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

India's Supreme Court has agreed to hear a petition from the opposition leader asking for an investigation into Hindenburg's allegations of financial fraud by the Adani group.

The petition is now listed for hearing on February 17 by the top court.

That comes on the heels of the Indian government and the market regulator, the SEBI, agreeing to the top court's suggestion for a committee led by a retired judge to look into the market rout in the Adani group and suggest improvements to the current regulations.

However, the SEBI has informed the supreme court that it is already investigating the Adani group over Hindenburg's allegations.

Watch |&nbsp;Indian Government accepts committee on Adani

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Can the Adani Group refinance without any trouble?

In a credit report aimed at countering Hindenburg's critical allegations and calming investors, the Adani group said it has enough cash reserves and is fine with refinancing its debt or raising new capital.

In the credit report, the group said the gross debt of Billionaire Gautam Adani-led firms stood at $27.3 billion at the end of September and expected it to remain around that amount by the end of March.

Since the US research firm's probe became public, Adani group stocks have lost more than $120 billion.

Given that the borrowing costs have risen for the Indian empire following that scathing Hindenburg report, scrutiny of the cash condition of group firms has increased.

Picture this, the cost of borrowing for one of the Gautam Adani-led firms jumped as high as 36 per cent&nbsp;and settled around 25 per cent.

That clearly shows how expensive it is for Adani group companies to finance their debt.

Before the Adani group's credit report on Tuesday aimed at reassuring investors, rating agency Moody's Investors Service had expressed doubts regarding Adani's capacity to raise money or refinance its outstanding debt coming due in the years to come.

<a href="https://www.wionews.com/india-news/adani-hindenburg-indian-government-says-yes-to-supreme-court-panel-to-protect-investors-561694">Also read |&nbsp;Adani-Hindenburg: To protect investors, Indian govt. says yes to Supreme Court panel probe</a>

Adani Group repays its debt to soothe investors' nerves

The Adani group, for its part, has repaid some debt to boost investor confidence.

The founders of Adani and their companies have paid off debts totaling $1.11 billion to free pledged shares and committed to reducing leverage in the upcoming months.

The business empire also intends to prepay a $500 million bridge loan due next month, and the ports unit has revealed intentions to pay back some debt in April.

Indeed, a Reuters report showed India's troubled Adani Group is in talks with lenders to repay a $500 million bridge loan facility it had acquired to purchase a controlling stake from Holcim in cement businesses ACC Ltd and Ambuja Cements Ltd last year.
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(with inputs from agencies)

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India's Supreme Court has agreed to hear a petition from the opposition leader asking for an investigation into Hindenburg's allegations of financial fraud by the Adani group.

India's Supreme Court has agreed to hear a petition from the opposition leader asking for an investigation into Hindenburg's allegations of financial fraud by the Adani group. The petition is now listed for hearing on February 17 by the top court. That comes on the heels of the Indian government and the market regulator, the SEBI, agreeing to the top court's suggestion for a committee led by a retired judge to look into the market rout in the Adani group and suggest improvements to the current regulations. However, the SEBI has informed the supreme court that it is already investigating the Adani group over Hindenburg's allegations. Watch | Indian Government accepts committee on Adani Can the Adani Group refinance without any trouble? In a credit report aimed at countering Hindenburg's critical allegations and calming investors, the Adani group said it has enough cash reserves and is fine with refinancing its debt or raising new capital. In the credit report, the group said the gross debt of Billionaire Gautam Adani-led firms stood at $27.3 billion at the end of September and expected it to remain around that amount by the end of March. Since the US research firm's probe became public, Adani group stocks have lost more than $120 billion. Given that the borrowing costs have risen for the Indian empire following that scathing Hindenburg report, scrutiny of the cash condition of group firms has increased. Picture this, the cost of borrowing for one of the Gautam Adani-led firms jumped as high as 36 per cent and settled around 25 per cent. That clearly shows how expensive it is for Adani group companies to finance their debt. Before the Adani group's credit report on Tuesday aimed at reassuring investors, rating agency Moody's Investors Service had expressed doubts regarding Adani's capacity to raise money or refinance its outstanding debt coming due in the years to come. Also read | Adani-Hindenburg: To protect investors, Indian govt. says yes to Supreme Court panel probe Adani Group repays its debt to soothe investors' nerves The Adani group, for its part, has repaid some debt to boost investor confidence. The founders of Adani and their companies have paid off debts totaling $1.11 billion to free pledged shares and committed to reducing leverage in the upcoming months. The business empire also intends to prepay a $500 million bridge loan due next month, and the ports unit has revealed intentions to pay back some debt in April. Indeed, a Reuters report showed India's troubled Adani Group is in talks with lenders to repay a $500 million bridge loan facility it had acquired to purchase a controlling stake from Holcim in cement businesses ACC Ltd and Ambuja Cements Ltd last year. (with inputs from agencies) WATCH WION LIVE HERE

