Nearly a month after the Hindenburg report came out, Wikipedia editors have claimed that employees of the Adani Group manipulated the entries on the encyclopedia using sock puppet accounts (fake accounts) and undisclosed paid editors.

Nearly a month after the Hindenburg report came out, Wikipedia editors have claimed that employees of the Adani Group manipulated the entries on the encyclopedia using sock puppet accounts (fake accounts) and undisclosed paid editors. Nate Anderson, the founder of US-based Hindenburg shared an article by The Signpost, Wikipedia's independent newspaper where it was alleged that fake accounts, throughout the last decade, fudged the entries of Adani family members and the related enterprises. "Over 40 later banned or blocked sockpuppets or undeclared paid editors created or revised nine related articles on the Adani family and family businesses. Many of them edited several of the articles and added non-neutral material or puffery," noted the publication in the article. Of all things—now the Signpost, Wikipedia's independent newspaper, is out w/ an article showing how Adani systematically manipulated its Wikipedia entries using sock puppet accounts, undisclosed paid editors & removing evidence of conflicts of interest.https://t.co/s7Yzw8rXys pic.twitter.com/UVG6dVWtfu — Nate Anderson (@ClarityToast) February 20, 2023 × Read more: Adani Group will pay off debt for pledged shares, denies report on capex cut In one of the more damning allegations, the online newspaper claimed that evidence about conflict-of-interest in one of the articles was removed by an editor who had the IP address of Adani Group. "A declared paid editor, using a company IP address, completely rewrote the Adani Group article. Others removed warnings about conflict-of-interest editing. Some created articles by unusual methods that circumvented Wikipedia's quality control systems." The article claimed that Gautam Adani, the chairman and founder of Adani Group had his Wikipedia entry edited by 25 socks or fake accounts. "The article on Gautam Adani was started in 2007 in a straightforward style by a respected editor. But by 2012 three editors who were later blocked or banned as sockpuppets or undeclared paid editors had edited the article." Similarly, the Wikipedia entries of Priti Adani, Karan Adani, and Pranav Adani were also edited by fake accounts. Read more: Adani-Hindenburg: To protect investors, Indian govt. says yes to Supreme Court panel probe After the Hindenburg report came out, Adani and its affiliate companies have lost more than $120 billion in market value so far. The Hindenburg report accused the conglomerate of stock manipulation using tax havens whilst having unsustainable debt. WATCH | Gravitas: Adani firms' losses swell to $120 billion Such has been the affect of the report that the Adani Group has halved its revenue growth target, according to a report by Bloomberg. Additionally, the company is looking to scale down fresh capital expenditure. The company has tapered its revenue growth to 15 per cent to 20 per cent for the next financial year, down from the previous target of 40 per cent. The idea behind managing the expectations regarding revenue growth is to rebuild investor confidence. (With inputs from agencies) WATCH WION LIVE HERE:

Did Adani Group manipulate its Wikipedia entries? Here's what a report claims

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

Adani Group stocks combine market valuation falls to below a $100 billion, the market route now topping $135 billion since a damaging. Report by the US research firm, Hindenburg, hit to the group's valuation is broadly driven by the allegations.

Adani stocks' market value below $100 billion, market valuation hit by Hindenburg's allegations

Adani Group has issued a clarification on reports of appointing Grant Thornton for audits after the Hindenburg crisis. The flagship company of Adani Group termed it as a market rumour.

Adani Group denies reports of hiring Grant Thornton for audit

Adani Enterprises Limited (AEL) on Thursday dismissed reports the Adani Group had appointed accountancy Grant Thornton to run an independent audit of some of its companies accounts in the wake of allegations of financial fraud and malpractice by short-seller Hindenburg Research. AEL called such news reports a 'market rumour'.

Adani Group is still in the mode of managing the crisis caused by US-based short-seller Hindenburg Research. The firm had accused Adani Group of 'brazen stock manipulation and accounting fraud... over the course of decades', allegations which the Adani Group has denied. However, the fallout of the news caused the conglomerate to lose more than USD 100 billion.

In an exchange filing, Adani Group said that it had not appointed Grant Thornton to audit its companies.

"We would like to clarify the said news item appears to be a market rumour and hence it would be inappropriate on our part to comment on it… We wish to confirm we have made and will continue to make disclosures in compliance with obligations under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and our agreements with stock exchanges," AEL said in its filing.

Adani Group said last week it was considering independent evaluation of issues relating to legal compliance, related party transactions and internal controls following the Hindenburg report.&nbsp;

Reuters and other news outlets had reported two days ago that Adani had appointed Grant Thornton.

Citing sources, Reuters had said that Grant Thornton was going to look at whether related-party transactions at the Adani Group complied with corporate governance standards.

(With inputs from agencies) 
&nbsp;

Adani Enterprises Limited (AEL) on Thursday dismissed reports the Adani Group had appointed accountancy Grant Thornton to run an independent audit of some of its companies accounts in the wake of allegations of financial fraud and malpractice by short-seller Hindenburg Research.

Adani Enterprises Limited (AEL) on Thursday dismissed reports the Adani Group had appointed accountancy Grant Thornton to run an independent audit of some of its companies accounts in the wake of allegations of financial fraud and malpractice by short-seller Hindenburg Research. AEL called such news reports a 'market rumour'. Adani Group is still in the mode of managing the crisis caused by US-based short-seller Hindenburg Research. The firm had accused Adani Group of 'brazen stock manipulation and accounting fraud... over the course of decades', allegations which the Adani Group has denied. However, the fallout of the news caused the conglomerate to lose more than USD 100 billion. In an exchange filing, Adani Group said that it had not appointed Grant Thornton to audit its companies. "We would like to clarify the said news item appears to be a market rumour and hence it would be inappropriate on our part to comment on it… We wish to confirm we have made and will continue to make disclosures in compliance with obligations under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and our agreements with stock exchanges," AEL said in its filing. Adani Group said last week it was considering independent evaluation of issues relating to legal compliance, related party transactions and internal controls following the Hindenburg report. Reuters and other news outlets had reported two days ago that Adani had appointed Grant Thornton. Citing sources, Reuters had said that Grant Thornton was going to look at whether related-party transactions at the Adani Group complied with corporate governance standards. (With inputs from agencies)

Adani Group denies appointing audit firm to look into its companies

The Indian government on Monday accepted Supreme Court's suggestion to form an expert-level committee to look into the allegations made by Hindenburg against the Adani group and protect the investors.

