Look at the valuation of publicly traded company ...their valuation are more than some stupid crypto start up.....Most funny part is all is happening in broad day light....Most share held by Mauritius shell company ....since 2000 their are doing this ...and no body bet eye on them.....
Today It is next to impossible do something as This guy is friend of Most powerful leader in history of Modern India....
Remember, this is what we are being told by jurnos. Who probably have passed the info to their masters before it went public, so that they could profit from it. Add whose miserable lives are inspired by envy.
Shares of Adani Group’s companies have lost almost $45 billion in market value in less than two sessions, as a selloff sparked by US short seller Hindenburg Research’s scathing report deepened on Friday.
I'm sure the next couple of days we will see a documentary or two about this case.
On another note, This could lead to similar results to the whole FTX fiasco. let's wait and see
Most Adani Group shares fell sharply as the Indian conglomerate's rebuttal of a short-seller's criticism failed to pacify investors, deepening a rout that has now led to losses of $65 billion in the group's stock values.
Credit Suisse Group AG has stopped accepting bonds of Gautam Adani’s group of companies as collateral for margin loans to its private banking clients, a sign that scrutiny of the Indian tycoon’s finances is growing after allegations of fraud by short seller Hindenburg Research.
India Business News: In a stunning move, Adani Enterprises Ltd (AEL) late on Wednesday decided to withdraw its Rs 20,000 crore follow-on public offering (FPO), India’s big
timesofindia.indiatimes.com
Too expensive to buy your own shares at ₹3200 when you can buy them from market at ₹2000!
Now, Citigroup Wealth Unit Halts Margin Loans on Adani Securities
Adani Group used a tiny auditing firm with just 11 employees — some as young as 23 — to review finances at two key subsidiaries with a combined value of $100 billion, according to bombshell allegations from short-seller Hindenburg Research.
As of Thursday, billionaire Gautam Adani’s business empire has lost a whopping $108 billion in value since Hindenburg accused him on Jan. 24 of overseeing “the largest con in corporate history.” The India-based conglomerate was forced to abandon a planned $2.5 billion share sale this week.
Based out of an office in the Indian city of Ahmedabad, the firm used auditing partners who “were as young as 24 and 23 years old” to approve annual audit reports at the two subsidiaries, according to Hindenburg, which obtained and published copies of IDs and government records confirming their ages.
“They were essentially fresh out of school, hardly in a position to scrutinize and hold to account the financials of some of the largest companies in the country, run by one of its most powerful individuals,” Hindenburg said in its report.
The crisis engulfing the Adani Group intensified on Monday as hundreds of members of India's opposition parties took to the streets to press for a probe into allegations by a U.S. short-seller against the conglomerate which triggered its market rout.
Vinod Adani, the longtime Indian expat, is at the heart of the Adani Group’s global web of subsidiaries and offshore shareholders. Just don’t call him a related party.
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