India's top court to hear opposition lawmaker's petition against Adani

The Supreme Court has agreed to hear on February 17 a fresh plea of a Congress leader seeking investigation under the supervision of a sitting apex court judge against the Adani Group of companies in light of the allegations made by the US-based Hindenburg Research.

India's top court to hear plea against Adani

The Indian government has agreed to a committee to be set up by the Supreme Court for strengthening the regulatory regime following the Hindenburg-Adani episode. It, however, added that the remit of the panel has to be very specific so that it doesn't affect the flow of money and investments.

Indian Government accepts committee on Adani

In the aftermath of the release of the&nbsp;Hindenburg report, India's Adani group has reportedly halved its revenue growth target, according to a report by Bloomberg. Additionally, the company is 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.&nbsp;

The idea behind managing the expectations regarding revenue growth is to rebuild investor confidence, the publication added.&nbsp;

Though Bloomberg said Adani group will be scaling down capital expenditure, the company refuted such claims last week when Mint carried a report claiming the same.&nbsp;

<a href="https://www.wionews.com/business-economy/after-hindenburg-shock-adani-group-to-curb-capital-spending-plans-559168">Read more:&nbsp;After Hindenburg shock, Adani Group to curb capital spending plans: Report</a>

The report claimed that Adani group was planning to use the cash in hand for capex and to meet payment deadlines, amounting to $300 million over the next six months.&nbsp;&nbsp;

However, on the same day, the group released a statement saying it&nbsp;was in talks to prepay all loans backed by pledged shares.&nbsp;

"False report, on the contrary Adani Group is moving to prepay all LAS (Loans Against Shares) finance," a spokesperson for the group said in an emailed statement to Reuters.

<a href="https://www.wionews.com/india-news/adani-group-will-pay-off-debt-for-pledged-shares-denies-report-on-capex-cut-559206">Read more:&nbsp;Adani Group will pay off debt for pledged shares, denies report on capex cut</a>

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&nbsp;accused the Adani group of stock manipulation using tax havens whilst having unsustainable debt.&nbsp;

<a href="https://www.wionews.com/videos/gravitas-adani-firms-losses-swell-to-120-billion-560759">WATCH |&nbsp;Gravitas: Adani firms' losses swell to $120 billion</a>

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Furthermore, the company&nbsp;shelved its plans of releasing over $122 million in funds through the first-ever public sale of bonds.&nbsp;&nbsp;

The decision came days 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;

(With inputs from agencies)

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In the aftermath of the release of the Hindenburg report, India's Adani group has reportedly halved its revenue growth target, according to a report by Bloomberg.