The Indian government on Monday accepted Supreme Court's suggestion to form an expert-level committee to look into the allegations made by Hindenburg against the Adani group and protect the investors. Earlier, market regulator Securities and Exchange Board of India (SEBI) had also given its nod to the committee. Representing the centre, Solicitor General Tushar Mehta, however, added that the government will like to have a say in the composition of the panel. "We will suggest names of the experts to be included in the committee in a sealed cover. Some names may appeal to the Supreme Court, and some may not. But these names should not be discussed and opposed by the petitioners. The SC can choose from the list," he said in front of a bench of Chief Justice DY Chandrachud, and Justices PS Narasimha and JB Pardiwala. Mehta added no such message should go out to the investors that SEBI was incapable of handling the situation. "Our instructions are that existing structure - SEBI and other agencies - are fully equipped not only regime wise but otherwise also, in taking care of the situation." Last Friday, the apex court, taking a grim view of the rout in shares of the Adani group stated that investors had suffered losses running into several billion dollars. The court suggested that a mechanism was needed to protect the investors and put forth the idea of an expert committee. WATCH | Gravitas: Adani firms' losses swell to $120 billion The decision by the centre to greenlit the committee comes on the same day as a Bloomberg report claiming that Adani group had halved its revenue growth plans. Additionally, the company was looking to scale down fresh capital expenditure. Gautam Adani's conglomerate has tapered its revenue growth to 15 per cent to 20 per cent for the next financial year, down from the previous target of 40 per cent. The idea behind managing the expectations regarding revenue growth is to rebuild investor confidence, the publication added. On Tuesday, a Reuters report claimed that the Adani group had roped in US-based firm Grant Thornton LLC to conduct an independent audit of some of the companies. Read more: Adani group halves revenue growth, scales down capex plans after Hindenburg jolt: Report After the Hindenburg report came out, Adani and its affiliate companies have lost more than $120 billion in market value so far. The Hindenburg report accused the Adani group of stock manipulation using tax havens whilst having unsustainable debt. The report and the damning allegations made in it forced the Adani group to call off its $2.5 billion share sale. (With inputs from agencies) WATCH WION LIVE HERE:

Adani-Hindenburg: To protect investors, Indian govt. says yes to Supreme Court panel probe

The latest vote of no confidence in Gautam Adani's empire comes from a global index provider MSCI. The financial index provider's review of Adani's groups shares direct to market attention back to key allegations by Hindenburg research.

India: Adani group faces fresh risks from scrutiny; MSCI cuts Adani firms' weightings in indices

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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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

Last week, the Adani Group saw over a $100 Bn wiped out on the markets. Now, however, some group companies are beginning to show a rebound. Vikram Chandra explains why the markets may be gaining some confidence in the Adani Group, even as a political row has erupted.

The India Story | Vikram Chandra explains where the Adani Group stands

Nilesh Shah, one of the respected voices on the Indian stock market, tells Vikram Chandra why the Adani crisis does not seem to have made much of an effect on Indian markets.

The India Story | What is the effect of the Adani row on Indian markets?

The Adani Group, one of India's biggest conglomerates, has been embroiled in a row after a report by Hindenburg Research accused them of malpractice. This week on The India Story, Vikram Chandra explains where the Group companies stand as of now, and what implications this has for India's growth story.

The India Story | Where does the Adani Group stand, and how is it fighting back?

Adani firms' stocks fell on Thursday, ending a two-day reprieve after global index provider MSCI said it was reviewing the eligibility of the group's shares in its global investable market indices.The MSCI said it has determined that some of Adani's securities can no longer be designated as "free float", a technical requirement. MSCI defines the "free float" requirement as the number of shares linked to the group freely available in public equity markets for global investors.

ALSO READ | <a href="https://www.wionews.com/business-economy/after-hindenburg-shock-adani-group-to-curb-capital-spending-plans-559168">After Hindenburg shock, Adani Group to curb capital spending plans: Report</a>

Now, markets await MSCI's regular review report on Thursday on some Adani Securities' eligibility in its global indices. In response to the MSCI statement, Hindenburg founder Nathan Anderson tweeted: "we view this as validation of our findings".

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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 Gautam Adani-led group is caught in a crisis since US Research firm Hindenburg published a scathing report on January 24 accusing the business empire of improper use of offshore tax havens and stock manipulation. The Adani Group has denied those allegations as baseless.

But the report and its aftermath wiped out $110 billion off Adani's seven main listed stocks. The group's flagship firm, Adani Enterprises, was forced to abandon a $2.5 billion share sale offering.

The group prepaid over $1.1 billion in loans against pledged shares to regain investor confidence and plans to prepay another $500 million. But media reports show that banks had baulked at refinancing those loans and called on the group to cover for the losses in the market value of those pledged shares.

In addition to increased scrutiny after the recent stock rout, a sustainability ratings company has downgraded three Adani firms on ethics concerns after the Hindenburg report. The rating company said, "the increasing financial and reputational risks stemming from the report by Hindenburg research, as well as previous investigations and inquiries into the company's activities, contribute to the negative outlook".

That downgrade is tied to Environmental, Social and Governance (ESG) matters, which can influence whether green fund managers buy or hold the securities.

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Adani firms' stocks fell on Thursday, ending a two-day reprieve after global index provider MSCI said it was reviewing the eligibility of the group's shares in its global investable market indices.

