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Gautam Adani has become a legend today by taking his Adani Group’s businesses to new heights. His contribution to the growth of Indian infrastructure and economy are highly significant. Engaged in a wide range of businesses from coal mining, exploring gas and oil to power generation and ports, the Adani group is one of the biggest operators of ports in the nation. A great inspiration to the aspiring entrepreneurs, Gautam Adani has a number of interesting things about him. Here are 10 interesting facts that will make our eyebrows raise in admiration of this business legend. 1. A school dropout Gautam Adani was a school drop out from the commerce department of CN Vidyalaya in Ahmedabad. Since long, Mumbai’s thriving diamond business allured him. He mastered the insider tricks of the business within three years. 2. An awesome visionary During his school days, Adani visited Gujarat’s Kandla Port. On that day, he decided he would also build something like that in his life or even bigger than that. From that day, he chased his dream which came true in a bigger dimension. 3. He paved his own road to growth Gautam Adani was born in a family owning a textile business. But, he was never interested in his family business and made his first million within three years of his Mumbai life as a diamond broker. Adani was a self-made millionaire at the age of 20. 4. Sealed a 6,000 crore deal within 100 hours With his amazing negotiation skills, he obtained the Udupi Thermal Power Plant in a 6,000 crore rupees deal. The entire negotiation process lasted for not more than 100 hours. 5. His company is the biggest private power producer in the country Adani power limited is the power business of the Adani Group that owns a number of thermal power plants that produce up to 4620 MW. His company is the largest private power producer and the largest solar power producer in the country. 6. Gives about 3% of the Group’s earnings for philanthropic activities The Adani foundation is run with 3% of the profits he makes from the Adani Group ventures. Adani Vidya Mandir School in Ahmedabad provides free education to children from low-income families. 7. Through his port project, he realized his childhood dream In 1995, the Adani Group secured the contract for privately running the Mundra Port in Gujarat. Gautam turned it into the largest private port in India thus realizing his childhood dream in a manifold. 8. His group ranks high in the infrastructure segment Adani Group is ranked as the country’s most trusted infrastructure brand in “The Brand Trust Report 2015”. 9. He works with a mantra In an interview with the press people, he said that he works with a mantra that steered his way towards success. Throughout his entire life, he focused on trying rather than getting obsessed with the results. 10. He is the brain behind India’s port-rail linkage policy He approached the then Railway Minister of India Nitish Kumar and convinced him about the national importance of a scheme that would connect the country’s ports with the main railways. Following this, the port-rail linkage policy of the government was crafted. See Also - <a href="https://www.businessinsider.in/business/news/top-10-richest-people-in-the-world/articleshow/74415117.cms">Top 10 richest people in the world</a> <a href="https://www.businessinsider.in/entertainment/news/top-10-richest-actresses-of-india/articleshow/72018327.cms">Top 10 Richest Actress in India </a> <a href="https://www.businessinsider.in/meet-the-top-10-richest-actors-in-india/articleshow/69645149.cms">Top 10 richest actor in India</a>

Gautam Adani - Some interesting facts about Gautam Adani that you should know

<ul class="summary-list"><li>Adani Enterprises shot up 19% after a report found no conclusive evidence of price manipulation yet.</li><li>Shares of billionaire Gautam Adani's flagship company had their best day since January. </li></ul>Adani Enterprises surged 19% Monday after a preliminary report found no conclusive evidence of market manipulation as previously alleged by short seller Hindenburg Research. Shares of billionaire Gautam Adani's flagship company hit an intraday high of 2,347 rupees on the <a href="https://www.bseindia.com/stock-share-price/adani-enterprises-ltd/adanient/512599/" target="_blank" rel="noopener">BSE</a>, notching their best day since January.A panel assembled by India's Supreme Court found no conclusive evidence of Adani companies manipulation or regulatory failure, according to a preliminary report released Friday, adding that it has "not been able to prove that its suspicion can be translated into a firm case of prosecuting an allegation of violation."However, investigations are ongoing. The Securities and Exchange Board of India has an August 14 deadline to close its probe of the conglomerate.Shares of other Adani companies rallied on the news too, with their market value increasing more than 9% to hit $108.5 billion, according to <a href="https://www.wsj.com/livecoverage/stock-market-today-dow-jones-05-22-2023/card/adani-shares-have-their-best-day-since-a-short-seller-report-33rHQWIZRJQDguN4w9Wk" target="_blank" rel="noopener">FactSet data</a> on Monday. Hindenburg released a scathing report about Adani Group on January 24, alleging the Indian conglomerate had engaged in "a brazen stock manipulation and accounting fraud scheme over the course of decades."Adani Group has denied these allegations. Adani's wealth has plummeted by $54 billion year-to-date on the back of the stock selloff and the short-seller report, according to the <a href="https://www.bloomberg.com/billionaires/profiles/gautam-s-adani/" target="_blank" rel="noopener nofollow">Bloomberg Billionaires Index</a>.