In the aftermath of the release of the Hindenburg report, India's Adani group has reportedly halved its revenue growth target, according to a report by Bloomberg. Additionally, the company is 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. Though Bloomberg said Adani group will be scaling down capital expenditure, the company refuted such claims last week when Mint carried a report claiming the same. Read more: After Hindenburg shock, Adani Group to curb capital spending plans: Report The report claimed that Adani group was planning to use the cash in hand for capex and to meet payment deadlines, amounting to $300 million over the next six months. However, on the same day, the group released a statement saying it was in talks to prepay all loans backed by pledged shares. "False report, on the contrary Adani Group is moving to prepay all LAS (Loans Against Shares) finance," a spokesperson for the group said in an emailed statement to Reuters. Read more: Adani Group will pay off debt for pledged shares, denies report on capex cut 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. WATCH | Gravitas: Adani firms' losses swell to $120 billion × Furthermore, the company shelved its plans of releasing over $122 million in funds through the first-ever public sale of bonds. The decision came days 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. (With inputs from agencies) WATCH WION LIVE HERE:

Adani group halves revenue growth, scales down capex plans after Hindenburg jolt: Report

It was on January 24 that US-based Hindenburg published its report accusing Adani group of widespread manipulations and malpractices to inflate its stock prices. Adani Group refuted the allegations by publishing a 413-page reply and even went to the extent of terming it as attack against India. Hindenburg shot back with a rejoinder. Watch, Mauritius Finance Minister Mahen Kumar Seeruttun speaks to WION more on this.

Mauritius Finance Minister Mahen Kumar Seeruttun speaks to WION

India's market regulator Securities and Exchange Board of India (S.E.B.I) has launched a probe against beleaguered business tycoon Gautam Adani, as per Reuters. The agency is investigating Adani firms' alleged links to companies which bought his shares during the $2.5 billion I.P.O sale.

Gravitas: Adani firms' losses swell to $120 billion

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

India's Prime Minister Narendra Modi on Wednesday (February 8) replied to the motion of thanks on President Droupadi Murmu's address in the Lok Sabha, the Lower House of Parliament, amid sloganeering by opposition leaders for a discussion over the Adani issue. Before beginning his speech, some opposition parliamentarians staged a walkout over the issue.&nbsp;

Modi started his speech by saying, "In her visionary address, the President guided us and crores of Indians. Her presence as the Head of the Republic is historic as well as inspiring for the daughters and sisters of the country." &nbsp;

Modi said that President Murmu enhanced the pride of the tribal community, adding that after several years of independence, there was a sense of pride in the tribal community and an increase in their self-confidence, news agency ANI reported.&nbsp;

ALSO READ | <a href="https://www.wionews.com/india-news/rahul-gandhi-says-adani-gets-contracts-wherever-prime-minister-visits-bjp-labels-allegations-baseless-559724">Rahul Gandhi claims Adani gets contracts wherever prime minister visits, BJP labels allegations 'baseless'</a>

He took a veiled dig at Rahul Gandhi from the main opposition Congress, who on Tuesday had accused the Bharatiya Janata Party (BJP)-led central government of favouring the Adani Group. "I was watching yesterday. After the speeches of a few people, some people were happily saying, "Ye hui na baat" (this is how it should be.) Maybe they slept well and couldn't wake up (on time)," Modi told the Lok Sabha.&nbsp;

The Prime Minister added that following the remarks of such people, the entire 'ecosystem' and their supporters were jubilant.&nbsp;

Hitting out at the Congress further, Modi took a veiled jibe at another senior party leader Adhir Ranjan Chowdhury over his contentious remarks on President Murmu last year.&nbsp;

"When President's Address was going on, some people avoided it. A tall leader even insulted the President. They displayed hatred against ST. When such things were said on TV, a sense of hatred deep within came out. An attempt was made to save oneself after writing a letter later," Modi said.&nbsp;

He also lashed out at the Congress' tenure as the central government from 2004-2014. "During 10 years of UPA (United Progressive Alliance) govt, inflation was in double digits and hence when something good happens, their sadness increases. In the history of the country's independence, 2004-2014 was full of scams," Modi told the Lok Sabha on Wednesday.&nbsp;

The Adani Group has been roiled by days of market turmoil after a report by American short-seller Hindenburg Research last month alleged that the Indian conglomerate engaged in stock manipulation and used tax havens. The report also said that the Adani Group had unsustainable debt.