Adani firms' stocks fell on Thursday, ending a two-day reprieve after global index provider MSCI said it was reviewing the eligibility of the group's shares in its global investable market indices.The MSCI said it has determined that some of Adani's securities can no longer be designated as "free float", a technical requirement. MSCI defines the "free float" requirement as the number of shares linked to the group freely available in public equity markets for global investors. ALSO READ | After Hindenburg shock, Adani Group to curb capital spending plans: Report Now, markets await MSCI's regular review report on Thursday on some Adani Securities' eligibility in its global indices. In response to the MSCI statement, Hindenburg founder Nathan Anderson tweeted: "we view this as validation of our findings". 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 Gautam Adani-led group is caught in a crisis since US Research firm Hindenburg published a scathing report on January 24 accusing the business empire of improper use of offshore tax havens and stock manipulation. The Adani Group has denied those allegations as baseless. But the report and its aftermath wiped out $110 billion off Adani's seven main listed stocks. The group's flagship firm, Adani Enterprises, was forced to abandon a $2.5 billion share sale offering. The group prepaid over $1.1 billion in loans against pledged shares to regain investor confidence and plans to prepay another $500 million. But media reports show that banks had baulked at refinancing those loans and called on the group to cover for the losses in the market value of those pledged shares. In addition to increased scrutiny after the recent stock rout, a sustainability ratings company has downgraded three Adani firms on ethics concerns after the Hindenburg report. The rating company said, "the increasing financial and reputational risks stemming from the report by Hindenburg research, as well as previous investigations and inquiries into the company's activities, contribute to the negative outlook". That downgrade is tied to Environmental, Social and Governance (ESG) matters, which can influence whether green fund managers buy or hold the securities. 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.

Are Adani's stocks a bargain or a sell-off risk?

In the aftermath of the release of the&nbsp;Hindenburg report, Adani Group is looking to trim its capital spending plans, according to a Mint report. Additionally, the company will use the cash in hand for capex and to meet payment deadlines, amounting to $300 million over the next six months.&nbsp;&nbsp;

The Indian company led by mogul Gautam Adani will widen its time horizon for growth in certain businesses&nbsp;and use alternative funding channels from internal accruals, promoter equity funding and private placements to fund projects.

“At Adani, there is a rethink on the capex. The group may moderate its capex plans in some of the businesses. So, instead of targeted growth over 12 months, they may look at a time frame of 16-18 months for that quantum of growth in certain businesses," one of the sources was quoted as saying by the publication.&nbsp;

<a href="https://www.wionews.com/business-economy/adani-groups-122-million-bond-plan-shelved-amid-hindenburg-row-558791">Read more: Adani Group’s $122 million bond plan shelved after Hindenburg allegations: Report</a>

The decision to curb spending plans comes data after Adani Group called off its $2.5 billion share sale. Gautam Adani, in a video released, said the decision was taken with the interest of investors in mind.&nbsp;

"In my humble journey of over 4 decades as an entrepreneur, I have been blessed to receive overwhelming support from all stakeholders particularly the investor community. It is important for me to confess that whatever little I have achieved in life is due to the faith and trust reposed by them."

"For me, the interest of my investors is paramount and everything else is secondary. Hence to insulate the investors from potential losses we have withdrawn the FPO."

Before its cancellation, Adani Enterprises’ follow-on public offering, India’s largest follow-on share sale, was fully subscribed. It included a $400 million investment from Abu Dhabi-based diversified conglomerate International Holding Company.

However, after the Hindenburg report came out, Adani and its affiliate companies have lost more than $100 billion in market value. Furthermore, the company, last week shelved its plans of releasing over $122 million in funds through the first-ever public sale of bonds.&nbsp;

<a href="https://www.wionews.com/videos/india-earnings-of-adani-group-firms-under-scanner-firms-to-report-earnings-this-week-wion-558971">WATCH |&nbsp;India: Earnings of Adani group firms under scanner; firms to report earnings this week | WION</a>

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The Hindenburg report, in nutshell, accused the Adani group of stock manipulation using tax havens whilst having unsustainable debt.&nbsp;

On Budget day, February 1, shares of Adani Enterprises crashed 34.72 per cent to hit a day low of Rs 1,942. The share has tanked further since then and is currently trading under Rs 1600.&nbsp;

<h2>Congress party holds nationwide protest</h2>

India's main opposition parties on Monday kicked off planned protests at state-run companies such as LIC and SBI which had invested a considerable amount in the Adani Group.&nbsp;

The Congress party in India held nationwide protests over the Adani-Hindenburg row. Dozens of members of the main opposition party in India were detained by police during protests. Besides that, the parliament was also suspended again due to disruptions.&nbsp;&nbsp;

(With inputs from agencies)

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In the aftermath of the release of the Hindenburg report, Adani Group is looking to trim its capital spending plans, according to a Mint report. Additionally, the company will use the cash in hand for capex and to meet payment deadlines, amounting to $300 million over the next six months.

In the aftermath of the release of the Hindenburg report, Adani Group is looking to trim its capital spending plans, according to a Mint report. Additionally, the company will use the cash in hand for capex and to meet payment deadlines, amounting to $300 million over the next six months. The Indian company led by mogul Gautam Adani will widen its time horizon for growth in certain businesses and use alternative funding channels from internal accruals, promoter equity funding and private placements to fund projects. “At Adani, there is a rethink on the capex. The group may moderate its capex plans in some of the businesses. So, instead of targeted growth over 12 months, they may look at a time frame of 16-18 months for that quantum of growth in certain businesses," one of the sources was quoted as saying by the publication. Read more: Adani Group’s $122 million bond plan shelved after Hindenburg allegations: Report The decision to curb spending plans comes data after Adani Group called off its $2.5 billion share sale. Gautam Adani, in a video released, said the decision was taken with the interest of investors in mind. "In my humble journey of over 4 decades as an entrepreneur, I have been blessed to receive overwhelming support from all stakeholders particularly the investor community. It is important for me to confess that whatever little I have achieved in life is due to the faith and trust reposed by them." "For me, the interest of my investors is paramount and everything else is secondary. Hence to insulate the investors from potential losses we have withdrawn the FPO." Before its cancellation, Adani Enterprises’ follow-on public offering, India’s largest follow-on share sale, was fully subscribed. It included a $400 million investment from Abu Dhabi-based diversified conglomerate International Holding Company. However, after the Hindenburg report came out, Adani and its affiliate companies have lost more than $100 billion in market value. Furthermore, the company, last week shelved its plans of releasing over $122 million in funds through the first-ever public sale of bonds. WATCH | India: Earnings of Adani group firms under scanner; firms to report earnings this week | WION × The Hindenburg report, in nutshell, accused the Adani group of stock manipulation using tax havens whilst having unsustainable debt. On Budget day, February 1, shares of Adani Enterprises crashed 34.72 per cent to hit a day low of Rs 1,942. The share has tanked further since then and is currently trading under Rs 1600. Congress party holds nationwide protest India's main opposition parties on Monday kicked off planned protests at state-run companies such as LIC and SBI which had invested a considerable amount in the Adani Group. The Congress party in India held nationwide protests over the Adani-Hindenburg row. Dozens of members of the main opposition party in India were detained by police during protests. Besides that, the parliament was also suspended again due to disruptions. (With inputs from agencies) WATCH WION LIVE HERE:

After Hindenburg shock, Adani Group to curb capital spending plans: Report

The Adani Group's market rout continued last week with losses now topping a hundred billion dollars since the scathing report by US research firm Hindenburg on January 24.

