Adani Group, whose stock plummeted on Wednesday as a result of a Hindenburg Research report, has since claimed that the report was an attempt to derail Adani Enterprises’ upcoming FPO (which is scheduled to begin trading on January 27).
Adani Group claims that Hindenburg purposefully included inaccuracies in the report to give the impression that the conglomerate was involved in fraudulent activities. The group claimed that Hindenburg Research did not contact them before publishing the report.
The Adani Group of Companies was “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades,” according to the Hindenburg report, which was reportedly published after two years of investigation.
Adani Group has denied Hindenburg’s allegations, claiming that it follows all applicable laws and adheres to the highest standards of corporate governance.
After the report was made public, a number of stocks associated with the Gautam Adani-led group dropped by up to 10%. Adani companies have lost over Rs 46,000 crore in market value.
The Rs 20,000 FPO for Adani Enterprises is scheduled to begin on January 27, and it is currently unknown how the Hindenburg report findings will impact the share sale. Subscribers can join the FPO until January 31st.
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