The conglomerate has denied the allegations, saying it complies with all laws and has made necessary disclosures over time.

On Tuesday, Congress' Rahul Gandhi had questioned the BJP's connections with the Adani Group and had&nbsp;accused Prime Minister Modi of favouring its founder Gautam Adani. Gandhi, who was the first opposition leader to speak during the debate on the motion of thanks to the President`s address in the Lok Sabha, said that the relationship with Gautam Adani began many years ago when Modi was the chief minister of Gujarat.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/adani-groups-122-million-bond-plan-shelved-amid-hindenburg-row-558791">Adani Group’s $122 million bond plan shelved after Hindenburg allegations: Report</a>

"Relationships begin many years ago when Narendra Modi was Gujarat`s Chief Minister...one man stood shoulder to shoulder with PM Modi, he was loyal to the PM and helped Mr Modi construct the idea of a `Resurgent Gujarat`. The real magic began when PM Modi reached the national capital in 2014," Gandhi told the Lower House of Parliament.

"How the Indian government did not raise any questions regarding the shell companies owned by the Adani Group? How did the government not ask whose companies they are, especially, if it is a strategic matter concerning sectors like ports, airports (aviation), and defence? And the government does not know about the company (Adani Group) which is dealing in these strategic sectors?" Gandhi added.

Meanwhile, the BJP rejected the Congress leader's allegations and demanded evidence to support his claims. "Rahul Gandhi has made up these things in his head and he is making wild allegations. If he wants to make such allegations, he should bring documentary proof and present it," BJP leader and India's Law Minister Kiren Rijiju told Parliament on Tuesday.

On Wednesday, BJP MP Ravi Shankar Prasad said that Gandhi's comments were false and shameful. "Rahul Gandhi cannot digest the fact that people had twice elected Narendra Modi as the prime minister and he will again come back in 2024," Prasad said and pointed out that the Adani Group also invested in Congress-led states of Rajasthan and Chhattisgarh.&nbsp; 
&nbsp;

(With inputs from agencies)

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India's Prime Minister Narendra Modi on Wednesday (February 8) replied to the motion of thanks on President Droupadi Murmu's address in the Lok Sabha, the Lower House of Parliament, amid sloganeering by opposition leaders for a discussion over the Adani issue.