Adani Enterprises surge 19% after report finds no evidence of stock-price manipulation alleged by short seller

<ul><li>The market value of Adani’s listed firms has grown over 5 times in the last one year.</li><li>The group’s listed companies’ market capitalisation has increased from ₹1.64 lakh crore to ₹8.5 lakh crore in this time.</li><li>Four out of the six companies have added more than ₹1 lakh crore to investor wealth, each.</li><li>Here’s a glance at how all the six listed <keyword id="6367820" type="ORGANIZATION" weightage="20" keywordseo="adani-group">Adani Group</keyword> companies have performed over the last one year in the share market.</li></ul>The rise of <keyword id="111343" type="PERSON" weightage="20" keywordseo="Gautam-Adani">Gautam Adani</keyword>, and his group of companies, has been meteoric over the last few years. The Ahmedabad-based group has leapfrogged from being a medium-sized one to one of the richest family-based businesses in India, leaving behind the likes of the Tatas, Birlas, Wadias among others. Only <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> stands ahead of Gautam Adani in terms of wealth. Ambani’s fortune stands at $77 billion, Adani is not far behind at $69 billion. In fact, since the beginning of 2021, Adani has <a href="https://www.timesnownews.com/business-economy/companies/article/gautam-adani-added-rs-75-crore-to-his-wealth-every-hour-in-2021-may-soon-surpass-mukesh-ambani/760748">added</a> ₹75 crore per hour to his wealth, after <keyword id="191583" type="PERSON" weightage="20" keywordseo="Jeff-Bezos">Jeff Bezos</keyword> and French luxury Tycoon <keyword id="309765" type="PERSON" weightage="20" keywordseo="Bernard-Arnault">Bernard Arnault</keyword>, who was briefly the <a href="https://www.businessinsider.in/international/news/bernard-arnault-and-family-beat-jeff-bezoz-become-the-richest-in-the-world-as-per-forbes-real-time/articleshow/82904356.cms">richest person in the world</a>. The story behind the rapid rise in Gautam Adani’s wealth and profile is the group’s focus on infrastructure investments. Over the last two years, the Adani group has made acquisitions worth ₹50,000 crore – of those, ₹25,000 crore came in the last year alone. Even as the world – and India – was reeling under the COVID-19 pandemic, Adani group companies across power, ports, gas distribution, power transmission sectors have seen a multi-fold surge in their market capitalisation – some of these have seen an increase of nearly 11 times in share prices. In total, the six Adani Group companies had a market cap of ₹1.64 lakh crore this time, last year. This has now surged to over ₹8.5 lakh crore – an increase of over 420%. Here’s a quick snapshot of how all the six Adani group companies listed on the stock exchanges have performed over the last 12 months: <div type="image" title="BAR CHART Adani Group market cap 26_05_20 - 21_05_21." msid="82968718" hostid="261" caption="&amp;lt;p&amp;gt;Market capitalisation of Adani Group companies.&amp;lt;/p&amp;gt;"></div> An investment of ₹10,000 across the six listed Adani group companies would be worth ₹52,000 now – a return of 420% in just 12 months. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">May 2020 (₹ crore) </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">May 2021 (₹ crore) </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Performance </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Total Gas </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12,604 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,47,292 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1069% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Enterprises </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15,348 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,44,603 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">842% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Transmission </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">19,615 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,59,939 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">715% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Green Energy </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">37,497 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,03,392 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">442% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Power </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14,155 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">39,012 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">176% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports &amp; SEZ </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">64,448 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,57,041 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">144% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,63,666 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8,51,279 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">420% </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/gland-pharma-ipo-from-2020-has-doubled-its-share-price-in-6-months/articleshow/82732413.cms">A super hit IPO from 2020 has finally doubled investors' money</a> <a href="https://www.businessinsider.in/india/news/indias-prime-minister-narendra-modi-gets-a-unique-proposal-via-a-newspaper-advertisement/articleshow/82908689.cms">India's Prime Minister Narendra Modi gets a unique proposal via a newspaper advertisement</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-green-energy-to-acquire-sb-energy-india/articleshow/82759578.cms">Adani Green Energy to acquire SB Energy India, boosting its renewable energy capacity by 4.9GW</a>

