“Asia’s Richest Businessman Gautam Adani’s Adani enterprises has launched an ambitious FPO for $2.5 billion today. The FPO will open for public on January 31st this year. This is the largest ever in the history of India, aiming to raise Rs 20,000 crore. But days before that, the Adani Group stocks have received a beating and traded in negative. This is what the Adani group stocks look today. In just few hours beginning Friday morning as much as 2 Lakh Crore wealth of Adani enterprises was wiped out. All of this because of a report by Hindenberg Research. The report accuses Adani group of Corporate Fraud and stock manipulation. The report came out on Wednesday following which the shares registered a record fall. However, Adani group has hit back and warned of a legal action against the “mischievous” report. What does the report say? What are the allegations against Adani Group? What is the response of Adani group? And what happened in the market after that? Let’s discuss today.
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