Billionaire Gautam Adani's flagship company Adani Enterprises and Adani Ports and Special Economic Zone (SEZ) dropped as much as 3.7 per cent and 7.3 per cent, respectively, on Wednesday despite relatively small free floats.
This was after Hindenburg, which specialises in activist short selling, made wide-ranging allegations of corporate malpractice following a two-year investigation into the tycoon's companies.
Cement-makers ACC and Ambuja Cements, Adani Group's more widely traded recent acquisitions, plunged by as much as 7.2 per cent and 9.7 per cent, respectively.
Hindenburg's report details a web of Adani family-controlled offshore shell entities in tax havens including the Caribbean, Mauritius and the United Arab Emirates that it claims were used to facilitate corruption, money laundering and taxpayer theft while siphoning money from the group's listed companies.
The report is "a malicious combination of selective misinformation and stale, baseless and discredited allegations", said Adani Group's chief financial officer Jugeshinder Singh in a statement.
Diese Geschichte stammt aus der January 26, 2023-Ausgabe von The Straits Times.
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Diese Geschichte stammt aus der January 26, 2023-Ausgabe von The Straits Times.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
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