Adani row sparks protest, Parliament suspended again

Until recently, Indian investor euphoria was making a return, and it is reported that the country was likely to be the new factory of the world to replace china. But a major scandal engulfing Gautam Adani, the founder and chairman of one of the country's largest business empires, is clouding over India Inc. at the moment. independent market analysis, Ambareesh Baliga, speaks to Wion's Eric Njoka about the repercussions the scandal will have on India and international stock markets.

The fall of India's Mogul Gautam Adani

The Adani saga that rattled the Indian stock market over allegations of stock manipulation has now pitted two government agencies against each other.&nbsp;According to Economic Times newspaper, the Directorate of Revenue Intelligence (DRI) has challenged the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) in the Supreme Court regarding over-invoicing case against Adani Group’s two companies—Adani Power Maharashtra (APML), and Adani Power Rajasthan (APRL).

The Directorate of Revenue Intelligence has challenged CESTAT order, which had quashed the over-invoicing case alleged by the DRI against the three of Adani’s subsidiaries.

Between July and August, the Mumbai bench of the CESTAT granted relief to Adani’s subsidiaries.

According to the court filings, the DRI filed a civil appeal in the apex court against the CESTAT order on APML and APRL in November.

The Hindenburg report had mentioned the&nbsp;DRI report&nbsp;alleging over-valuation by the Adani Group of companies.&nbsp;The report has also caused Adani Group's shares to tank. The companies' market cap has been reduced to&nbsp;₹10 lakh crore. It was&nbsp;₹19.2 lakh crore on January 24.

Meanwhile, three investment funds linked to the Adani Group have agreed to buy shares as investors in Adani Enterprises follow-on stock offering, as the 100-page Hindenburg report continues to drag the Adani Group down.

According to Forbes, two Mauritius-based funds—Ayushmat Ltd and Elm Park Fund—and India-based Aviator Global Investment Fund have together committed to buy 9.24 per cent of all shares available to anchor investors.

Anchor investors are&nbsp;institutional investors who are allotted shares a day before the public offering.

That 9.24 percentage shares represent an investment of just $66 million, which shows that Adani is getting help from affiliated parties.

The Adani Group’s seven publicly listed companies have lost over $100 billion of market value in 10&nbsp;days since Hindenburg accused it of a decades-long scheme of fraudulent self enrichment.

(With inputs from agencies)

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The Adani saga that rattled the Indian stock market over allegations of stock manipulation has now pitted two government agencies against each other. According to Economic Times newspaper, the Directorate of Revenue Intelligence (DRI) has challenged the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) in the Supreme Court regarding over-invoicing case against Adani Group’s two companies—Adani Power Maharashtra (APML), and Adani Power Rajasthan (APRL).

The Adani saga that rattled the Indian stock market over allegations of stock manipulation has now pitted two government agencies against each other. According to Economic Times newspaper, the Directorate of Revenue Intelligence (DRI) has challenged the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) in the Supreme Court regarding over-invoicing case against Adani Group’s two companies—Adani Power Maharashtra (APML), and Adani Power Rajasthan (APRL). The Directorate of Revenue Intelligence has challenged CESTAT order, which had quashed the over-invoicing case alleged by the DRI against the three of Adani’s subsidiaries. Between July and August, the Mumbai bench of the CESTAT granted relief to Adani’s subsidiaries. According to the court filings, the DRI filed a civil appeal in the apex court against the CESTAT order on APML and APRL in November. The Hindenburg report had mentioned the DRI report alleging over-valuation by the Adani Group of companies. The report has also caused Adani Group's shares to tank. The companies' market cap has been reduced to ₹10 lakh crore. It was ₹19.2 lakh crore on January 24. Meanwhile, three investment funds linked to the Adani Group have agreed to buy shares as investors in Adani Enterprises follow-on stock offering, as the 100-page Hindenburg report continues to drag the Adani Group down. According to Forbes, two Mauritius-based funds—Ayushmat Ltd and Elm Park Fund—and India-based Aviator Global Investment Fund have together committed to buy 9.24 per cent of all shares available to anchor investors. Anchor investors are institutional investors who are allotted shares a day before the public offering. That 9.24 percentage shares represent an investment of just $66 million, which shows that Adani is getting help from affiliated parties. The Adani Group’s seven publicly listed companies have lost over $100 billion of market value in 10 days since Hindenburg accused it of a decades-long scheme of fraudulent self enrichment. (With inputs from agencies) WATCH WION LIVE HERE

Adani row pits two government agencies against each other in Supreme Court

India: Earnings of Adani group firms under scanner; firms to report earnings this week | WION

British conservative MP Jo Johnson has resigned as a director of one of the firms linked to Indian tycoon Gautam Adani. Meanwhile, Bangladesh has sought a revision of its electricity pact with Adani. Molly Gambhir explains.

Gravitas: Adani saga echoes in UK, Bangladesh

India's ministry of corporate affairs has started a preliminary review of Adani Group's financial statements and other regulatory submissions made over the years, two senior government officials told Reuters on Friday.

Adani Group has&nbsp;denied&nbsp;allegations by US-based&nbsp;short-seller Hindenburg Research of improper use of offshore tax havens and stock manipulation, saying it has "no basis" and is due to an ignorance of Indian law. The Indian conglomerate has also said it has always made necessary regulatory disclosures.

Adani Group is battling a stock market rout which was triggered by the Hindenburg report on Jan. 24 and this week scrapped a&nbsp;$2.5 billion&nbsp;share sale.

The ministry's review marks the latest scrutiny of the Adani Group, but a first by the federal government in New Delhi.

The Indian markets regulator is already investigating the matter, including the crash in the company's shares, any irregularities in the now-shelved share sale and any possible price manipulation,&nbsp;Reuters reported this week.

