In wake of the Hindenburg Report that caused a roller-coaster ride for the shares of listed entities of Adani Group, the group head of investor relations has been on leave beginning December. He is due to retire in June, 2023.
Balasubramanyam Danturti, Group Head, Investor Relations of Adani Listed companies, has been on 'gardening' leave since December 2022, Danturti tells Fortune India. Danturti joined Adani Group in March 2016, and has a three-decade experience in investor relations.
In Human Resource parlance, gardening leave implies an employee's absence from work while being fully paid for the duration. This is typically done to prevent such an employee from having any influence on the organisation or accessing confidential information during the tenure.
Sources within the Adani Group have informed Fortune India that Balasubramanyam’s official email account is active and is responsive to emails. Investors' requests are also getting forwarded to the Group’s Finance Department through his official email.
As per Corporate Finance Institute, an online training and education platform for finance and investment professionals, the Head of Investor Relations is responsible for ensuring that the company is appropriately and strategically positioned with analysts, investors, and all stakeholders. Developing Investor confidence and belief in the company’s vision and strategy for delivering shareholder value is the prime job of the IR Head.
Frantic investors worn-out by the stress of the rocky stock prices tried reaching out to Danturti. In response to their queries, Danturti has been sending a standard text message to all investors who are reaching out to him saying he has been on 'gardening' leave from December 2022.
Danturti shared the same text message with Fortune India via WhatsApp: “I am out of system and no more a connect of Adani. Please reach out to Robbie or Anupam Mishra directly. It had been wonderful working with you and look forward to my next innings post retirement on June 30, 2023. Have a Great day.”
For many days following the release of Hindenburg Report on January 24, 2023 Adani Group stocks like Adani Green, Adani Power, Adani Total Gas, and Adani Power were locked in lower circuits. To arrest the slide in prices, stock exchanges put many of the Group stocks into Additional Surveillance Mechanism.
Prior to Adani Group, Danturti worked as Head of Investor Relations for Jindal Steel and Power between December 2013 and March 2016 and BGR Energy Systems between February 2011 and December 2013. He also spent a 24 year long stint with Union Bank of India from October 1986 to January 2011.
Fortune India sent a questionnaire to Adani Group on this issue on March 6, 2023 but did not receive any response till the time of the filing of this report.