
Adani-Hindenburg case: Can’t conclude regulatory failure, says SC panel
SC Panel finds that some entities took short positions before the Hindenburg report was released and that they profited from squaring off their positions
SC Panel finds that some entities took short positions before the Hindenburg report was released and that they profited from squaring off their positions
Shares of Block tanked as much as 18% after Hindenburg accused Block of inflating user metrics and facilitating fraud.
Adani Enterprises will move out of the short-term additional surveillance measure (ASM) framework of the National Stock Exchange with effect from March 8
Adani Total Gas shares have plunged 76% since the release of the Hindenberg report on Jan 24, followed by Adani Green, Adani Transmission, and Adani Enterprises, which lost between 69-53%.
Ratings actions follow a significant decline in market equity values of Adani group companies since the release of the Hindenberg report.
The agency says it will be looking at any major changes to Adani group entities’ access to financing or cost of financing on a long-term basis.
The Adani Group company says it aims to protect the interest of its investing community by returning the FPO proceeds.
Group says of 88 questions raised, 65 relate to matters duly disclosed by Adani firms; of balance 23 questions, 18 relate to public shareholders, third parties, while 5 are “baseless allegations”.
Adani Group has attempted to conflate its meteoric rise and the wealth of its chairman, Gautam Adani, with the success of India itself, says Hindenburg Research.
Well-known hedge fund manager believes research is as credible as his own campaign against Herbalife.