gautamadani
By Archis Chowdhury The Congress party recently shared a news report by non-profit website Adani Watch to claim that Chang Chien-Ting, an associate of the Adani Group, is a Chinese national. The article, based on this claim, questions the Indian government's silence on a Chinese-owned company being involved in critical infrastructure projects in India, in the backdrop of the geopolitical rivalry between the two countries. BOOM found that these claims were erroneous; according to the the findings of the Hindenburg report, and multiple other reports by Taiwanese media, Chang has been described a...
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By Ritika Jain Supreme Court on Thursday directed the Securities Exchange Board of India to probe the allegations leveled in the Hindenburg Research report against the Gautam Adani-led Adani Group of companies. The top court directed the regulatory body to complete its probe in two months. As part of its probe, the top court further directed SEBI to look at whether the Security Contract Regulation Rules were violated and if there was any manipulation of stock prices. The top court also constituted an expert committee led by ex-Supreme Court judge AM Sapre and comprising ex-chief of the New Dev...
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By Sk Badiruddin A photo showing a long queue in front of a branch of Bank Of Baroda (BoB) in the United Arab Emirates (UAE) is viral online with a false claim that customers are closing their accounts after the bank's CEO said the bank will continue lending to the Adani Group. BOOM found that the claim is false and that the queue in front of a Bank of Baroda branch in Al Ain, Abu Dhabi is not related to the Adani-Hindenburg row. The photo shows Bank of Baroda customers standing in front of the bank's Al Ain branch which was set to close with effect from March 22, 2023. All accounts from the b...
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By Mohammed Kudrati Adani Enterprises, the Adani Group flagship and a holding company for several of its subsidiaries, has had a rough week. Just two days before the launch of its follow-on public offering (FPO) worth ₹20,000 crores, which would have been India's largest, an US-based activist short-selling group Hindenburg Research released a report accusing the Group of running a gigantic con. The report accused the group of stock price manipulation, mis-governance and fraud. Since January 25, when the report first came out, investors panicked and dumped the group's stocks, as it collectively...
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By Archis Chowdhury Share prices of Adani Group companies have been on a freefall throughout the week. By Friday morning, the group's listed companies saw over US $100 billion wiped out in market cap, as per Bloomberg. Ten days ago, Gautam Adani was Asia's richest individual, and the world's third richest - with his triumph being closely linked to India's own story of successful growth. He was about to embark on India's largest further public offering of Rs. 20,000 crore (approximately US $2.4 billion) of Adani Enterprise shares. Following a week-long bloodbath after a report by short selling ...
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By Srijit Das An old photo of a group of people on a beach carrying placards that spell out "#StopAdani" is doing rounds on social media falsely claiming that the image is from a recent protest in Australia against embattled Indian billionaire Gautam Adani. The photo is going viral even as Adani Group stocks take a battering after a New York based shortseller published a report in January accusing the Indian conglomerate of "brazen stock manipulation and accounting fraud " over decades. The crisis has spooked investors and also shrunk the fortune of Gautam Adani, founder and chairman of the gr...
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By Archis Chowdhury On Sunday night, as the Adani Group responded to investment research firm Hindenburg Research's allegations of fraud against the company as an "attack on India", microblogging site Twitter was rife with tweets supporting Asia's richest individual Gautam Adani. These tweets, containing the hashtags #EconomyWillNeverDie and #LICZindaHai, questioned Hindenburg's motive for holding short positions against company's under the Adani Group, and called for people to have faith in Adani's businesses, their shares, and the Indian economy. BOOM scraped the tweets containing these hash...
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By Mohammed Kudrati Hindenburg Research has called the Gautam Adani-led Adani Group's 413-page response to its original report as hollow, accusing the energy to ports conglomerate of obfuscating its business with the Indian growth story. It says that the group addresses the concerns raised by it only fleetingly. "It also predictably tried to lead the focus away from substantive issues and instead stoked a nationalist narrative, claiming our report amounted to a “calculated attack on India.” In short, the Adani Group has attempted to conflate its meteoric rise and the wealth of its Chairman, Ga...
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By Mohammed Kudrati Gautam Adani-led Adani Group strongly refuted allegations of corporate fraud levelled by US activist investor Hindenburg Research alleging that the report's main objective was to damage Adani Enterprise's upcoming Follow-on Public Offering. Further, the Indian conglomerate said that Hindenburg Research made no attempt to contact it, in a statement attributed to Adani Group's Chief Financial Officer Jugeshinder Singh The group's stocks were reeling on Wednesday following publication of the research report. Hindenburg Research, founded by activist shortseller Nate Anderson, a...
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