The list of setbacks for Indian business tycoon Gautam Adani after the Hindenburg report are endless. The share price of Adani group companies continues to fluctuate. Weeks after the Hindenburg research’s scathing report alleging corporate fraud and manipulation of stocks, the route in Adani group’s stock continues. However, it has also led to some more trouble for the Adani group. After withdrawing its ambitious FPO and pre-paying around 1.1 Billion dollar worth loans, the company is facing yet another setback. On Wednesday, Adani Power’s planned Rs 7,017-crore acquisition of DB Power collapsed as the deadline to complete the transaction expired. This comes days after the reports of conglomerate planning to halve its revenue growth targets and plans to hold off fresh capital expenditure. This has also brought into spotlight the Adani power project in Bangladesh. Let’s talk about the latest list of setbacks for Adani and what it means for the conglomerate.
#AdaniStocks #AdaniGroup #HindenburgResearch #HindenburgReport #FPO #StockMarket #AdaniEnterprises #AdaniWilmar #AdaniTotalGas #AdaniPorts #HWNews
As an independent media platform, we do not take advertisements from governments and corporate houses. It is you, our readers, who have supported us on our journey to do honest and unbiased journalism. Please contribute, so that we can continue to do the same in future.
