Hindenburg's report on the Adani group is a godsent for Indian truckers delivering cement from the business empire's factories in a hilly north Indian state. Truckers claim the US research firm's report has helped them salvage their livelihoods.

Some 7,000 truck owners and drivers in India's Himachal Pradesh have been holding protest marches for weeks in response to Adani group's decision on December 15 to close two cement factories due to a dispute over travel costs.

The Adani group wanted to cut trucking rates by around half as the business empire claimed the factories were "unviable" otherwise.

On Monday, the Adani group said the trucker issue was "amicably resolved", with the travel rates cut by 10-12%. After late-night negotiations with Adani, truckers celebrated, describing the settlement as a success.

ALSO READ | <a href="https://www.wionews.com/business-economy/indias-market-regulator-seeks-details-of-loans-and-securities-of-adani-companies-564769">India's market regulator seeks details of loans and securities of Adani companies</a>

That resolution to the dispute comes four weeks after a damaging report by Hindenburg accused the Adani group of improper use of tax havens and stock manipulation.

Shares of the apples-to-airports group firms have taken a hammering since that report on January 24th. The market bleeding erodes the group stocks' wealth of around $140 billion.

Although the truckers' settlement will only have a little impact on the business empire, it is a significant victory for truckers, where most workers make less than 7 dollars per day.

Ram Krishan Sharma, one of the chief mediators on behalf of the truckers', said the Hindenburg report "played a crucial role in our battle against India's biggest business group, helped mobilize truckers and gain political support".

For several weeks, Adani's negotiators did not budge. With the latest resolution, some truckers think Hindenburg's report was "godsent".

Hindenburg's report is the best for Adani

Separately, in a media column, economist Swaminathan S Anklesaria Aiyar argues that the Adani group will benefit by slowing its "breakneck speed" of expansion. Aiyar says the Hindenburg report might be the "best thing" that has ever happened to billionaire Gautam Adani.

He believes the latest accusations and the market rout might instil financial discipline within the business empire.

The economist rejects the claim - frequently made by opposition parties - that Gautam Adani amassed his wealth through political favouritism and manipulation. He noted, "I disagree. Going from humble origins to global number three in two decades is impossible without exceptional business skills."

Aiyar believes what Hindenburg did 'to Adani' is the best thing anyone could have done 'for Adani'.

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Hindenburg's report on the Adani group is a godsent for Indian truckers delivering cement from the business empire's factories in a hilly north Indian state. Truckers claim the US research firm's report has helped them salvage their livelihoods.

Hindenburg's report on the Adani group is a godsent for Indian truckers delivering cement from the business empire's factories in a hilly north Indian state. Truckers claim the US research firm's report has helped them salvage their livelihoods. Some 7,000 truck owners and drivers in India's Himachal Pradesh have been holding protest marches for weeks in response to Adani group's decision on December 15 to close two cement factories due to a dispute over travel costs. The Adani group wanted to cut trucking rates by around half as the business empire claimed the factories were "unviable" otherwise. On Monday, the Adani group said the trucker issue was "amicably resolved", with the travel rates cut by 10-12%. After late-night negotiations with Adani, truckers celebrated, describing the settlement as a success. ALSO READ | India's market regulator seeks details of loans and securities of Adani companies That resolution to the dispute comes four weeks after a damaging report by Hindenburg accused the Adani group of improper use of tax havens and stock manipulation. Shares of the apples-to-airports group firms have taken a hammering since that report on January 24th. The market bleeding erodes the group stocks' wealth of around $140 billion. Although the truckers' settlement will only have a little impact on the business empire, it is a significant victory for truckers, where most workers make less than 7 dollars per day. Ram Krishan Sharma, one of the chief mediators on behalf of the truckers', said the Hindenburg report "played a crucial role in our battle against India's biggest business group, helped mobilize truckers and gain political support". For several weeks, Adani's negotiators did not budge. With the latest resolution, some truckers think Hindenburg's report was "godsent". Hindenburg's report is the best for Adani Separately, in a media column, economist Swaminathan S Anklesaria Aiyar argues that the Adani group will benefit by slowing its "breakneck speed" of expansion. Aiyar says the Hindenburg report might be the "best thing" that has ever happened to billionaire Gautam Adani. He believes the latest accusations and the market rout might instil financial discipline within the business empire. The economist rejects the claim - frequently made by opposition parties - that Gautam Adani amassed his wealth through political favouritism and manipulation. He noted, "I disagree. Going from humble origins to global number three in two decades is impossible without exceptional business skills." Aiyar believes what Hindenburg did 'to Adani' is the best thing anyone could have done 'for Adani'. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

