Winning Bizness Desk
Mumbai. After the report of short-seller Hindenburg Research (Hindenburg Research on Adani Group) came out, the shares of India's billionaire industrialist Gautam Adani's companies have taken a big financial hit. Short-seller Hindenburg Research has leveled serious allegations against the Adani Group, citing stock manipulation and accounting fraud in a report. Therefore, since the report came out, the Adani Group has been discussed in many parts of the world media. In this background, Mahindra Group Chairman Anand Mahindra has indirectly come to the aid of Adani Group. Anand Mahindra, who is extremely active on social media, always shares success stories and inspiring stories. However, today he has come out in clear words to the world media while indirectly rushing to the aid of the Adani group. Of course, many have reacted to his tweets.
Anand Mahindra tweets
Anand Mahindra in his tweet says, “The global media is speculating whether the current challenges in the industrial sector will derail India's ambitions to become a global economic superpower. I have been watching for a long time as India faced earthquakes, droughts, recessions, wars, terrorist attacks. All I can say is, never not to bet against India." Notably, various opposition parties in the country have raised questions in Parliament on the Adani issue. The opposition has demanded a Joint Parliamentary Committee inquiry or an inquiry by a Supreme Court-supervised committee.
Adani Group's bonds and shares fall
Meanwhile, sensational allegations from Hindenburg Research sent bonds and shares in the group's companies lower. Hindenburg Research has alleged stock manipulation and accounting fraud. Hindenburg Research has been conducting research on Adani Group for the past two years. The market capitalization of Adani group companies has fallen by Rs 1 lakh crore since the release of the Hindenburg report. On the second day too, the market capitalization decreased by 4 lakh crores in two days due to fall in the shares.
Adani's 10 companies loss over $110 billion
The 10 companies, including Adani Enterprises, the flagship of the Adani group, have collectively lost more than $110 billion. Credit Suisse and Citigroup have refused to lend on Adani's bonds. Meanwhile, Finance Secretary TV Somanathan has termed the decline in Adani Group shares as a "tempest in a teacup" from a macroeconomic point of view. Due to fall in the share market, Gautam Adani has also dropped out of the list of top-20 billionaires. His rival Mukesh Ambani has entered the top-10 list.