Adani considers an independent review after Hindenburg report criticism
Adani considers an independent evaluation of the company under the legal compliance issues. Under Adani Enterprises, companies such as Ambuja Cement, Adani ports and Adani Greens will be declaring their results on the 7th of February, while Adani power is set to release its result on the following day, that is, the 8th of February. According to stock market experts, the share price for the mother company Adani Enterprises was considered to be extremely high when the company’s valuation was conducted, and the company itself was valued at $53 Billion. The price for an individual share was valued at 947 Rupees. The Adani group shares saw a massive dip after the Hindenburg report was published, stating that there was internal corruption within the Adani Enterprises. However, The share value of Adani Enterprises managed to bump up by 15% today.
Finance and insurance company, Fitch ratings, stated that the exposure Indian banks were dealing with from Adani group is seemingly insufficient in itself to prove to be a massive risk to their credit profiles. There has been a massive uproar wherever Adani Enterprises had influence due to the report submitted by Hindenburg research, presenting damning evidence pointing towards accounting and financial fraud committed by the massive conglomerate. In response, Adani group procedure to reebok all claims made by this report and 13 to sue Hindenburg research itself.
Speaking on the government side, Samajwadi Party MP Dimple Yadav proceeded to point out that this particular Hindenburg report has made multiple allegations against the Adani group and that the government should take some action to clarify some of these specific allegations. Opposing that, Bahujan Samaj Party (BSP) MP Kunwar Danish Ali argued with the central government over the Hindenburg report pertaining to the conglomerate Adani Group, stating that the government had made the promise of “Sabka Saath, Sabka Vikas”, but it would seem that it is only the owner of the conglomerate that seems to be receiving any economic growth and development within this country.