The new ministry inspection process was initiated on Thursday, one of the government sources said, saying it was under "Section 206" of India's Companies Act under which the government reviews financial documents submitted over the years, such as balance sheets, books of accounts or ledgers.

"An inquiry has been initiated by (the) Director General of Corporate Affairs. The ministry has been closely monitoring the situation and will take appropriate measures in time," the first senior government official, who has direct knowledge of the proceedings, told Reuters.

A spokesperson for Adani Group did not immediately respond to a request for comment. The ministry of corporate affairs, as well as the Director General's office, did not respond to requests for comment by Reuters.

A second government source confirmed the process had been initiated and will include looking into corporate governance practices of the company, but declined to elaborate.

The government officials declined to be named, due to confidential nature of the process.

The Section 206 legal provision under companies law also empowers India's federal government to seek more documents from a company if it deems this necessary, such as minutes of meetings or board resolutions, two other sources familiar with the process said.

Both houses of India's parliament were adjourned on Friday amid chaotic scenes as some lawmakers&nbsp;demanded an inquiry&nbsp;following the meltdown of shares in Adani Group companies, which some fear could spark wider financial turmoil.

India's ministry of corporate affairs has started a preliminary review of Adani Group's financial statements and other regulatory submissions made over the years, two senior government officials told Reuters on Friday.

India's ministry of corporate affairs has started a preliminary review of Adani Group's financial statements and other regulatory submissions made over the years, two senior government officials told Reuters on Friday. Adani Group has denied allegations by US-based short-seller Hindenburg Research of improper use of offshore tax havens and stock manipulation, saying it has "no basis" and is due to an ignorance of Indian law. The Indian conglomerate has also said it has always made necessary regulatory disclosures. Adani Group is battling a stock market rout which was triggered by the Hindenburg report on Jan. 24 and this week scrapped a $2.5 billion share sale. The ministry's review marks the latest scrutiny of the Adani Group, but a first by the federal government in New Delhi. The Indian markets regulator is already investigating the matter, including the crash in the company's shares, any irregularities in the now-shelved share sale and any possible price manipulation, Reuters reported this week. The new ministry inspection process was initiated on Thursday, one of the government sources said, saying it was under "Section 206" of India's Companies Act under which the government reviews financial documents submitted over the years, such as balance sheets, books of accounts or ledgers. "An inquiry has been initiated by (the) Director General of Corporate Affairs. The ministry has been closely monitoring the situation and will take appropriate measures in time," the first senior government official, who has direct knowledge of the proceedings, told Reuters. A spokesperson for Adani Group did not immediately respond to a request for comment. The ministry of corporate affairs, as well as the Director General's office, did not respond to requests for comment by Reuters. A second government source confirmed the process had been initiated and will include looking into corporate governance practices of the company, but declined to elaborate. The government officials declined to be named, due to confidential nature of the process. The Section 206 legal provision under companies law also empowers India's federal government to seek more documents from a company if it deems this necessary, such as minutes of meetings or board resolutions, two other sources familiar with the process said. Both houses of India's parliament were adjourned on Friday amid chaotic scenes as some lawmakers demanded an inquiry following the meltdown of shares in Adani Group companies, which some fear could spark wider financial turmoil.

Indian government reviews Adani Group financial statements: Report

Adani Enterprises sees worst ever fall, plunging 35 percent in the morning trade. Since January 24, Adani Group has lost around 76% wealth which is $117 billion market cap. Watch further to know more.

WION Dispatch: Adani row rocks India's Parliament

Former British Prime Minister Boris Johnson's brother Jo Johnson resigned from the non-executive directorship of a UK-based investment firm linked with Indian billionaire Gautam Adani's 'Adani Enterprises'. Jo Johnson was appointed as a director of London-based Elara Capital Plc in June last year. The company describes itself as a capital markets business that raises funds for Indian corporates, Financial Times reported.&nbsp;

Johnson insisted he has been assured of the company's "good standing" and has stepped down due to his own lack of "domain expertise".

ALSO READ&nbsp;|&nbsp;<a href="https://www.wionews.com/business-economy/adani-group-crisis-live-adani-made-scheduled-us-bond-payments-to-release-credit-report-friday-558428">Adani Group crisis LIVE: Adani Enterprises shares drop by 20 per cent, Adani Ports no longer among India's 50 most valuable companies</a>

"I joined the board of Elara Capital, an India-focused investment firm based in London, as an independent non-executive director last June in the hope of making a contribution to UK-India trade and investment ties, which I have long supported and co-written a book about,” Jo Johnson said in a statement after news of his resignation was announced by the newspaper.

ALSO WATCH&nbsp;|&nbsp;<a href="https://www.wionews.com/videos/adani-group-calls-off-flagship-fpo-after-shares-tank-558061">Adani Group calls off flagship FPO after shares tank</a>

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"I have consistently received assurances from Elara Capital that it is compliant with its legal obligations and in good standing with regulatory bodies. At the same time, I now recognise that this is a role that requires greater domain expertise in specialised areas of financial regulation than I anticipated and, accordingly, I have resigned from the board," said Johnson, also a member of the UK House of Lords.&nbsp;

<h2>Hindenburg report and Elara Capital</h2>

According to a Financial Times report, Elara's asset management business, although not under any form of scrutiny at present, is under the spotlight after the US short seller Hindenburg Research linked Mauritius-based funds managed by Elara Capital with the Adani Group.

The Adani Group has categorically denied Hindenburg’s accusations, calling them a "malicious combination of selective misinformation and stale, baseless and discredited allegations."

Meanwhile, the company’s website notes that&nbsp;Elara Capital Plc was founded in 2002 primarily as a capital markets business, raising funds for Indian corporates through "GDR’s (global depository receipt), FCCB’s (foreign currency convertible bond)&nbsp;and the London AIM market (London stock exchange sub-market).

It adds: "Since its first GDR issue in 2003, Elara has raised funds for several Indian corporates. Since then, the group has diversified further into corporate advisory, asset management, broking, mergers and acquisitions and private equity.

"Elara has not only diversified the product range, it also has diversified into other emerging markets through its fully licensed offices in New York, Singapore, Mumbai, Ahmedabad and London."

