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what was the result?

According to Bloomberg News, the report sparked a massive sale of shares in Adani’s company, wiping out more than US$68 billion in market value. Trading in some stocks has been temporarily suspended.

Adani’s personal fortune dropped by about US$40 billion, dropping him to number eight on Forbes’ real-time rich list.

The timing was also terrible. It comes just as Adani Group is looking to raise his US$2.5 billion to shore up its finances by selling shares that are set to expire on Tuesday (January 31).

What was the tick’s reaction?

On January 25, Adani’s finance chief called the Hindenburg report “a spate of selective misinformation and stale, unsubstantiated and discredited claims verified and dismissed by India’s Supreme Court.” It was called a “combination of

On Sunday, the company released a 413-page statement refuting all of Hindenberg’s claims and calling the group “the Madoffs of Manhattan.”

“This is not simply an unjustified attack on a particular company, but a calculated attack on India, the independence, integrity and quality of Indian institutions, and India’s growth story and ambition.”

Did this reassure investors?

Some of Adani’s companies edged higher on Monday, but overall, investors continued to sell off Adani shares, wiping out billions more in market value.

Hindenburg said only about 30 pages of the Adani statement focused on issues related to the report.

“The rest of the responses consisted of 330 pages of court records, 53 pages of high-level financial, general information, and details on unrelated corporate initiatives such as how we encourage women entrepreneurship and safe vegetable production. consisted of,” it said. Said. Who is India’s Adani and why is his company being vandalized?

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