The Adani Group which is under considerable scrutiny following the Hindenburg report controversy, issued full page advertisements in mainstream newspapers, vouching for their businesses. The ads appeared in several prominent newspapers, including the Times of India, the Indian Express and The Hindu on Saturday, January 28.
Adani has strategic business investments focussed on green hydrogen, airports, roads, data centres and digital, and businesses for sustainable value creation and enrichment of lives, the advertisement states.
“Adani Enterprises Limited, part of the Adani Group, which is among India’s top business houses, is creating sustainable infrastructure with a guiding principle of ‘Growth with Goodness’. After establishing decacorn businesses like Adani Ports and Special Economic Zone Limited, Adani Transmission Limited, Adani Power Limited, Adani Green Energy Limited, Adani Total Gas Limited and Adani Wilmar Limited, the new thrust is now on Green Hydrogen, Airports, Roads, Data Centres and Digital. Adani Enterprises Limited continues its focus on nation-building and is aligned with India’s ambitions of going from an Atmanirbhar Bharat to ‘Bharat par nirbhar’ world,” the advertisement further states.
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— இசை (@isai_) January 28, 2023
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Adani Group shares have been on a downward spiral following the report by American financial research firm Hindenburg Research, which alleged that the company has been engaged in stock manipulation and accounting fraud and that the group’s founder, Gautam Adani, has amassed a net worth of nearly $120 billion largely through stock price appreciation over the last three years. It also alleged that the group’s six key listed companies have spiked by an average of 819% during this period.
On Friday, shares of Adani Group companies faced heavy selling pressure for the second straight session, with shares of Adani Ports and Special Economic Zone falling as much as 15%, Adani Enterprises dropping 10%, and Adani Power, Adani Wilmar, Adani Total Gas, and Adani Transmission locked in at 5% and 20% lower circuits, respectively. The news of Adani Group’s shares crashing came just as Adani Enterprises’ Rs 20,000 crore follow-on-public offer (FPO) opened for subscription on Friday.
Meanwhile, Adani Group stated that it was examining legal options to take “punitive action” against Hindenburg Research for their “reckless” attempt to sabotage a share sale at the conglomerate’s flagship firm. Hindenburg Research, on the other hand, has stated that it stands by its report and that any legal action taken against the organisation will be “meritless.”
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