Adani Group Share Price jumped after the announcement of Prepay loans worth $1.1 billion.
We could see that the Adani group share price jumped on Tuesday by more than 20% at one point. After the Hindenburg report announcement, there was a loss of more than $60 billion in the Adani group companies.
It is going to be interesting to see how the Adani stock shares going to behave in the coming weeks even though there is an uptrend that can be seen in the Tuesday market.
Because there is not only one thing but a couple of things that Adani groups companies need to look at in order to remain in the market in a strong position by gaining trust as we can see from the Hindenburg report that 7 allegations have been made from them to the Adani Group companies regarding the fraud and manipulation with the stock price.
We saw the wealth of Adani has reduced from dollar to $ 127 billion to $ 67 billion and has slipped to 17th position as the world’s richest man. Another interesting thing to check is that Adani has canceled a $2.5 billion stock sale in order to restore confidence in the stock market.
So as mentioned by us in the last post that several allegations have been made against Adani by the Hiddenberg firm which was founded by Nathan where you can see on their websites that they have clearly come out with a complete investigation report in which they have made allegations not only to the Gautam Adani but also to the Adani family members who are part of this business.
Allegations are baseless according to Adani
Adani has released a statement that the allegations made by the Hindenburg research are baseless and they have called this an attack on India. Whereas you can find in the different places where the hidden research has confirmed that they are ready for any kind of legal battle with the Adani group companies and they have asked to reply to their report from them.
Allegations made by Hindenburg Research firm On Adani Group
They have come out with complete details and have attacked their other family members who are in the business/part of the Adani Group.
1.According to them the 7 Listed Companies of Adani Group are 85%+ Overvalued.
2. In the past, members of the Adani group have Breached financial Covenants and Obligations.
3. The Adani Group is Largely Controlled by family members.
4. The Adani group has reportedly faced Corruption allegations and money laundering.
5. Adani’s brother had been arrested on custom tax evasion allegations, forging documents, and Illegal Imports.
6. Adani’s brother-in-law Samir varroa was a Ringleader of the Diamond trading scam in the past.
7. Adani’s Elder brother was also implicated in the Diamond and power equipment scam.
Hindenberg Website—hindenburgresearch.com
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