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Former British Prime Minister Boris Johnson's brother Jo Johnson resigned from the non-executive directorship of a UK-based investment firm linked with Indian billionaire Gautam Adani's 'Adani Enterprises'.

Former British Prime Minister Boris Johnson's brother Jo Johnson resigned from the non-executive directorship of a UK-based investment firm linked with Indian billionaire Gautam Adani's 'Adani Enterprises'. Jo Johnson was appointed as a director of London-based Elara Capital Plc in June last year. The company describes itself as a capital markets business that raises funds for Indian corporates, Financial Times reported. Johnson insisted he has been assured of the company's "good standing" and has stepped down due to his own lack of "domain expertise". ALSO READ | Adani Group crisis LIVE: Adani Enterprises shares drop by 20 per cent, Adani Ports no longer among India's 50 most valuable companies "I joined the board of Elara Capital, an India-focused investment firm based in London, as an independent non-executive director last June in the hope of making a contribution to UK-India trade and investment ties, which I have long supported and co-written a book about,” Jo Johnson said in a statement after news of his resignation was announced by the newspaper. ALSO WATCH | Adani Group calls off flagship FPO after shares tank × "I have consistently received assurances from Elara Capital that it is compliant with its legal obligations and in good standing with regulatory bodies. At the same time, I now recognise that this is a role that requires greater domain expertise in specialised areas of financial regulation than I anticipated and, accordingly, I have resigned from the board," said Johnson, also a member of the UK House of Lords. Hindenburg report and Elara Capital According to a Financial Times report, Elara's asset management business, although not under any form of scrutiny at present, is under the spotlight after the US short seller Hindenburg Research linked Mauritius-based funds managed by Elara Capital with the Adani Group. The Adani Group has categorically denied Hindenburg’s accusations, calling them a "malicious combination of selective misinformation and stale, baseless and discredited allegations." Meanwhile, the company’s website notes that Elara Capital Plc was founded in 2002 primarily as a capital markets business, raising funds for Indian corporates through "GDR’s (global depository receipt), FCCB’s (foreign currency convertible bond) and the London AIM market (London stock exchange sub-market). It adds: "Since its first GDR issue in 2003, Elara has raised funds for several Indian corporates. Since then, the group has diversified further into corporate advisory, asset management, broking, mergers and acquisitions and private equity. "Elara has not only diversified the product range, it also has diversified into other emerging markets through its fully licensed offices in New York, Singapore, Mumbai, Ahmedabad and London." 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.

Boris Johnson's brother quits as director of firm linked with Adani Group

The Adani Group on Wednesday called off its Rs 20,000 crore follow-on public offer (FPO) and said that the money of the investors will be returned. Watch this report for more insights.

Adani Group calls off flagship FPO after shares tank

Shares in Indian tycoon Gautam Adani's conglomerate plunged again on Wednesday as a rout in his companies deepened to $84 billion in the wake of a US short-seller report, with the billionaire also losing his title as Asia's richest person.

Adani loses Asia's richest crown as stock rout deepens to $84 billion

Indian billionaire Gautam Adani has slipped to the 11th spot in the list of world's wealthiest people after four days of sell-offs triggered by damning report by U.S. short-seller Hindenburg Research. Can Adani weather the storm? | Molly Gambhir explains.

Gravitas: Hindenburg's Claims Jolt Adani's Empire

US-based short-seller Hindenburg Research severely criticised Indian conglomerate Adani in a Jan. 24 report ahead of its flagship company's $2.5 billion share sale, triggering a $70 billion rout in the group's domestically listed stocks and a sell-off in its bonds listed overseas.

Here are some of the points raised by the report, and Adani group's responses.

WHO ARE ADANI AND HINDENBURG?

Gautam Adani, from Gujarat in western India, built his empire from scratch after starting out as a commodities trader.&nbsp;

From being a school drop-out, Adani rose to become Asia's richest man. His $220 billion empire spans ports, power generation, airports, mining, edible oils, renewable power, media and cement.

Founded in 2017 by Nathan Anderson, Hindenburg Research is a forensic financial research firm which analyses equity, credit and derivatives. It has a track-record of finding corporate wrongdoings and placing bets against the companies.

WHAT DID HINDENBURG SAY?

Hindenburg disclosed that it holds short positions in Adani companies through US-traded bonds and non-Indian-traded derivative instruments.

It released a report alongside that accused the conglomerate of improper use of tax havens and flagged concerns about its debt levels.

WHAT WAS ADANI'S RESPONSE?

The Adani group has called the report baseless and termed the allegations "unsubstantiated speculations".

IS THIS THE FIRST TIME THESE ISSUES ARE BEING RAISED?

No. India's capital markets regulator, the Securities and Exchange Board of India, has investigated some of these issues over the past year following local media reports.

Reuters reported the regulator will continue this scrutiny and draw on any fresh information in the Hindenburg report.

WHAT DOES HINDENBURG SAY ABOUT FINANCIAL CONTROLS AT THE GROUP?

The short-seller has said that listed Adani companies have seen a number of changes in chief financial officers (CFOs) and that auditors used by the group are relatively unknown.

It said Adani Enterprises has had five chief financial officers over the course of eight years, citing this a "a key red flag indicating potential accounting issues".

HOW HAS ADANI RESPONDED TO THIS?

The Adani group said that several of the CFOs that the Hindenburg report points to have remained within the group and moved on to new roles.

On the quality of audits, it said that the audit committee of each of the listed companies is composed entirely of independent directors, and auditors are appointed on their recommendation.

On Tuesday, Mint newspaper reported that the group is considering an independent audit of group companies to provide comfort to investors. Reuters could not independently verify this.

HOW IS HINDENBURG VIEWING ADANI'S LEVERAGE AND WHAT IS THE GROUP'S RESPONSE?

The report says key listed Adani companies have substantial debt and are over-leveraged. It also says the group faces liquidity risks due to high short-term liabilities, with five of the seven key listed companies having reported "current ratios" below 1, indicating near-term liquidity pressure.

Adani responded by saying leverage ratios of its companies continue to be healthy and are in line with the industry benchmarks of the respective sectors, further adding that this information is publicly disclosed regularly.

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US-based short-seller Hindenburg Research severely criticised Indian conglomerate Adani in a Jan. 24 report ahead of its flagship company's $2.5 billion share sale, triggering a $70 billion rout in the group's domestically listed stocks and a sell-off in its bonds listed overseas.