In dispute with Adani, Indian truckers say Hindenburg's report a 'godsent'

The Securities and Exchange Board of India (SEBI), the Indian capital markets regulator, has sought details of all ratings of local loans and securities of Adani group companies from credit rating firms amid the ongoing crisis that has hit the conglomerate since the release of the <a href="https://www.wionews.com/videos/adani-stocks-market-value-below-100-billion-market-valuation-hit-by-hindenburgs-allegations-564290">Hindenburg report</a>. The SEBI reportedly told the rating agencies last week to share such information on Adani Group.&nbsp;

<h2>SEBI dials regulation on Adani Group: What is the&nbsp;relevance of Adani group's loans and securities?</h2>

Sources aware of the matter told media that the Indian capital markets regulator is attempting to find out whether the ongoing fall in share prices will affect the debt repayment capabilities of Adani Group-linked companies.

"SEBI&nbsp;is probably trying to ascertain whether the sharp fall in stock prices of several Adani companies would have any bearing on the liquidity positions and the debt repayment capability of the borrowing companies.&nbsp;Most of this information, however, is in the public domain," a person aware of the communication from the regulator was quoted as saying by Economic Times.&nbsp;

<h2>Unchanged credit ratings amid&nbsp;Adani group's sharp fall in stock market indices</h2>

The ratings of the Adani companies have remained unchanged since January 24 when the New York short seller Hindenburg Research released its report that alleged accounting fraud as well as stock price manipulation by the group.

The stocks of Adani companies, however, have bled the stock listing indices in India since January 24.&nbsp;Between January 25 and February 21, the stocks of 10 Adani listed companies dropped between 28.1 per cent and 78.8 per cent, with Adani Total Gas falling the most (78.8 per cent), followed by Adani Green Energy (72.4 per cent) and Adani Transmission (71.7 per cent).

(With inputs from agencies)

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The Securities and Exchange Board of India (SEBI), the Indian capital markets regulator, has sought details of all ratings of local loans and securities of Adani group companies from credit rating firms amid the ongoing crisis that has hit the conglomerate since the release of the Hindenburg report.

The Securities and Exchange Board of India (SEBI), the Indian capital markets regulator, has sought details of all ratings of local loans and securities of Adani group companies from credit rating firms amid the ongoing crisis that has hit the conglomerate since the release of the Hindenburg report. The SEBI reportedly told the rating agencies last week to share such information on Adani Group. SEBI dials regulation on Adani Group: What is the relevance of Adani group's loans and securities? Sources aware of the matter told media that the Indian capital markets regulator is attempting to find out whether the ongoing fall in share prices will affect the debt repayment capabilities of Adani Group-linked companies. "SEBI is probably trying to ascertain whether the sharp fall in stock prices of several Adani companies would have any bearing on the liquidity positions and the debt repayment capability of the borrowing companies. Most of this information, however, is in the public domain," a person aware of the communication from the regulator was quoted as saying by Economic Times. Unchanged credit ratings amid Adani group's sharp fall in stock market indices The ratings of the Adani companies have remained unchanged since January 24 when the New York short seller Hindenburg Research released its report that alleged accounting fraud as well as stock price manipulation by the group. The stocks of Adani companies, however, have bled the stock listing indices in India since January 24. Between January 25 and February 21, the stocks of 10 Adani listed companies dropped between 28.1 per cent and 78.8 per cent, with Adani Total Gas falling the most (78.8 per cent), followed by Adani Green Energy (72.4 per cent) and Adani Transmission (71.7 per cent). (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India's market regulator seeks details of loans and securities of Adani companies

The latest vote of no confidence in Gautam Adani's empire comes from a global index provider, the MSCI. The Financial Index Provider's review of Adani group shares directs market attention to a key allegation by Hindenburg research. U.S. research firm Hindenburg had accused that many of the biggest "public," or non-insider, holders of Adani shares are offshore shell corporations and funds linked to the Indian empire.

ALSO READ | <a href="https://www.wionews.com/business-economy/are-adanis-stocks-a-bargain-or-a-sell-off-risk-560235">Are Adani's stocks a bargain or a sell-off risk?</a>

MSCI said shares held by certain Adani investors should no longer be designated as freely tradable in the public market or "free float". Hindenburg's founder Nathan Anderson tweeted, "we view this as validation of our findings", referring to the MSCI's review.

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<blockquote class="twitter-tweet">
After a review of Adani, MSCI just announced: 
 
“characteristics of certain investors have sufficient uncertainty that they should no longer be designated as free float pursuant to our methodology.” 
 