Every ₹10,000 invested in Adani’s listed firms last year is now worth ₹52,000

<ul><li>The shares of <keyword id="895682" type="COMPANY" weightage="20" keywordseo="Adani-Ports">Adani Ports</keyword> and Special Economic Zone are down by nearly 5% on April 13 after S&amp;P announced that it would be removing the company from its Dow Jones Sustainability Indices.</li><li>The dip comes after the shares of the company already fell by nearly 9% on April 12.</li><li>In the last two days, Adani Ports has nosedived by nearly 14% on fears of slump on global trade — and the company’s history in Myanmar isn’t helping.</li></ul>The share price of Adani Ports is down by 4.9% as of 12:00 pm. This comes after the US-based S&amp;P announced that they will be removing the company headed by Gautam Adani — one of India’s richest men — from its Dow Jones Sustainability Indices. This comes after the stock already fell by nearly 9% on April 12. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/5839415"></div>]]></cdata></div> After a strong show in recent months — despite the pandemic playing havoc — the nose dive of Adani Ports’ shares aren’t just a factor of the Myanmar controversy. The market is also in fear of a slump in international trade as the second wave of COVID-19 infections is triggering countries around the world to be on guard. This led the Sensex to crash by 1,700 points yesterday. <div type="Article" hostid="261" msid="82043202" title="Gautam Adani and Mukesh Ambani cumulatively lost nearly $7 billion as the markets plunged" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="S&amp;P scraps Adani Ports from its indices" comment="subhead" text="S&amp;P scraps Adani Ports from its indices">S&amp;P scraps Adani Ports from its indices</cmsannotation> “Analysis triggered by recent news events pointing to heightened risks to the company regarding their commercial relationship with Myanmar’s military, who are alleged to have committed serious human abuses under international law,” said the <a href="https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20210412-1355163/1355163_djsi-adani-20210412.pdf">announcement</a>. Earlier this month, the Australian Centre of International Justice (ACIJ) and activist group Justice for Myanmar (JFM) had also <a href="https://www.businessinsider.in/stock-market/news/gautam-adanis-adani-ports-share-price-rallies-even-as-nse-and-bse-are-being-called-on-to-take-action-against-the-company-for-myanmar-military-ties/articleshow/81843747.cms">called on</a> India’s National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) to take cognizance of the allegations. The civil liberties organisations’ stated that Adani Ports was ‘factually misleading’ its stakeholder, but no action has been taken so far. “This shows there are commercial consequences for Adani Ports’ and other businesses that continue to disregard human rights responsibilities by financing the Myanmar military,” said Justice For Myanmar spokesperson <a href="https://www.justiceformyanmar.org/press-releases/adani-ports-removed-from-dow-jones-sustainability-index">Yadanar Maung</a>, hailing the S&amp;P’s decision. Adani Ports did not immediately respond to an emailed request for comments from Business Insider India. <cmsannotation type="cmsannotation" annotationid="What are the allegations leveled against Gautam Adani’s company?" comment="subhead" text="What are the allegations leveled against Gautam Adani’s company?">What are the allegations leveled against Gautam Adani’s company?</cmsannotation> Adani Ports and Special Economic Zone is one of the largest private port operators in India. And, it has plans to build a $290 million port in Yangon on land that it has leased from the Myanmar Economic Corporation (MEC). The problem lies in the fact that the MEC is run by the Myanmar military. And the military has been accused of violating human rights when it <a href="https://www.businessinsider.in/international/news/people-in-myanmar-are-using-trash-to-protest-as-the-death-toll-climbs-to-more-than-500/articleshow/81770094.cms">toppled the government</a> on February 1. The coup led to the deaths of at least 700 people. The incident drew criticism from all corners of the globe, including <a href="https://www.businessinsider.in/politics/world/news/biden-announces-sanctions-targeting-myanmar-military-leaders-to-urge-them-to-release-detained-elected-leaders/articleshow/80826948.cms">sanctions from the US</a> and Britain on the MEC and Myanmar Economic Holdings Public Company Limited (MEHL). “Adani Ports’ business with a Myanmar military company is reflective of its unethical business also demonstrated via its contribution to the climate crisis, through its involvement in the proposed Adani Carmichael coal project in Australia,” pointed out the executive director of the ACIJ, <a href="https://acij.org.au/joint-media-release-adani-ports-removed-from-dow-jones-sustainability-index/">Rawan Arraf</a>. In an earlier statement, <a href="https://www.adaniports.com/Newsroom/Media-Releases/Media-Statement-from-Adani-Group-on-Myanmar-Situation">Adani Ports spokesperson</a> said that the company is looking into the allegations. “Much like our global peers, we are watching the situation in Myanmar carefully and will engage with the relevant authorities and stakeholders to seek their advice on the way forward,” they said. SEE ALSO: <a href="https://www.businessinsider.in/business/news/gautam-adani-and-mukesh-ambani-cumulatively-lost-nearly-7-billion-as-the-markets-plunged/articleshow/82043202.cms">Gautam Adani and Mukesh Ambani cumulatively lost nearly $7 billion as the markets plunged</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-has-broken-many-records-in-the-last-the-three-months-from-revenue-to-new-deals-to-new-hiring/articleshow/82034522.cms">TCS has broken many records in the last three months — but that isn't good enough for the market</a> <a href="https://www.businessinsider.in/finance/news/rbis-g-sap-1-0-is-certainly-a-much-needed-demand-lever-to-support-the-government-borrowing-programme/articleshow/82042416.cms">RBI’s G-SAP 1.0 is certainly a much needed demand lever to support the government borrowing programme</a>

Adani Ports’ shares down 14% in two days as market fears a slump in global trade and Myanmar issue denting its image

<ul class="summary-list"><li>Short-seller Hindenburg Research made accusations against the head of India's market regulator.</li><li>It said that the regulator had links to offshore funds also used by the Adani Group.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/hindenburg-research-adani-group-explained-stock-crash-short-seller-profits-2024-7">Gautam Adani</a>, one of the world's richest men and founder of Adani Group, has suffered yet another setback.This week, fresh accusations by activist short-seller <a target="_blank" href="https://markets.businessinsider.com/news/stocks/axos-financial-stock-price-selloff-hindenburg-research-short-seller-trump-2024-6">Hindenburg Research</a> led to a heavy share sell-off at Adani's group of companies, wiping off around $2.4 billion in their total market value, according to <a target="_blank" class="" href="https://www.reuters.com/markets/asia/indias-adani-shares-drop-after-hindenburg-allegations-sebi-chairs-past-2024-08-12/#:~:text=%242.43%20billion%2C%20or%201%25%2C,of%20more%20than%20%2413%20billion.">Reuters</a>.It came after New York-based Hindenburg accused the head of India's capital markets regulator of having links to an offshore fund structure also used by the Adani Group.Hindenburg, whose business model is based on betting against a company's stock price, has a history of accusing Adani Group of misconduct.It isn't the first time it has tanked Adani Group's market value. The Adani Group's stock value fell by around $150 billion in 2023 after Hindenburg Research first leveled accusations at it in January.In a report titled "How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History," Hindenburg alleged that the company used tax havens improperly and was involved in stock manipulation and fraud "over decades."This led to an investigation into the sprawling multibillion-dollar empire headed by the Supreme Court of India in collaboration with the Securities and Exchange Board of India (SEBI).Citing whistleblower documents, Hindenburg's latest report claims that the head of the SEBI, Madhabi Puri Buch, has a conflict of interest in the Adani investigation due to stakes she and her husband held in offshore entities that Hindenburg said were used to artificially inflate shares of companies owned by the Adani Group.The couple released a statement saying that they "strongly deny the baseless allegations and insinuations made in the report."In a separate statement, the regulator said allegations made by Hindenburg Research against the Adani Group had been investigated, according to <a target="_blank" class="" href="https://www.reuters.com/markets/asia/indias-adani-shares-drop-after-hindenburg-allegations-sebi-chairs-past-2024-08-12/#:~:text=%242.43%20billion%2C%20or%201%25%2C,of%20more%20than%20%2413%20billion.">Reuters</a>.The Adani Group categorically denied all accusations, with a <a target="_blank" class="" href="https://www.adani.com/en/Newsroom/Media-Release/Hindenburg-Report-Red-Herring">statement on its website</a> calling the report "malicious, mischievous and manipulative selections of publicly available information."The statement also accused Hindenburg of arriving at "pre-determined conclusions for personal profiteering with wanton disregard for facts and the law."Adani's <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/who-is-gautam-adani-indian-industrialist-billionaire-wealth-elon-musk-2022-12">wealth</a> surged in 2022, making him the third richest person in the world at the start of 2023. However, following the allegations from Hindenburg Research, he fell to 22nd place on the Bloomberg Billionaires Index.The Index estimates his net worth to be $104 billion, which currently places him as the 12th richest person in the world, behind Mukesh Ambani, the richest man in Asia.The latest accusations come at a difficult time for Adani. His company is trying to expand internationally. Last week, <a target="_blank" class="" href="https://www.businessinsider.com/india-billionaire-karan-adani-plans-challenge-china-dominance-seaports-2024-8">Business Insider</a> reported that Karan Adani, Gautam Adani's son, wants to loosen China's grip on seaports and transform India into a major trading hub.Hindenburg Research, Adani Group, SEBI, and Madhabi Puri Buch did not immediately respond to BI's request for comment.

