The conglomerate founded by Gautam Adani (on the right last January, in Haifa) has more than 26,000 employees in activities ranging from ports to airports, through the production and distribution of electricity, the exploitation of coal, the manufacture of cement, 5G, green hydrogen, or apple harvesting. Dhiraj Singh/Bloomberg, AMIR COHEN/REUTERS
STORY – The conglomerate lost 105 billion euros in 2 weeks. The founder is accused of accounting fraud.
The Adani conglomerate continued its descent into hell on Monday on the Bombay Stock Exchange. Shares of six of the group’s nine companies continued to fall, with the worst performance coming from Adani Transmission, which lost 10%. In two weeks, Adani’s market valuation has shrunk by 105 billion euros.
It all started on January 24 when Hinderburg Research, an American investment company, published an investigation accusing the group’s boss, Gautam Adani, of accounting fraud and price manipulation via a network of front companies.
The conglomerate operates in a very centralized manner. Everything is in the hands of Gautam Adani and his family
The head of a major Indian bank
Third world fortune before these revelations, the billionaire denies, then tries to reassure. On Monday, the group repaid 1 billion euros in equity-backed loans which did not mature until 2024. Even the Minister of Finance, Nirmala Sitharaman, stepped up to the plate on Saturday: “Neither the macroeconomic fundamentals nor the image of our economy have been harmed.” Revealing the political and economic weight of this empire…
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