India's Prime Minister Narendra Modi on Wednesday (February 8) replied to the motion of thanks on President Droupadi Murmu's address in the Lok Sabha, the Lower House of Parliament, amid sloganeering by opposition leaders for a discussion over the Adani issue. Before beginning his speech, some opposition parliamentarians staged a walkout over the issue. Modi started his speech by saying, "In her visionary address, the President guided us and crores of Indians. Her presence as the Head of the Republic is historic as well as inspiring for the daughters and sisters of the country." Modi said that President Murmu enhanced the pride of the tribal community, adding that after several years of independence, there was a sense of pride in the tribal community and an increase in their self-confidence, news agency ANI reported. ALSO READ | Rahul Gandhi claims Adani gets contracts wherever prime minister visits, BJP labels allegations 'baseless' He took a veiled dig at Rahul Gandhi from the main opposition Congress, who on Tuesday had accused the Bharatiya Janata Party (BJP)-led central government of favouring the Adani Group. "I was watching yesterday. After the speeches of a few people, some people were happily saying, "Ye hui na baat" (this is how it should be.) Maybe they slept well and couldn't wake up (on time)," Modi told the Lok Sabha. The Prime Minister added that following the remarks of such people, the entire 'ecosystem' and their supporters were jubilant. Hitting out at the Congress further, Modi took a veiled jibe at another senior party leader Adhir Ranjan Chowdhury over his contentious remarks on President Murmu last year. "When President's Address was going on, some people avoided it. A tall leader even insulted the President. They displayed hatred against ST. When such things were said on TV, a sense of hatred deep within came out. An attempt was made to save oneself after writing a letter later," Modi said. He also lashed out at the Congress' tenure as the central government from 2004-2014. "During 10 years of UPA (United Progressive Alliance) govt, inflation was in double digits and hence when something good happens, their sadness increases. In the history of the country's independence, 2004-2014 was full of scams," Modi told the Lok Sabha on Wednesday. The Adani Group has been roiled by days of market turmoil after a report by American short-seller Hindenburg Research last month alleged that the Indian conglomerate engaged in stock manipulation and used tax havens. The report also said that the Adani Group had unsustainable debt. The conglomerate has denied the allegations, saying it complies with all laws and has made necessary disclosures over time. On Tuesday, Congress' Rahul Gandhi had questioned the BJP's connections with the Adani Group and had accused Prime Minister Modi of favouring its founder Gautam Adani. Gandhi, who was the first opposition leader to speak during the debate on the motion of thanks to the President`s address in the Lok Sabha, said that the relationship with Gautam Adani began many years ago when Modi was the chief minister of Gujarat. ALSO READ | Adani Group’s $122 million bond plan shelved after Hindenburg allegations: Report "Relationships begin many years ago when Narendra Modi was Gujarat`s Chief Minister...one man stood shoulder to shoulder with PM Modi, he was loyal to the PM and helped Mr Modi construct the idea of a `Resurgent Gujarat`. The real magic began when PM Modi reached the national capital in 2014," Gandhi told the Lower House of Parliament. "How the Indian government did not raise any questions regarding the shell companies owned by the Adani Group? How did the government not ask whose companies they are, especially, if it is a strategic matter concerning sectors like ports, airports (aviation), and defence? And the government does not know about the company (Adani Group) which is dealing in these strategic sectors?" Gandhi added. Meanwhile, the BJP rejected the Congress leader's allegations and demanded evidence to support his claims. "Rahul Gandhi has made up these things in his head and he is making wild allegations. If he wants to make such allegations, he should bring documentary proof and present it," BJP leader and India's Law Minister Kiren Rijiju told Parliament on Tuesday. On Wednesday, BJP MP Ravi Shankar Prasad said that Gandhi's comments were false and shameful. "Rahul Gandhi cannot digest the fact that people had twice elected Narendra Modi as the prime minister and he will again come back in 2024," Prasad said and pointed out that the Adani Group also invested in Congress-led states of Rajasthan and Chhattisgarh. (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.

In Parliament, India's PM Narendra Modi takes veiled dig at opposition leader Rahul Gandhi

Adani group shares dropped at the start of trading ending a two-day reprieve, after MSCI Inc said it was reviewing the amount of Adani group-linked shares freely tradable in public markets.

India: Adani group stocks slide on MSCI's review

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?

Rahul Gandhi, one of the prominent&nbsp;leaders of Indian National Congress (INC) party in India,&nbsp;alleged that the Union government was favouring the Adani Group. Gandhi also attempted to link the rise in the fortunes of the Indian businessman Gautam Adani to the Modi government coming to power in 2014.&nbsp;While speaking on the Motion of Thanks to the President's Address, Gandhi claimed: "Earlier he used to travel in Adani's aircraft and now Adani travels with Modiji in his aircraft."&nbsp;

"First the matter was limited to Gujarat then the country and now he has become international," Gandhi further alleged, questioning, "How much money Adani gave to the BJP in the last 20 years."&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/adani-groups-122-million-bond-plan-shelved-amid-hindenburg-row-558791">Adani Group’s $122 million bond plan shelved after Hindenburg allegations: Report</a>&nbsp;

The leader of India's main opposition party also alleged that during the "Bharat Jodo Yatra" people asked him how Adani's worth increased from $8 billion to $140 billion between 2014 and 2022.&nbsp;

Rahul Gandhi said in the Lok Sabha: "During 'Bharat Jodo Yatra', we heard people's voices while we also kept our voices. We talked to children, women, and the elderly during the yatra. We asked the youth about their jobs... Many said they are unemployed or drive Uber. Farmers talked about not getting money under PM-BIMA Yojana and their land being snatched away, while tribals talked about Tribal Bill." &nbsp;