Value of company run by one of the world's richest people slides after new allegations by a New York short-seller

<ul><li>The Australian Centre of International Justice (ACIJ) and activist group Justice for Myanmar (JFM) have called on India's stock exchanges to take regulatory action against <keyword id="895682" type="COMPANY" weightage="20" keywordseo="Adani-Ports">Adani Ports</keyword>, led by Indian billionaire <keyword id="111343" type="PERSON" weightage="20" keywordseo="Gautam-Adani">Gautam Adani</keyword>.</li><li>According to them, the company is ‘factually misleading’ stakeholders by failing to disclose its association with the Myanmar military.</li><li>Meanwhile, Adani Ports saw its share price skyrocket by nearly 5% on the National Stock Exchange (NSE) as well as the Bombay Stock Exchange (BSE).</li></ul>Indian billionaire Gautam Adani seems to be unable to get away from the controversy of allegedly having close ties with the Myanmar military — which is now ruling the country after a coup — even after multiple denials. The Australian Centre of International Justice (<a href="https://acij.org.au/joint-media-release-adani-ports-misleads-shareholders-in-statement-that-fails-to-disclose-myanmar-military-ties-nse-and-bse-must-take-regulatory-action/">ACIJ</a>) and activist group Justice for Myanmar (JFM) have called on the India’s stock exchanges to take regulatory action against his company, Adani Ports, for failing to disclose ties with the military junta. Meanwhile, Adani Ports’ — the largest private port operator in India — shares rallied by 4.43% on the National Stock Exchange (NSE) and 4.77% on the Bombay Stock Exchange (BSE) on April 1. Gautam Adani, the chairman and managing director of the Adani Group, has seen his <a href="https://www.businessinsider.in/business/corporates/news/gautam-adani-beats-elon-musk-jeff-bezos-and-mukesh-ambani-in-2021-with-highest-increase-in-net-worth/slidelist/81467132.cms">wealth skyrocket in 2021</a>. His net worth has grown more than even Amazon’s Jeff Bezos or Tesla’s Elon Musk this year. <div type="image" title="Copy of wipro share price" msid="81844454" hostid="261" caption="&amp;lt;p&amp;gt;Adani Ports&amp;#39; share price since 1 January 2021&amp;lt;/p&amp;gt;"></div> The civil rights organisation claims that the statement released by <a href="https://www.adaniports.com/Newsroom/Media-Releases/Media-Statement-from-Adani-Group-on-Myanmar-Situation">Adani Ports</a> on March 31 is ‘factually misleading’. The issue centres around how the company is linked to the Myanmar Economic Corporation (MEC). “Adani Ports’ direct business with MEC exposes shareholders to major international law, corruption and reputational risks,” wrote ACIJ in its press release on April 1. Business Insider India has reached out to Adani Ports for a comment on the issue but is yet to receive a response. <cmsannotation type="cmsannotation" annotationid="Why is Adani Ports’ association with MEC a concern of civil rights?" comment="subhead" text="Why is Adani Ports’ association with MEC a concern of civil rights?">Why is Adani Ports’ association with MEC a concern of civil rights?</cmsannotation> The MEC is controlled by Myanmar’s armed forces that have been accused by the United Nations (UN) of committing genocide and crimes against humanity. <a href="https://www.businessinsider.in/international/news/in-2-months-myanmars-military-has-killed-more-than-500-people-the-international-community-has-done-little-to-help-/articleshow/81819602.cms">More than 500 people</a> have been killed in the Myanmar military’s brutal crackdown on protests against its coup to oust civilian leader Aung San Suu Kyi. Moreover, the US hit the MEC with sanctions <a href="https://techcrunch.com/2021/03/29/united-states-myanmar-sanctions-internet/">last week</a> citing that the MEC is ‘a vital financial lifeline for the military junta’. According to the <a href="https://acij.org.au/wp-content/uploads/2021/03/Port-of-Complicity-Report-FINAL-Low-Resolution-Version.pdf">ACIJ and JFM</a>, documents show that Adani Ports will pay up to $30 million in land lease fees for the project to the MEC. Moreover, documents filed with Myanmar’s corporate regulator show Adani bringing in $141 million ‘capital in cash and $148 million ‘capital in kind’ for the project as per <a href="https://www.abc.net.au/news/2021-03-30/queensland-adani-ports-myanmar-military-deal/100032156">ABC Australia</a>’s investigation. However, Adani Ports’ maintains that the facts are being misrepresented. <cmsannotation type="cmsannotation" annotationid="The timeline of accusations against Adani Ports — and subsequent denials" comment="subhead" text="The timeline of accusations against Adani Ports — and subsequent denials">The timeline of accusations against Adani Ports — and subsequent denials</cmsannotation> As early as August 2018, the UN Human Rights Council (UNHRC) <a href="https://www.ohchr.org/Documents/HRBodies/HRCouncil/FFM-Myanmar/A_HRC_39_CRP.2.pdf">issued a public warning</a> to foreign corporations not to do business with the MEC. However, 10 months later, on 23 May 2019, Adani Ports entered into a ‘build, operate, transfer’ (BOT) agreement with the entity as per ACIJ’s report. The deal entails Adani Ports’ Myanmar subsidiary — the Adani Yangon International Terminal Company — constructing a container port in Yangon on MEC’s military-owned land. Come September 2019, a report by UNHRC listed out the corporations involved in operations with the MEC. Many began to review their business operations and disengaged from ongoing projects. Meanwhile, Adani Ports remained silent. But, as pressure built up, Adani Ports <a href="https://www.business-humanrights.org/en/latest-news/adani-ports-sez-ltd-did-not-respond/">categorically denied</a> engaging with Myanmar’s military leadership in order to facilitate its project in the country in February earlier this year. However, <a href="https://www.abc.net.au/news/2021-03-30/queensland-adani-ports-myanmar-military-deal/100032156">photographic and video evidence</a> sourced by ABC Australia earlier this week contradicts those claims. Adani Ports claims that the visit was a ‘cultural courtesy’ and a ‘customary practice’. “Much like our global peers, we are watching the situation in Myanmar carefully and will engage with the relevant authorities and stakeholders to seek their advice on the way forward,” said the company's spokesperson in a <a href="https://www.adaniports.com/Newsroom/Media-Releases/Media-Statement-from-Adani-Group-on-Myanmar-Situation">statement</a> on March 31. Adani’s port projects in <a href="https://www.stopadani.com/">Australia</a> and <a href="https://www.downtoearth.org.in/news/environment/why-are-ennore-residents-protesting-against-adani-s-kattupalli-port-expansion-project--75894">Tamil Nadu</a> have also received criticism from activist groups, politicians and locals over environmental concerns. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/nasa-isros-nisar-satellite-could-face-a-seven-month-delay-and-cost-36-million-more-bearing-the-impact-of-covid-19/articleshow/81841231.cms">NASA-ISRO joint radar satellite could face a seven-month delay and cost $36 million more bearing the impact of COVID-19</a> <a href="https://www.businessinsider.in/finance/banks/news/state-bank-of-indias-sbi-mobile-banking-services-have-been-down-for-over-an-hour/articleshow/81820564.cms">SBI's mobile banking seems to have hit a snag — this time without a warning</a>