We view this as validation of our findings on offshore stock parking by Adani.
— Nate Anderson (@ClarityToast) <a href="https://twitter.com/ClarityToast/status/1623480596583383040?ref_src=twsrc%5Etfw">February 9, 2023</a></blockquote>
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The Financial Index Provider also cut the weightings of a few Adani firms' stocks in its global investable indices. That pushed the group's stocks to continue their fall on Friday, with losses now topping $110 billion and counting. Analysts expect further selling from active investors before the MSCI's changes on Adani's stocks come into effect on March 1.

In more bad news for the Indian empire, Norway's $1.35 trillion sovereign wealth fund said it had sold its entire stake in Adani group stocks.That adds to the loss of confidence in the business empire to navigate and come out of the current crisis anytime soon. That comes amid increased scrutiny of the group by banks and large financial institutions, apart from regulators and the Indian Federal government.

Ratings agencies have also downgraded Adani firms' bonds to a level just above junk status. The ramifications of the selloff are spreading far and wide.

The Adani crisis has disrupted parliament, and India's main opposition party is pressuring Prime Minister Narendra Modi over his silence on the issue.

A Reuters commentary shows the warning signs of the Adani groups' over $110 billion losses should not surprise anyone.

While Adani's links with international strategic investors offered comfort, the report shows Gautam Adani's latest troubles have only emphasised persistent doubts about the group's meteoric rise in recent years.

Picture this, the value of Adani's firms had jumped seven-fold in three years to $218 billion.

But the latest market rout is only a more pronounced version of a 2021 selloff in Adani stocks. Media reports back then showed shell companies in Mauritius artificially inflated the value of the group's firms. The links to offshore shell companies in tax haven countries to Adani's family members have also been reported previously.

So, the Hindenburg report, or the rout in Adani stocks was hiding in plain sight, showed the Reuters report.

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The latest vote of no confidence in Gautam Adani's empire comes from a global index provider, the MSCI. The Financial Index Provider's review of Adani group shares directs market attention to a key allegation by Hindenburg research.

The latest vote of no confidence in Gautam Adani's empire comes from a global index provider, the MSCI. The Financial Index Provider's review of Adani group shares directs market attention to a key allegation by Hindenburg research. U.S. research firm Hindenburg had accused that many of the biggest "public," or non-insider, holders of Adani shares are offshore shell corporations and funds linked to the Indian empire. ALSO READ | Are Adani's stocks a bargain or a sell-off risk? MSCI said shares held by certain Adani investors should no longer be designated as freely tradable in the public market or "free float". Hindenburg's founder Nathan Anderson tweeted, "we view this as validation of our findings", referring to the MSCI's review. After a review of Adani, MSCI just announced: “characteristics of certain investors have sufficient uncertainty that they should no longer be designated as free float pursuant to our methodology.” We view this as validation of our findings on offshore stock parking by Adani. — Nate Anderson (@ClarityToast) February 9, 2023 × The Financial Index Provider also cut the weightings of a few Adani firms' stocks in its global investable indices. That pushed the group's stocks to continue their fall on Friday, with losses now topping $110 billion and counting. Analysts expect further selling from active investors before the MSCI's changes on Adani's stocks come into effect on March 1. In more bad news for the Indian empire, Norway's $1.35 trillion sovereign wealth fund said it had sold its entire stake in Adani group stocks.That adds to the loss of confidence in the business empire to navigate and come out of the current crisis anytime soon. That comes amid increased scrutiny of the group by banks and large financial institutions, apart from regulators and the Indian Federal government. Ratings agencies have also downgraded Adani firms' bonds to a level just above junk status. The ramifications of the selloff are spreading far and wide. The Adani crisis has disrupted parliament, and India's main opposition party is pressuring Prime Minister Narendra Modi over his silence on the issue. A Reuters commentary shows the warning signs of the Adani groups' over $110 billion losses should not surprise anyone. While Adani's links with international strategic investors offered comfort, the report shows Gautam Adani's latest troubles have only emphasised persistent doubts about the group's meteoric rise in recent years. Picture this, the value of Adani's firms had jumped seven-fold in three years to $218 billion. But the latest market rout is only a more pronounced version of a 2021 selloff in Adani stocks. Media reports back then showed shell companies in Mauritius artificially inflated the value of the group's firms. The links to offshore shell companies in tax haven countries to Adani's family members have also been reported previously. So, the Hindenburg report, or the rout in Adani stocks was hiding in plain sight, showed the Reuters report. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

MSCI's Adani review draws attention back to a key Hindenburg allegation

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In dispute with Adani, Indian truckers say Hindenburg's report a 'godsent'

India's market regulator seeks details of loans and securities of Adani companies

MSCI's Adani review draws attention back to a key Hindenburg allegation