"When we first started walking (referring to Bharat Jodo Yatra), we wanted to play the opposition and tell people about their problems. However, as we progressed, after 500-600 km, there was a major change. Instead of us telling the people the source of their problems, the people started speaking to us," he added.&nbsp;

WATCH |&nbsp;Will the Adani crisis impact India's clean energy goals?&nbsp;

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Meanwhile, Bharatiya Janata Party (BJP) leader Ravi Shankar Prasad responded to the claims and accused Rahul Gandhi of making baseless, shameless and reckless allegations against Prime Minister Narendra Modi. Prasad said that the Congress and the Gandhi family were involved in "big scams" that had "tarnished" the image of the country.&nbsp;

Union minister Smriti Irani also reacted to Gandhi's allegations and accused the Gandhi family of failing to deliver developmental promises in the Lok Sabha constituency of Amethi.&nbsp;

She said, "For 30 years, the poor people of Amethi were told that a medical college will be opened. But on the land where they were talking about opening a medical college, that family made a guesthouse for themselves."&nbsp;

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Rahul Gandhi, one of the prominent leaders of Indian National Congress (INC) party in India, alleged that the Union government was favouring the Adani Group. Gandhi also attempted to link the rise in the fortunes of the Indian businessman Gautam Adani to the Modi government coming to power in 2014.

Rahul Gandhi, one of the prominent leaders of Indian National Congress (INC) party in India, alleged that the Union government was favouring the Adani Group. Gandhi also attempted to link the rise in the fortunes of the Indian businessman Gautam Adani to the Modi government coming to power in 2014. While speaking on the Motion of Thanks to the President's Address, Gandhi claimed: "Earlier he used to travel in Adani's aircraft and now Adani travels with Modiji in his aircraft." "First the matter was limited to Gujarat then the country and now he has become international," Gandhi further alleged, questioning, "How much money Adani gave to the BJP in the last 20 years." ALSO READ | Adani Group’s $122 million bond plan shelved after Hindenburg allegations: Report The leader of India's main opposition party also alleged that during the "Bharat Jodo Yatra" people asked him how Adani's worth increased from $8 billion to $140 billion between 2014 and 2022. Rahul Gandhi said in the Lok Sabha: "During 'Bharat Jodo Yatra', we heard people's voices while we also kept our voices. We talked to children, women, and the elderly during the yatra. We asked the youth about their jobs... Many said they are unemployed or drive Uber. Farmers talked about not getting money under PM-BIMA Yojana and their land being snatched away, while tribals talked about Tribal Bill." "When we first started walking (referring to Bharat Jodo Yatra), we wanted to play the opposition and tell people about their problems. However, as we progressed, after 500-600 km, there was a major change. Instead of us telling the people the source of their problems, the people started speaking to us," he added. WATCH | Will the Adani crisis impact India's clean energy goals? × Meanwhile, Bharatiya Janata Party (BJP) leader Ravi Shankar Prasad responded to the claims and accused Rahul Gandhi of making baseless, shameless and reckless allegations against Prime Minister Narendra Modi. Prasad said that the Congress and the Gandhi family were involved in "big scams" that had "tarnished" the image of the country. Union minister Smriti Irani also reacted to Gandhi's allegations and accused the Gandhi family of failing to deliver developmental promises in the Lok Sabha constituency of Amethi. She said, "For 30 years, the poor people of Amethi were told that a medical college will be opened. But on the land where they were talking about opening a medical college, that family made a guesthouse for themselves." 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.

Rahul Gandhi claims Adani gets contracts in each country PM visits, BJP labels allegations ‘baseless’

The crisis facing billionaire Gautam Adani has revealed a potential pitfall in India’s ambitious plan to reduce emissions. With the conglomerate under scrutiny India's plan to get investment to transition towards cleaner energy might take a hit.