Aussie civil rights group calls on India's stock exchanges to take action against Adani Ports for 'factually misleading' stakeholders

<ul class="summary-list"><li>Gautam Adani — Asia's richest person — saw his wealth plunge over $20 billion on Friday alone, per Bloomberg.</li><li>The wealth wipeout followed a crash in the shares of his listed businesses, after a bombshell short-seller report.</li></ul>It's just one month into 2023, but Gautam Adani, Asia's richest person, has already seen his wealth plunge by nearly a quarter following a short seller's bombshell report against the Adani conglomerate.In a scathing <a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener nofollow">report</a> last Tuesday titled "how the world's 3rd richest man is pulling the largest con in corporate history," Hindenburg Research leveled allegations of "brazen stock manipulation and accounting fraud scheme" at the Adani Group.Shares of the company's listed businesses crashed in response, losing <a href="https://markets.businessinsider.com/news/stocks/adani-group-loses-50-billion-market-value-hindenburg-2023-1">over $50 billion</a> in market value Wednesday through Friday, according to <a href="https://www.bloomberg.com/news/articles/2023-01-27/adani-group-stocks-plunge-extend-rout-from-short-seller-report" target="_blank" rel="noopener nofollow">Bloomberg</a>. Since much of Adani's wealth is derived from his stakes in the companies, the Indian billionaire's wealth also took a massive hit, plunging $20.8 billion on Friday, according to the <a href="https://www.bloomberg.com/billionaires/" target="_blank" rel="noopener">Bloomberg Billionaires Index.</a>Adani, who's wealth clocks in at around $92.7 billion as of January 30, is still the world's richest Asian, but his ranking on <a href="https://www.bloomberg.com/billionaires/" target="_blank" rel="noopener">Bloomberg's Billionaires Index</a> has dropped to the seventh place — down from the fourth position <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-hindenburg-allegations-net-worth-crash-2023-1">earlier last week.</a> His fortune has fallen almost $28 billion or about 23% so far this year.This is the largest ever hit to the Indian billionaire's wealth and the steepest ever market-driven decline for anyone in Asia, according to <a href="https://www.bloomberg.com/news/articles/2023-01-27/gautam-adani-fortune-collapses-20-billion-with-empire-under-short-seller-siege" target="_blank" rel="noopener">Bloomberg.</a><h2>Adani Group has strongly rebutted Hindenburg's report</h2>Hindenburg's report also comes at an inopportune time for the Adani Group, which is offering a <a href="https://www.adanienterprises.com/-/media/Project/Enterprises/Investors/Corporate-Announcement/492-AELBM1801.pdf?la=en" target="_blank" rel="noopener nofollow">secondary share sale</a> of Adani Enterprises — the flagship business of the Adani business empire. The sale closes Tuesday.But the Adani Group had not taken the attack lightly — in fact, it has put up strong rebuttals against Hindenburg's allegations and <a href="https://www.adani.com/Newsroom/Media-Release/Media-statement-II-on-a-report-published-by-Hindenburg-Research" target="_blank" rel="noopener">said on Thursday</a> it was <a href="https://markets.businessinsider.com/news/stocks/adani-group-legal-action-hindenburg-short-seller-2023-1">exploring legal action.</a>On Sunday, the conglomerate also issued a <a href="https://www.adani.com/-/media/Project/Adani/Invetsors/Adani-Response-to-Hindenburg-January-29-2023" target="_blank" rel="noopener">413-page report</a> against Hindenburg, saying its report is "nothing but a lie." "This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," the Adani Group said in its Sunday report.<a href="https://hindenburgresearch.com/?p=2500">Hindenburg responded</a> on Sunday the Adani Group failed to answer most of the questions it had asked and had "predictably tried to lead the focus away from substantive issues and instead stoked a nationalist narrative" and tried to conflate Adani's rise with the success of India itself. "To be clear, we believe India is a vibrant democracy and an emerging superpower with an exciting future," Hindenburg said in its strongly worded statement. "We also believe India's future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation."Hindenburg further said "fraud is fraud, even when it's perpetrated by one of the wealthiest individuals in the world."Adani did not immediately respond to Insider's request for comment sent via the Adani Group.

