Skip to content 
Search

Latest Stories

India's Adani mulls independent review after short-seller's criticism

The group, led by billionaire Gautam Adani, has been roiled by days of market turmoil after Hindenburg Research on Jan. 24 alleged it had engaged in stock manipulation and used tax havens.

India's Adani mulls independent review after short-seller's criticism

India's Adani Group is considering an independent evaluation of issues relating to legal compliance, related party transactions and internal controls following a U.S. short-sellers critical report on its businesses, disclosures showed on Tuesday.

The group, led by billionaire Gautam Adani, has been roiled by days of market turmoil after Hindenburg Research on Jan. 24 alleged it had engaged in stock manipulation and used tax havens. It also said the group had unsustainable debt.


Adani Group has denied the allegations, saying it complies with all laws and has made necessary disclosures over time. Nonetheless, investors dumped its shares as concerns of financial contagion grew.

The quarterly earnings disclosures of three Adani units -- Adani Green Energy ADNA.NS, Adani Ports and Special Economic Zone APSE.NS and Ambuja Cements ABUJ.NS -- noted that a short seller had alleged "certain issues against some" Adani group entities, saying for the first time they may be looked into.

"The management of Adani group entities are evaluating an independent assessment, basis the requisite corporate approvals, to look into the issues and compliance of applicable laws and regulations, transaction-specific issues," Adani Green said in its quarterly earnings filing, without describing the issues.

While Ambuja's filing was similar, Adani Ports said it would evaluate an independent assessment on the matter, if required.

The disclosure comes as shares of Adani Group rallied on Tuesday, a day after it prepaid some loans, bringing relief to investors that have seen $113.6 billion wiped off the conglomerate's market value since the Hindenburg Research report two weeks ago.

The crisis is one of the biggest reputational challenges for 60-year-old Adani, whose fortunes surged in recent years along with his stock prices, before the Hindenburg jolt. In a major setback for the billionaire, the market rout also forced him to shelve a key $2.5 billion share sale last week.

Moody's rating agency has warned the share-price plunge could hit the group's ability to raise capital, while India's central bank has started checking on lenders' exposure to it.

On Monday, Adani Group said it would pre-pay $1.11 billion of loans on shares. Separately, JPMorgan on Tuesday said the group companies were still eligible for inclusion in the bank's bond indexes.

The group's flagship company is Adani Enterprises Ltd ADEL.NS closed up 14.6% on Tuesday, still around half the level seen before the Hindenburg report was released.

Adani Enterprises' recovery from its lows has attracted a lot of traders to the stock, said Ambareesh Baliga, a Mumbai-based independent market analyst.

"Monday's announcement of them being able to close over $1 billion loans also worked in their favour. Fundamentally speaking, looking at the issues which are there, the stock is still quite expensive," he said.

The cumulative losses of Adani group's seven listed companies still stand at $109 billion despite Adani Ports also gaining 1.4% on Tuesday and Adani Wilmar ADAW.NS adding 5%.

Adani Green, Adani Total Gas Ltd ADAG.NSand Adani Power ADAN.NS, all however ended 5% lower.

After hundreds of members of India's main opposition Congress party took to the streets on Monday pressing for a probe into Hindenburg's allegations, dozens of activists from its youth wing gathered outside the Life Insurance Corporation's office in New Delhi on Tuesday, carrying posters questioning why investigating agencies have remained silent.

Many Adani group companies report results this week. Adani Ports posted a lower quarterly profit on Tuesday as foreign exchange losses soared, and said it would pay back 50 billion rupees ($605 million) - or 13% of its net debt - in the new fiscal year from April.

Adani Green reported a more than two-fold jump in quarterly profit.

(Reuters)

More For You

Manchester Police probes over 1,000 child sexual abuse suspects

Photo for representation. (iStock)

Getty Images/iStockphoto

Manchester Police probes over 1,000 child sexual abuse suspects

GREATER MANCHESTER POLICE is now investigating more than 1,000 child sexual abuse suspects, following years of public criticism and institutional failings in tackling child sexual exploitation.

A new report by His Majesty’s Inspectorate of Constabulary and Fire & Rescue Services (HMICFRS) has revealed the force has made “significant improvements” in dealing with group-based sexual abuse and related crimes.

Keep ReadingShow less
Diwali

This year’s Diwali event will still see Belgrave Road continue to host what is left of the festival. (Representational image)

Major changes announced for Leicester’s Diwali celebrations amid safety fears

LDRS

THIS year’s annual Diwali celebrations will be stripped back amid public safety fears. Leicester City Council has said there will be no fireworks or stage entertainment as part of major changes announced for the event.

Cossington Street Recreation Ground will also not be used for the festivities, the council has revealed. The green space previously was the location for the main stage and the Diwali Village with its food stalls, funfair rides, fashion and arts. The annual fire garden display was also based there, offering “a peaceful oasis amid the festive excitement”.

Keep ReadingShow less
Corbyn- Zarah Sultana

Zarah Sultana with Jeremy Corbyn during a protest outside Downing Street demanding the UK government to stop all arms sales to Israel. (Photo: X/@zarahsultana)

X/@zarahsultana

Zarah Sultana leaves Labour, plans new party with Corbyn and independents

FORMER Labour MP Zarah Sultana has announced her resignation from the party and plans to launch a new political party alongside ex-Labour leader Jeremy Corbyn and other independent MPs and activists.

Sultana, who represents Coventry South, lost the Labour whip last year for supporting the removal of the two-child benefit cap.

Keep ReadingShow less
Hasmukh Shah

The certificate was presented to Shah at the Welsh parliament by Anita Bailey, Home Office Director Windrush Unit.

Hasmukh Shah receives UK minister’s certificate of appreciation

A prominent Asian doctor has been recognised for his services to the community. Prof Hasmukh Shah has received a certificate of appreciation for his contribution and services to the United Kingdom.

The certificate was issued by Seema Malhotra MP, UK Minister for Migration and Citizenship, as part of the Windrush Cymru Elders and Race Council Cymru’s Windrush work in Wales.

Keep ReadingShow less
Dalai-Lama-Getty

Dalai Lama looks on as offerings presented by Buddhist followers are laid on a table during a Long Life Prayer offering ceremony at the Main Tibetan Temple in McLeod Ganj, near Dharamsala, India, on June 30, 2025.(Photo: Getty Images)

Getty Images

India says Dalai Lama alone can decide successor

A SENIOR Indian minister has said that only the Dalai Lama and the organisation he has established have the authority to decide his successor as the spiritual leader of Tibetan Buddhism. The comment runs contrary to China’s long-standing position on the matter.

The Dalai Lama, who fled to India in 1959 following a failed uprising against Chinese rule, said on Wednesday that after his death he would be reincarnated as the next spiritual leader, and that only the Gaden Phodrang Trust would be able to identify his successor. He had earlier said that the next Dalai Lama would be born outside China.

Keep ReadingShow less