Adani Gautam News

The report said India accounts for 5 per cent of the overall billionaire wealth in the world against 32 per cent of the US. China is home to the highest number of billionaires in the world, which is five times of India.

The Hindenberg report came just as a Rs 20,000 crore follow-on share sale of Adani Enterprises opened for institutional investors. All the listed stocks of the group took a beating after the report.

Shares of eight Adani Group firms out of the ten listed entities had ended in the negative territory on Thursday. Adani Group firms had fallen sharply on Wednesday, with all the listed firms ending in the red.

George Soros believes the turmoil at Gautam Adani's business empire may weaken Prime Minister Narendra Modi's hold on the government. This was strongly countered by BJP as an attack on Indian democracy. Adani group has been under severe pressure since the US short-seller Hindenburg Research on January 24.

Last week, Moody's Investors Service cited concerns about Adani's ability to raise capital or refinance maturing debt in the coming years while S&P Global Ratings cut the rating outlook for four group firms to negative from stable. 

Adani group companies have lost USD 100 billion in market value since the US short-seller Hindenburg Research came out with a damning report alleging fraud at the conglomerate helmed by Gautam Adani.

 The Adani Group has attacked Hindenburg as "an unethical short seller" and stated that the report by the New York-based entity was "nothing but a lie". 

Even after the Hindenburg report, LIC invested about Rs 300 crore in buying 9,15,748 shares in Adani Enterprises' Rs 20,000-crore follow-on public offer as an anchor investor.

The Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate.

This announcement by S&P Dow Jones Indices comes a week after a report by a US-based Hindenburg Research, which surfaced on January 24, claimed the Adani Group of having weak business fundamentals, allegations of stock manipulation and accounting fraud, among others.

In a late night announcement on Wednesday, Adani said he was withdrawing the share sale as the company's "stock price has fluctuated over the course of the day. Given these extraordinary circumstances, the company’s board felt that going ahead with the issue will not be morally correct."

The decision, Gautam Adani said, will not have any impact on existing operations and future plans. "We will continue to focus on timely execution and delivery of projects."

 The losses mark a dramatic setback for Adani, the school-dropout-turned-billionaire whose business interests stretch from ports and airports to mining and cement.