Gautam Adani is tumbling down the ranking of the world's richest people, and he's already lost $28 billion in the first month of 2023

<ul><li>The short-seller that helped expose fraud at Nikola Motors is now targeting a firm owned by the fourth richest person in the world.</li><li>Hindenburg Research issued a short-report on the India-based Adani Group on Wednesday.</li><li>Hindenburg alleged that Gautam Adani is "pulling the largest con in corporate history."</li></ul>Hindenburg Research rose to prominence when <a href="https://www.businessinsider.com/nikola-short-seller-hindenburg-alleges-fraud-electric-trucks-trevor-milton-2020-9">it exposed fraud at Nikola Motors in 2020,</a> which ultimately led to the downfall of its founder, Trevor Milton, and a more than 90% decline in Nikola's stock price.Now, the short-selling outfit has turned its attention to Gautam Adani, the world's fourth-richest person and founder and chairman of Adani Group, an India-based conglomerate that owns everything from cement businesses to media companies. After a two-year investigation, Hindenburg <a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener">alleged in a report on Wednesday</a> that the Adani Group operates a web of shell companies that engage in market manipulation and accounting fraud.Those practices are what helped catapult Adani from a rather-unknown businessman outside of India to the world's fourth richest person in just three years, according to Hindenburg.According to the Bloomberg Billionaires Index, Adani is worth $118.9 billion, just behind Jeff Bezos wealth of $119.6 billion as of Wednesday morning. At the start of 2020, Adani had a net worth of just $10 billion, according to Bloomberg.The Adani Group is the largest port operator in India, and is also India's largest coal trader and thermal coal producer. Adani himself currently owns 75% of Adani Enterprises, Adani Power, and Adani Transmissions. He also owns about 37% of Adani Total Gas, 66% of Adani Ports and Special Economic Zone, and 66% of Adani Green Energy.All of these publicly traded companies have seen their stock prices soar over the past few years, driving the bulk of Adani's massive wealth gain.But Hindenburg thinks the valuations of Adani-linked companies are inflated, even if you disregard its allegations of financial malpractice."Even if you ignore the findings of our investigation and take the financials of Adani Group at face value, its 7 key listed companies have 85% downside purely on a fundamental basis owing to sky-high valuations," Hindenburg said.Hindenburg currently holds a short position against the Adani group and is poised to profit if its market valuation declines. Following the release of Hindenburg's report early Wednesday morning, Adani Group companies lost a combined $12 billion in market value. A response from Adani Group's CFO Jugeshinder Singh denied the allegations, <a href="https://twitter.com/AdaniOnline/status/1618169673073451008/photo/1" target="_blank" rel="noopener">saying in a statement</a> that the report is "a malicious combination of selective misinformation and stale, baseless and discredited allegations." Singh said Hindenburg made no attempt to contact them to verify allegations in the report. Singh also said the timing of Hindenburg's report was designed to inflict damage on its planned follow-on public offering of shares from Adani Enterprises. But according to Hindenburg, there are plenty of red flags that investors should be aware of. Those include the Adani Group utilizing a tiny audit firm that has no current website and has audited just one other publicly listed firm, and the fact that the conglomerate has previously been the subject of four fraud investigations by the Indian government. "We believe the Adani Group has been able to operate a large, flagrant fraud in broad daylight in large part because investors, journalists, citizens and even politicians have been afraid to speak out for fear of reprisal," Hindenburg said.

The short-seller who exposed fraud at Nikola is now targeting a conglomerate owned by the 4th richest person in the world