Will the Adani crisis impact India's clean energy goals?

Adani Transmission registered a 22 percent growth in revenue for the quarter at Rs 3,552 crore compared to year-ago period, led by new transmission lines becoming operational and a positive trend in energy demand.

India: Positive start for Adani shares

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.

World Business Watch: Adani faces a stern test as firms set to report earnings

Adani Group is in talks to prepay all loans backed by pledged shares, a spokesperson told Reuters on Monday while denying media reports that said the conglomerate was planning to cut back its capital spending.

Adani Group plans to trim its capital spending while providing more collateral in the form of stock pledges to lenders, Indian newspaper Mint said, citing people close to the development.

"False report, on the contrary Adani Group is moving to prepay all LAS (Loans Against Shares) finance," a spokesperson for the group said in an emailed statement to Reuters.

<a href="https://www.wionews.com/business-economy/after-hindenburg-shock-adani-group-to-curb-capital-spending-plans-559168">Read more:&nbsp;After Hindenburg shock, Adani Group to curb capital spending plans: Report</a>

Additionally, Adani Group's domestic lenders do not plan to cut off the conglomerate from utilising sanctioned but unused credit lines for fears it could backfire and lead to defaults, Mint said in a separate report, citing bankers.

Shares of Adani Group companies have lost more than half their market value, topping a cumulative $100 billion, after US short-seller Hindenburg Research last month raised questions about the group's debt levels and use of tax havens.

<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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In the brutal fallout of Hindenburg's report, investors dumped Adani shares, while the group's flagship company, Adani Enterprises, was forced to abandon a $2.5 billion share sale last week.

Meanwhile, Group Chairman Gautam Adani lost his title as Asia's richest person and slipped down the global rankings of the wealthy.

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Adani Group is in talks to prepay all loans backed by pledged shares, a spokesperson told Reuters on Monday while denying media reports that said the conglomerate was planning to cut back its capital spending.

Adani Group is in talks to prepay all loans backed by pledged shares, a spokesperson told Reuters on Monday while denying media reports that said the conglomerate was planning to cut back its capital spending. Adani Group plans to trim its capital spending while providing more collateral in the form of stock pledges to lenders, Indian newspaper Mint said, citing people close to the development. "False report, on the contrary Adani Group is moving to prepay all LAS (Loans Against Shares) finance," a spokesperson for the group said in an emailed statement to Reuters. Read more: After Hindenburg shock, Adani Group to curb capital spending plans: Report Additionally, Adani Group's domestic lenders do not plan to cut off the conglomerate from utilising sanctioned but unused credit lines for fears it could backfire and lead to defaults, Mint said in a separate report, citing bankers. Shares of Adani Group companies have lost more than half their market value, topping a cumulative $100 billion, after US short-seller Hindenburg Research last month raised questions about the group's debt levels and use of tax havens. WATCH | India: Earnings of Adani group firms under scanner; firms to report earnings this week | WION In the brutal fallout of Hindenburg's report, investors dumped Adani shares, while the group's flagship company, Adani Enterprises, was forced to abandon a $2.5 billion share sale last week. Meanwhile, Group Chairman Gautam Adani lost his title as Asia's richest person and slipped down the global rankings of the wealthy. WATCH WION LIVE HERE:

Adani Group will pay off debt for pledged shares, denies report on capex cut

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

As the stock and bond prices of Gautam Adani's conglomerate plunge to new lows, concern about the Indian billionaire's access to finance grows in the wake of fraud claims made by short seller Hindenburg Research.

India: Adani Group's turmoil deepens

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

India's market regulator is examining a recent crash in shares of Adani Group and looking into any possible irregularities in share, a source with direct knowledge of the matter told Reuters on Wednesday.&nbsp;The Securities and Exchange Board of India's (SEBI) examination comes on a day when Adani Group shares plunged, extending losses in seven listed companies to $86 billion.

Spokespersons for Adani Group and SEBI did not immediately respond to a request for comment.

