The Great Fall Of Adani - All you need to know
A report by US-based Hindenburg Research, which claims that gautam adani, the third-richest person in the world and the head of the adani Group, is dealing with the biggest scam in business history, was published on january 25. The BJP's detractors immediately focused attention on this study publication, and many observers found compelling evidence that the nda government's decisions and policies, in addition to other channels, had benefited the adani Groups.
Rajesh adani and Samir Vora, who played important roles in the diamond trading operation employing offshore shell corporations to produce fictitious turnover, were cited by Hindenburg Research. The study journal's popularity caused adani Groups' stock market value to drop by Rs 46,000 crore as soon as it was released. Ten adani Group equities lost a combined Rs 2.37 lakh crore in market value during the last two days. The adani brand has fallen dramatically as a result of the stock market's ongoing decline on friday trading.
Adani Group said in a statement that the research is nasty and wholly unfounded since it saw more difficulties was coming. Several national media outlets reported that adani Groups was considering suing Hindenburg Research. Evidently, Hindenburg Research investigated the rise of the adani Group in the last few years in great detail and with documentation. The moment adani Groups threatened legal action, Hindenburg Research responded in a way that was more appropriate.
"We posed 88 simple questions that, in our opinion, allow the business a chance to be open. adani has not yet provided any responses to any of these queries. If adani is sincere, it ought to launch a lawsuit in the US, where we do business. In a legal discovery procedure, we would request a substantial number of papers, according to Hindenburg Research's statement.
According to the research journal, the Securities and Exchange Board of india (SEBI) has intervened and is now closely scrutinising each transaction the adani Group has made in the public market. business sources tell us that SEBI called adani Groups several times and sent emails with questions, but no one responded. adani Total Gas shares down 19.65%% today, adani Transmission shares fell 19%, adani Green Energy shares fell 15.50%, and adani Enterprises shares fell 6.19% on the BSE.