<ul class="summary-list"><li>Indian tycoon Gautam Adani's companies have lost over $110 billion in market value since a US short seller attack in January.</li><li>Since then, Adani's ties with Prime Minister Narendra Modi have come under scrutiny.</li></ul>Indian tycoon Gautam Adani's troubles with his conglomerate's stock price have spilled over to his country's politics — his ties to Prime Minister Narendra Modi have now come under scrutiny.Ever since US short seller Hindenburg Research released a scathing <a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener nofollow">report</a> on January 24 alleging a "brazen stock manipulation and accounting fraud scheme" at the conglomerate, the shares of Adani Group companies have <a href="https://markets.businessinsider.com/news/stocks/adani-hindenburg-shares-india-sebi-regulator-calm-market-2023-2">been in freefall.</a> And now angry protestors are demanding an investigation into these allegations. On Monday, hundreds of Indian opposition party members demonstrated on the streets of New Delhi, hitting out at investments into Adani's firms made by several state-backed companies as a market rout tore through the companies, <a href="https://www.reuters.com/world/india/indias-adani-shares-see-extended-sell-off-credit-warnings-kick-2023-02-06/" target="_blank" rel="noopener">Reuters</a> reported.Even Modi has been dragged into the kerfuffle — since both he and Adani are from the western Indian state of Gujarat. The prime minister's political opponents say that the leader favors Adani — a claim the Modi government has rejected, per <a href="https://www.reuters.com/world/india/indias-adani-shares-see-extended-sell-off-credit-warnings-kick-2023-02-06/" target="_blank" rel="noopener">Reuters.</a> Adani himself told a local TV channel on Friday that claims of his rise are thanks to a close friendship with Modi are "baseless," reported the <a href="https://timesofindia.indiatimes.com/business/india-business/gautam-adani-says-crediting-his-rise-to-pm-modi-a-baseless-allegation/articleshow/97569363.cms" target="_blank" rel="noopener">Times of India.</a> "The fact of the matter is that my professional success is not because of any individual leader," said Adani.<div type="image" title="Activists of the youth wing of India's main opposition Congress party try to break a police barricade during a protest against what they say are investments by Life Insurance Corporation (LIC) and State Bank of India (SBI) in Adani Group, in New Delhi, India, February 6, 2023." height="2816" width="3754" msid="97692100" hostid="261" sizebytes="710962"></div>Still, perceived coziness between Modi and Adani has become an asset to Modi's political opponents, Steno Research, a Denmark-based research house, wrote in a February 3 <a href="https://www.smartkarma.com/insights/india-watch-why-india-suffers-when-china-is-open-for-business" target="_blank" rel="noopener nofollow">report</a> published on the Smartkarma research platform."The Hindenburg scandal is the perfect weapon for the Indian political opposition against PM Modi. Not only is Modi's relationship with Adani coming into question, Modi's growth model is too," the research firm wrote.The Adani Group itself said in a <a href="https://www.adani.com/-/media/Project/Adani/Invetsors/Adani-Response-to-Hindenburg-January-29-2023" target="_blank" rel="noopener nofollow">January 29 report</a> refuting Hindenburg's claims that the short sellers' report was "not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity, and quality of Indian institutions, and the growth story and ambition of India."In response, <a href="https://hindenburgresearch.com/?p=2500" target="_blank" rel="nofollow noopener">Hindenburg</a> said Adani was trying to take the focus away from substantive issues and was stoking a "nationalist narrative" instead.But, "the patriotic outcry is not entirely unfounded," noted said Steno Research.<div type="image" title="Opposition parties' MPs stage a protest over Adani row at the Gandhi statue, in the Parliament complex, on February 6, 2023 in New Delhi, India." height="3336" width="4449" msid="97692103" hostid="261" sizebytes="992582"></div>The selloff in Adani shares — which <a href="https://www.bloomberg.com/news/articles/2023-02-03/adani-rout-spurred-by-short-seller-among-biggest-in-history">topped $110 billion in two weeks</a> — <a href="https://www.businessinsider.com/adani-ambani-bad-month-indian-billionaires-lost-billions-2023-1?utm_medium=ingest&amp;utm_source=markets" rel="">spilled over</a> into the broader Indian markets. The benchmark Sensex and Nifty 50 indices dipping lower, which is prompting concerns about corporate governance and debt in the country — this could also have wider implications."The Adani Group — with investments in ports, roads, rail, airports, and power — is now a crucial vehicle for India's economic ambitions under PM Narendra Modi Combined with Adani's vast debt intake, some commentators are fearing that the Hindenburg report is threatening the wider Indian economy," added Steno Research in its February 3 report.On its part, the Adani Group has been troubleshooting hard. On <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-net-worth-billionaire-world-richest-list-hindenburg-shortseller-2023-1?_gl=1*f11orn*_ga*MTMwNjYzODQ5MS4xNjMzMzIwMTA2*_ga_E21CV80ZCZ*MTY3NTc0NjA0OS4yNDU4LjEuMTY3NTc0Njg0OC4wLjAuMA..&amp;utm_medium=ingest&amp;utm_source=markets" rel="">January 29,</a> it released a <a href="https://www.adani.com/-/media/Project/Adani/Invetsors/Adani-Response-to-Hindenburg-January-29-2023" target="_blank" rel="noopener nofollow">413-page report</a> defending itself against Hindenburg's allegation — just three days after saying it was <a href="https://markets.businessinsider.com/news/stocks/adani-group-legal-action-hindenburg-short-seller-2023-1?_gl=1*f2o1x6*_ga*MTMwNjYzODQ5MS4xNjMzMzIwMTA2*_ga_E21CV80ZCZ*MTY3NTc0NjA0OS4yNDU4LjEuMTY3NTc0Njk3MS4wLjAuMA..&amp;utm_medium=ingest&amp;utm_source=markets" rel="">exploring potential legal action</a> against the short seller.They even sought to restore investor confidence by prepaying $1.1 billion in loans, the conglomerate said in a <a href="https://www.adani.com/Newsroom/Media-Release/Statement-On-Pledge-of-Shares-of-Adani-Listed-Companies" target="_blank" rel="noopener nofollow">statement</a> on Monday. It said the move was made "in light of recent market volatility."And it seems to be working — some Adani Group-related stocks appeared to be lifted by the news.The conglomerate's flagship company, Adani Enterprises shares were 15.6% higher by 2.45 p.m. local time, while those of Adani Ports and Special Economic Zone climbed 2.4%. Shares of Adani Transmission were also up about 1%. Adani Green Energy, Adani Power, and Adani Total Gas were all 5% lower.

