US-based financial research firm Hindenberg Research last week issued a report alleging irregularities in the Adani Group. Hindenberg said that all the information contained in this report has been gathered after examining the activities of Adani companies over the last two years and interviewing some of the former top executives of Adani Group.
And in that report, it has been reported that the Adani Group was involved in criminal activities such as stock embezzlement, taking high loans by inflating the value of the shares, setting up fake companies and evading taxes. As a result, Adani Group’s shares have now fallen to Rs 11.76 lakh crore. Due to this Adani Group in last 5 days only Rs. 7.44 lakh crore has been lost. This is one-third of the Adani Group’s total asset value. Due to this, Adani, who was on the second place in the list of the world’s richest people, has now been pushed to the 15th place.
Following this, the Adani Group has announced that it will cancel the plan to sell the company’s shares. It has been informed that the sale of shares has been canceled to protect the investors from losses and it has been decided to refund the sale amount to the investors.
In this case, the Reserve Bank has ordered the banks to provide the details of the investments made in Adani group companies. It is also said that Adani will investigate whether the company is involved in any fraud in the bank loan.