US-based short-seller Hindenburg Research severely criticised Indian conglomerate Adani in a Jan. 24 report ahead of its flagship company's $2.5 billion share sale, triggering a $70 billion rout in the group's domestically listed stocks and a sell-off in its bonds listed overseas. Here are some of the points raised by the report, and Adani group's responses. WHO ARE ADANI AND HINDENBURG? Gautam Adani, from Gujarat in western India, built his empire from scratch after starting out as a commodities trader. From being a school drop-out, Adani rose to become Asia's richest man. His $220 billion empire spans ports, power generation, airports, mining, edible oils, renewable power, media and cement. Founded in 2017 by Nathan Anderson, Hindenburg Research is a forensic financial research firm which analyses equity, credit and derivatives. It has a track-record of finding corporate wrongdoings and placing bets against the companies. WHAT DID HINDENBURG SAY? Hindenburg disclosed that it holds short positions in Adani companies through US-traded bonds and non-Indian-traded derivative instruments. It released a report alongside that accused the conglomerate of improper use of tax havens and flagged concerns about its debt levels. WHAT WAS ADANI'S RESPONSE? The Adani group has called the report baseless and termed the allegations "unsubstantiated speculations". IS THIS THE FIRST TIME THESE ISSUES ARE BEING RAISED? No. India's capital markets regulator, the Securities and Exchange Board of India, has investigated some of these issues over the past year following local media reports. Reuters reported the regulator will continue this scrutiny and draw on any fresh information in the Hindenburg report. WHAT DOES HINDENBURG SAY ABOUT FINANCIAL CONTROLS AT THE GROUP? The short-seller has said that listed Adani companies have seen a number of changes in chief financial officers (CFOs) and that auditors used by the group are relatively unknown. It said Adani Enterprises has had five chief financial officers over the course of eight years, citing this a "a key red flag indicating potential accounting issues". HOW HAS ADANI RESPONDED TO THIS? The Adani group said that several of the CFOs that the Hindenburg report points to have remained within the group and moved on to new roles. On the quality of audits, it said that the audit committee of each of the listed companies is composed entirely of independent directors, and auditors are appointed on their recommendation. On Tuesday, Mint newspaper reported that the group is considering an independent audit of group companies to provide comfort to investors. Reuters could not independently verify this. HOW IS HINDENBURG VIEWING ADANI'S LEVERAGE AND WHAT IS THE GROUP'S RESPONSE? The report says key listed Adani companies have substantial debt and are over-leveraged. It also says the group faces liquidity risks due to high short-term liabilities, with five of the seven key listed companies having reported "current ratios" below 1, indicating near-term liquidity pressure. Adani responded by saying leverage ratios of its companies continue to be healthy and are in line with the industry benchmarks of the respective sectors, further adding that this information is publicly disclosed regularly. 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.

Explainer-Adani vs Hindenburg: What you need to know

Gautam Adani's crucial $2.5 billion share sale achieved a full subscription on Tuesday as investors pumped funds into his flagship Adani Enterprises, despite a scathing short-seller's report which had pummelled the Indian billionaire's stocks.

Adani rides out storm as investors rally behind $2.5 billion share sale

Firms linked to Indian billionaire Gautam Adani have lost $65 billion in market value owing to massive sell-offs by investors in last three days of trading. The Adani Group has rejected fraud claims levelled by U.S. short-seller Hindenburg Research. Molly Gambhir explains.

Gravitas: Adani Firms Lose $65 Billion

Its Tamil superstar Vijay birthday today. The actor has decided to keep the celebrations low key owing to the current pandemic- but that has not dampened the spirit of his fans who made his birthday trend on the Internet on Monday morning. 
 
Filmmaker Lokesh Kanagaraj shared a birthday poster on his Twitter page in Vijay's honour and fans have now have started a countdown to the release the trailer of Vijay's next film 'Master'.

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To convey my love to Thalapathy <a href="https://twitter.com/actorvijay?ref_src=twsrc%5Etfw">@actorvijay</a> here I release the Birthday Poster ❤️ Advance bday wishes <a href="https://twitter.com/hashtag/Master?src=hash&amp;ref_src=twsrc%5Etfw">#Master</a> 
 
Designed by : <a href="https://twitter.com/Clinton22Roach?ref_src=twsrc%5Etfw">@Clinton22Roach</a><a href="https://twitter.com/hashtag/HBDTHALAPATHYVijay?src=hash&amp;ref_src=twsrc%5Etfw">#HBDTHALAPATHYVijay</a> <a href="https://t.co/tMvf80wdU2">pic.twitter.com/tMvf80wdU2</a>
— Lokesh Kanagaraj (@Dir_Lokesh) <a href="https://twitter.com/Dir_Lokesh/status/1274681107049406467?ref_src=twsrc%5Etfw">June 21, 2020</a></blockquote>
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Most fans have been eagerly waiting to catch a glimpse of the trailer of 'Master' after the makers of the film released a special poster as an advanced birthday gift for Vijay. 
 
Speculations have been rife that the film would also go the OTT way owing to the current situation. But the makers have rubbished the reports and assured fans that the film would get a theatrical release. 
 
A few weeks earlier, Suriya Sivakumar decided to with the digital release of his actress wife Jyotika's courtroom drama, 'Ponmagal Vanthal'. 
 
Expectations from Thalapathy Vijay's films are always huge and the films are always big box office earners. Considering these factors, the makers have decided to wait it out and will release the film only after the government decides to open film theatres across the country. 
 
'Master' is directed by Lokesh Kanagaraj and the first look posters of both Vijay and Sethupathi have been impressive.

Its Tamil superstar Vijay birthday today. The actor has decided to keep the celebrations low key owing to the current pandemic- but that has not dampened the spirit of his fans who made his birthday trend on the Internet on Monday morning.

