The allegations from Hindenburg Research and their impact on Adani Group are now considered "way back in the past", Adani Ports and Special Economic Zone Managing Director Karan Adani said in an interview with Business Standard.
He emphasised that the entire situation provided an opportunity for the group to redirect its focus towards its core businesses. Adani acknowledged the significance of "perception and brand" value in the aftermath of the Hindenburg affair.
In January 2023, the US investment research firm accused Adani Group of "stock manipulation and accounting fraud”, along with improper use of offshore tax havens and concerns over high debt. Despite the initial stock plummet, Adani Group stocks later recovered.
Adani discussed the learnings from this, observing, "It allowed us to refocus and concentrate more on the business. We looked at some of the decisions that we were postponing to examine what we needed to do as a group."
This story is from the March 12, 2024 edition of Business Standard.
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This story is from the March 12, 2024 edition of Business Standard.
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