme” to siphon off only US investors from Yangtze’s chairman and…
“If for some reason they can’t borrow more money or if their cash flow becomes insufficient to cover debt service, we would become concerned,” said the investor on condition of anonymity. However, underlining the nervousness in some quarters, Bloomberg reported on Wednesday that Credit Suisse CSGN.S has stopped accepting bonds of Adani group companies as…
Adani Group’s response comes as its flagship company is going ahead with a $2.5 billion share sale. This is overshadowed by the Hindenburg Report, which flagged concerns about high debt levels and the use of tax havens. “All transactions entered into by us with entities that qualify as ‘related parties’ under Indian laws and accounting…
The secondary share sale of Adani Enterprises, which began on Friday, is overshadowed by a massive selloff in the market. The anchor portion of the sale saw participation from investors including Abu Dhabi Investment Authority and Maybank Securities on Wednesday. As of 1012 GMT, mostly retail investors had placed bids for about 366,000 shares of…