The New York-based short-seller Hindenburg Research on January 24 accused the Adani group of using offshore shells for money laundering and fraud. Adani group denied the allegations, saying they were timed to hit its Rs 20,000 crore FPO. In fact, Gautam Adani, the group’s chairman, released a video statement on February 2 that he was rolling back the fully-subscribed follow-on public offering and returning investors’ money.
Adani’s Huge Loss:
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However, the Hindenburg report triggered panic among investors, and the Adani group has lost $108 billion in market value since the report first came out. To tame the fallout from the downfall of the Adani group, the National Stock Exchange (NSE) announced that it was putting three Adani group stocks — Adani Enterprises, Adani Ports and Special Economic Zone and Ambuja Cements — in ASM (Additional Surveillance Measure) list.
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