ALSO READ | <a href="https://www.wionews.com/india-news/after-hinderberg-research-mukesh-ambani-replaces-gautam-adani-to-become-richest-indian-in-the-world-557844">After Hindenburg report, Mukesh Ambani replaces Gautam Adani to become richest Indian</a>

SEBI is undertaking a full-scale examination of the fall in shares, the source said, declining to be identified as the matter is confidential.

The share plunge was sparked by a report by Hindenburg Research last week which raised concerns about high debt and the valuations of the seven listed Adani companies.&nbsp;The group has denied the allegations, saying the short-seller's narrative of stock manipulation has "no basis" and stems from an ignorance of Indian law. It has always made the necessary regulatory disclosures, it added.

The source told Reuters the Indian market regulator is also looking into any possible price manipulation of Adani group stocks, as well as examining possible irregularities in the $2.5 billion share sale of the flagship firm Adani Enterprises, which concluded on Tuesday.

While the share offering's book building process was covered only 3% on Monday, it was fully subscribed on Tuesday as foreign institutional investors and corporate funds flooded in.

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"All key departments - corporate finance, surveillance department at the regulator are examining the share price fall. Exchanges are also sending a report," said a second source familiar with the matter.

The first source added that SEBI was also looking into allegations of dealings between Adani Group and related entities cited in the report.

On Wednesday, a day after the share sale closed, Adani Enterprises plunged 28%. Adani Ports and Special Economic Zone dropped 19%.&nbsp;

 
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India's market regulator is examining a recent crash in shares of Adani Group and looking into any possible irregularities in share, a source with direct knowledge of the matter told Reuters on Wednesday.

India's market regulator is examining a recent crash in shares of Adani Group and looking into any possible irregularities in share, a source with direct knowledge of the matter told Reuters on Wednesday. The Securities and Exchange Board of India's (SEBI) examination comes on a day when Adani Group shares plunged, extending losses in seven listed companies to $86 billion. Spokespersons for Adani Group and SEBI did not immediately respond to a request for comment. ALSO READ | After Hindenburg report, Mukesh Ambani replaces Gautam Adani to become richest Indian SEBI is undertaking a full-scale examination of the fall in shares, the source said, declining to be identified as the matter is confidential. The share plunge was sparked by a report by Hindenburg Research last week which raised concerns about high debt and the valuations of the seven listed Adani companies. The group has denied the allegations, saying the short-seller's narrative of stock manipulation has "no basis" and stems from an ignorance of Indian law. It has always made the necessary regulatory disclosures, it added. The source told Reuters the Indian market regulator is also looking into any possible price manipulation of Adani group stocks, as well as examining possible irregularities in the $2.5 billion share sale of the flagship firm Adani Enterprises, which concluded on Tuesday. While the share offering's book building process was covered only 3% on Monday, it was fully subscribed on Tuesday as foreign institutional investors and corporate funds flooded in. WATCH | WION Dispatch: LIC to look into allegations against Adani Group "All key departments - corporate finance, surveillance department at the regulator are examining the share price fall. Exchanges are also sending a report," said a second source familiar with the matter. The first source added that SEBI was also looking into allegations of dealings between Adani Group and related entities cited in the report. On Wednesday, a day after the share sale closed, Adani Enterprises plunged 28%. Adani Ports and Special Economic Zone dropped 19%. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Indian market regulator examining Adani share rout: Report

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

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

IHC, Abu Dhabi's largest listed company, invested $2 billion in Adani Group companies last year, including Adani Enterprises. Adani Group has hit back at the report by Hindenburg Research published that flagged concerns about Adani Group's debt levels and the use of tax havens.

Abu Dhabi's IHC invests $381 million in Adani share sale

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

Fraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation we raised, Hindenburg Research said hours after Gautam Adani group likened the damaging allegations by the US short seller to a “calculated attack” on India.

Hindenburg disagrees with Adani's nationalist narrative, says key issues not addressed

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