India's stock market crisis isn't just the Adani Group's problem — it's a political issue for Prime Minister Modi too

US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani group</keyword> may be because its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation slammed by the SEBI head as "baseless" while Adani group said it never had any commercial relations with Buch. Hindenburg alleged that Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI, in October 2020, began a probe into the shareholding structure of Adani group companies after red flags were raised over the high concentration of foreign holdings in the conglomerate's listed companies. An investigation was launched to determine if the foreign investors were genuine public shareholders or acting as fronts for the promoters. SEBI, last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14-20% across five publicly traded stocks of the conglomerate. It hasn't stated if the two probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi Puri Buch and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same." Buchs further said they have no hesitation in disclosing any financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. While the statement did not talk about the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Separately, Adani group in a regulatory filing called the allegations by Hindenburg as "malicious, mischievous and manipulative selections of publicly available information to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law." "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing," it said. "We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements". Rejecting the allegations, it said they were nothing but a "recycling of discredited claims that have been thoroughly investigated, proven to be baseless, and already dismissed by the Supreme Court in March 2023." "It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents," Adani group said, adding Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007-2008) and, later, a director of Adani Enterprises until 2017. "For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws," it added. Hindenburg on Saturday stated that the SEBI chairperson and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline, and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a full-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said the Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." Buch and her husband may have first opened their account with IPE Plus Fund 1 on June 5, 2015, in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani director through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod Adani, brother of Gautam Adani, used this structure to invest in Indian markets with funds allegedly siphoned from over-invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. "This raises fresh questions about Gautam Adani's two 2022 meetings in quick succession with Ms Buch shortly after she became SEBI chairperson. Recall that SEBI was supposedly investigating Adani transactions at the time," Congress leader Jairam Ramesh said. In January last year, Hindenburg Research, which in the past has shorted - or bet against - companies like electric truck maker Nikola Corp and Twitter, accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. Though the conglomerate vehemently denied all allegations, the damning report sent the group's shares into a free fall, wiping out over USD 150 billion in market value of the 10 listed entities at their lowest point. Most of the 10 listed companies have since recouped the losses. After the Hindenburg report, the Supreme Court asked market regulator SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalizing and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticized the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the conglomerate creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. The group led by billionaire Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that were raised pledging shares, reined in expenses, repaid some debt and refocused energies on core business. Adani is now ranked 12th richest in the world, one notch and USD 6 billion shy of rival billionaire Mukesh Ambani. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Adani has insisted the Hindenburg report has not changed operations at his companies, which include ports, airports, renewable parks generating electricity from sunlight and wind energy, gas distribution, cement processors, data centers, and even apple farms. 360 One Wam Ltd, formerly known as IIFL Wealth Management Ltd, separately said IPE-Plus Fund 1, a fully compliant and regulated fund, was launched in October 2013 and operated until October 2019. "Throughout the fund's tenure, IPE-Plus Fund 1 made zero investments in any shares of the Adani Group either directly or indirectly through any fund," it said. "At its peak, the fund's Assets Under Management (AUM) reached approximately USD 48 million, with over 90% of the fund consistently invested in bonds." The fund, it said, was managed as a discretionary fund by the Investment Manager. "No investor had any involvement in the fund's operations or investment decisions. Mrs. Madhabi Buch &amp; Mr. Dhaval Buch's holdings in the fund were less than 1.5% of the total inflow into the fund." Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funneled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI Wholetime Member, her husband, Dhaval Buch, wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval Buch requested to"be the sole person authorized to operate the accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval Buch is currently a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan. "In a later account statement dated February 26, 2018, addressed to Madhabi Buch's private email, the full details of the structure are revealed: "GDOF Cell 90 (IPEplus Fund 1)". Again, this is the same Mauritius-registered "cell" of the fund, found several layers deep in a convoluted structure, reportedly used by Vinod Adani," Hindenburg alleged. From April 2017 to March 2022, while Buch was a Wholetime member and Chairperson at SEBI, she had a 100 % interest in an offshore Singaporean consulting firm, called Agora Partners, it alleged adding On March 16, 2022, two weeks after she was appointed SEBI Chairperson, she quietly transferred the shares to her husband. To date, SEBI has taken no action against these funds, it claimed. "If SEBI wanted to find the offshore fund holders, perhaps the SEBI Chairperson could have started by looking in the mirror," Hindenburg said. In response to requests from the Supreme Court to investigate the Adani matter, SEBI is said to have hit a wall unveiling the holders of the offshore funds. The Supreme Court said that while SEBI seemingly agreed with its concerns over who funded Adani's offshore shareholders, "it is evident that SEBI has drawn a blank in this investigation", the firm alleged.

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Gautam Adani - Some interesting facts about Gautam Adani that you should know

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Adani Ports’ shares down 14% in two days as market fears a slump in global trade and Myanmar issue denting its image

Prabhjote Gill

Value of company run by one of the world's richest people slides after new allegations by a New York short-seller

Hannah Abraham

Aussie civil rights group calls on India's stock exchanges to take action against Adani Ports for 'factually misleading' stakeholders

Prabhjote Gill

Gautam Adani is tumbling down the ranking of the world's richest people, and he's already lost $28 billion in the first month of 2023

Huileng Tan

The short-seller who exposed fraud at Nikola is now targeting a conglomerate owned by the 4th richest person in the world

Matthew Fox

India's stock market crisis isn't just the Adani Group's problem — it's a political issue for Prime Minister Modi too

Huileng Tan

Hindenburg target SEBI chief, she calls charges baseless, Adani says no commercial relationship with SEBI head

PTI

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