The group’s founder Gautam Adani dropped to fourth on Forbes' list of the world’s richest people, as the conglomerate’s listed companies continue to be hit by a selloff.
Indian conglomerate Adani Group on Thursday said it is mulling legal action against Hindenburg Research, as its listed companies were hit by a market selloff Wednesday after the U.S.-based activist investment firm
against the group’s companies and accused the firm’s founders of engaging in stock manipulation and fraud.... [+]Copyright 2019 The Associated Press. All rights reservedIn an emailed statement, Adani Group Legal Head Jatin Jalundhwala said the company was “evaluating the relevant provisions” under both U.S. and Indian laws for “remedial and punitive action against Hindenburg Research.
Labeling Hindenburg as a “foreign entity,” the statement accuses the investment firm of trying to mislead the public and sabotage its flagship firm Adani Enterprises’ follow-on public offering, set for Friday. All seven of the group’s listed companies carrying the Adani moniker and recent acquisitions NDTV, Ambuja Cement and ACC ended Wednesday in the red.Forbes Valuation
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Adani Group Weighs Legal Action Against Hindenburg After Listed Shares Take Major HitThe group’s founder Gautam Adani dropped to fourth on Forbes' list of the world’s richest people, as the conglomerate’s listed companies continue to be hit by a selloff.
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Adani Group says it's exploring legal action against HindenburgAdani Group says it's exploring 'remedial and punitive' legal action against a short-seller who accused it of market manipulation and fraud
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Adani Group threatens legal action against Hindenburg Research over ‘largest con’ claimsAdani Group said Hindenburg’s allegations had caused “unwanted anguish for Indian citizens.”
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Indian shares slide on growth fears; Adani group stocks fallIndian stocks opened lower on Wednesday on weak economic data from the United States that hinted at a possible recession, and downbeat growth outlook from companies.
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Hindenburg shorts India's Adani Group, cites debt, accounting concernsHindenburg Research said on Wednesday it held short positions in Adani Group, accusing the Indian conglomerate of improper extensive use of entities set up in offshore tax havens and expressing concern about high debt levels.
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Adani group stocks drag Indian shares to 1-week lowIndian shares sank more than 1% on Wednesday, dragged down by Adani group stocks after a short-seller raised fresh concerns about the group's debt in a report that had a ripple effect across the market.
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