Its Tamil superstar Vijay birthday today. The actor has decided to keep the celebrations low key owing to the current pandemic- but that has not dampened the spirit of his fans who made his birthday trend on the Internet on Monday morning. Filmmaker Lokesh Kanagaraj shared a birthday poster on his Twitter page in Vijay's honour and fans have now have started a countdown to the release the trailer of Vijay's next film 'Master'. To convey my love to Thalapathy @actorvijay here I release the Birthday Poster ❤️ Advance bday wishes #Master Designed by : @Clinton22Roach#HBDTHALAPATHYVijay pic.twitter.com/tMvf80wdU2 — Lokesh Kanagaraj (@Dir_Lokesh) June 21, 2020 × Most fans have been eagerly waiting to catch a glimpse of the trailer of 'Master' after the makers of the film released a special poster as an advanced birthday gift for Vijay. Speculations have been rife that the film would also go the OTT way owing to the current situation. But the makers have rubbished the reports and assured fans that the film would get a theatrical release. A few weeks earlier, Suriya Sivakumar decided to with the digital release of his actress wife Jyotika's courtroom drama, 'Ponmagal Vanthal'. Expectations from Thalapathy Vijay's films are always huge and the films are always big box office earners. Considering these factors, the makers have decided to wait it out and will release the film only after the government decides to open film theatres across the country. 'Master' is directed by Lokesh Kanagaraj and the first look posters of both Vijay and Sethupathi have been impressive.

Explained: Adani vs Hindenburg. Here's what you need to know

Life Insurance Corporation (LIC) is reviewing Adani Group's response to scathing criticism by US short-seller Hindenburg and will hold talks with the group's management within days.

WION Dispatch: LIC to look into allegations against Adani Group

The rout in the Adani Group's shares deepens, with the conglomerate's valuation down by about $66 billion in just three trading sessions.&nbsp;The Adani Group versus the Hindenburg saga continues as the allegations are thrown back and forth between the Indian conglomerate and the US-based research firm.

The standoff started with a research report by Hindenburg, which accused the Adani Group of malpractices. That led to a steep drop in Adani Group shares.&nbsp;Adani then issued a 413-page report on Sunday, criticising the US firm's research, and called the report an attack on India.&nbsp;Then, Hindenburg retorted to Adani's detailed response.

Hindenburg rejected the Adani Group's report and said, "fraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation we raised."

The US firm said it believes in India's growth story and added that the Adani group, draped in the Indian flag, is looting the country and holding back India's progress.

Last week, Hindeburg's report claimed that the Adani Group had links with offshore tax havens, and its exposure to high debt was a concern. The report also showed Adani Group's stock price was inflated and had significant downside risks.

That was when the group's flagship company Adani Enterprises launched India's largest secondary share offering to raise $2.5 billion.&nbsp;While the firm's share price rose on Monday to stall a two-day plunge, it still closed below the offer price, raising questions about its viability.&nbsp;The shares of other Adani firms extended their steep fall for the third straight day.

On Sunday, Adani refuted the report's warnings about high debt levels and the usage of tax havens.&nbsp;Adani, in a 413-page report, asserted that it has made the required disclosures and has met with all regulations.

The Indian group called Hindenburg's research malicious and baseless.

The US short sellers' scathing report also alleges that Gautam Adani's elder brother, Vinod Shantilal Shah Adani, is in charge of a maze-like network of illegal offshore shell firms.

Hindenburg alleges Vinod Adani and his close friends control Mauritius shell entities and that many entities have no signs of operations, employees, addresses, phone numbers or a meaningful online presence.

The Indian empire, in its defence, said we are neither aware nor required to be aware of their (Vinod Adani's) 'source of funds.

Hindenburg countered that statement and asked if they were expected to believe that Gautam Adani had no idea of funds flowing from Vinod Adani's group or where they came from.

Hindenburg added that Gautam Adani could easily clear up the mystery by calling his brother or asking him at the next family dinner.

WATCH WION LIVE HERE: 

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The rout in the Adani Group's shares deepens, with the conglomerate's valuation down by about $66 billion in just three trading sessions. The Adani Group versus the Hindenburg saga continues as the allegations are thrown back and forth between the Indian conglomerate and the US-based research firm.

The rout in the Adani Group's shares deepens, with the conglomerate's valuation down by about $66 billion in just three trading sessions. The Adani Group versus the Hindenburg saga continues as the allegations are thrown back and forth between the Indian conglomerate and the US-based research firm. The standoff started with a research report by Hindenburg, which accused the Adani Group of malpractices. That led to a steep drop in Adani Group shares. Adani then issued a 413-page report on Sunday, criticising the US firm's research, and called the report an attack on India. Then, Hindenburg retorted to Adani's detailed response. Hindenburg rejected the Adani Group's report and said, "fraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation we raised." The US firm said it believes in India's growth story and added that the Adani group, draped in the Indian flag, is looting the country and holding back India's progress. Last week, Hindeburg's report claimed that the Adani Group had links with offshore tax havens, and its exposure to high debt was a concern. The report also showed Adani Group's stock price was inflated and had significant downside risks. That was when the group's flagship company Adani Enterprises launched India's largest secondary share offering to raise $2.5 billion. While the firm's share price rose on Monday to stall a two-day plunge, it still closed below the offer price, raising questions about its viability. The shares of other Adani firms extended their steep fall for the third straight day. On Sunday, Adani refuted the report's warnings about high debt levels and the usage of tax havens. Adani, in a 413-page report, asserted that it has made the required disclosures and has met with all regulations. The Indian group called Hindenburg's research malicious and baseless. The US short sellers' scathing report also alleges that Gautam Adani's elder brother, Vinod Shantilal Shah Adani, is in charge of a maze-like network of illegal offshore shell firms. Hindenburg alleges Vinod Adani and his close friends control Mauritius shell entities and that many entities have no signs of operations, employees, addresses, phone numbers or a meaningful online presence. The Indian empire, in its defence, said we are neither aware nor required to be aware of their (Vinod Adani's) 'source of funds. Hindenburg countered that statement and asked if they were expected to believe that Gautam Adani had no idea of funds flowing from Vinod Adani's group or where they came from. Hindenburg added that Gautam Adani could easily clear up the mystery by calling his brother or asking him at the next family dinner. WATCH WION LIVE HERE:

Adani Group's losses at $66 billion as Hindenburg digs its heels in

India's Adani Enterprise Ltd. is facing a share rout worth $48 bn after a report released by the U.S. short seller Hindenburg. The report has accused the empire of stock manipulation and corporate malpractice. Molly Gambhir reports.

Gravitas: India's Adani group faces unprecedented turmoil

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