India's future is being held back by Adani Group: Hindenburg
Adani's net worth was $155.7 billion in September. The net worth stood at $92.7 billion on Monday. That is, there has been a decrease of $ 58 billion.
Manika Raghuvanshi 
Shares of Adani group companies continue to fall. On the third day as well, its shares fell by up to 20 per cent. Shares have fallen up to 39 per cent in the three trading sessions since Wednesday. Due to this the market capitalization has decreased by 5.57 lakh crores. The total capitalization of the group was Rs 19.20 lakh crore on Tuesday, which came down to Rs 13.63 lakh crore on Monday.
Adani Green Energy and Adani Total Gas lost 20-20 per cent on Monday. Transmission 14.9, Wilmar, Power and NDTV closed down 5-5 per cent each. However, ACC, Ambuja, Port and Enterprises ended with gains. On the other hand, Hindenburg and Adani group continue to attack each other.
Adani's net worth decreased by $ 58 billion
Adani's net worth was $155.7 billion in September. The net worth stood at $92.7 billion on Monday. That is, there has been a decrease of $ 58 billion.
Till December, Adani was the only rich among the world's top rich whose wealth had jumped that year. But in January this year, Adani is the only one in the list of top 12 rich whose wealth decreased by $ 28 billion. Adani has now slipped to number eight among the world's richest.
Hindenburg said, Adani is looting the country
Hindenburg said, we believe that the Adani Group is blocking the future of India. It is systematically looting the country. All the questions answered by the Adani group do not largely confirm the findings. Tried to avoid questions. Cheating cannot be avoided under the guise of nationalism. It said that out of its 88 questions, 62 have not received any answers.
Premeditated attack
Adani Group has said in its reply that this is a deliberate attack on the country of India, its institutions and its development story.
Adani Group said on Sunday, it is a matter of great concern that an entity sitting thousands of miles away without any credibility or ethics is having a serious and adverse effect on our investors.
The Hindenburg report has not been properly researched for preparation, nor is this report independent. Hindenburg has used misinformation to defame the Adani Group.
LIC said the investment is less than one per cent of AUM
LIC has said, in the last several years, it has bought shares worth Rs 30,129 crore in Adani Group's company. Whose market value on 27 January 2023 was Rs 56,142 crore. The group accounts for only 0.97 per cent of its total assets under management. LIC's total asset under management is Rs 41.66 lakh crore.
Punjab National Bank (PNB) on Monday said that it is closely monitoring the Adani Group. It has given a loan of about Rs 7,000 crore to the group. Atul Kumar Goel, managing director of the bank said, as on date there is nothing to worry as the investment is not very high in proportion to the size of the bank.
Shares Fall Market cap decreased
Adani Green Energy 37.93 1,15,000
Adani Total Gas 39.57 1,69,000
Adani Transmission 37.95 1,17,000
Adani Port 21.55 36,000
Adani Enterprises 16.38 64,000
Wilmer 14.25 10,618
Adani Power 14.24 15,111
Ambuja 22.28 22,060
ACC 18.47 8,103
NDTV 14.22 260.
(The figures are for three days and are in crores of rupees. The decrease is in percentage)
Adani slipped to 8th place among the rich, total assets decreased by $ 62 billion
Adani Group chief Gautam Adani's capital has come down heavily due to the ongoing fall in shares. With this, he slipped to the eighth position in the list of the world's richest. According to Forbes Real Time Billionaires, Gautam Adani's wealth declined by $8.5 billion to $88.2 billion on Monday. At the same time, in September 2022, his assets were $ 155.7 billion. Since then it has decreased by $ 62 billion.
Till December 2022, Adani was the only rich among the world's top rich whose wealth increased. But, in January this year, Adani is the only one in the list of Top-12 rich whose wealth has decreased by $28 billion.
Premeditated attack: Adani
Responding to Hindenburg's allegations, the Adani Group said, "This is a calculated attack on the country of India, its institutions and its growth story." Worryingly, an institution thousands of miles away with no credibility or ethics is having a serious and adverse effect on our investors. Hindenburg did not conduct proper research in preparing the report and neither is this report independent. Misinformation has been used to defame the group.
Trying to escape under the guise of nationalism: Hindenburg
Hindenburg said, we believe that the Adani Group is blocking the future of India. It is systematically looting the country. The number of questions the group answered did not largely confirm the findings. This is an attempt to avoid questions under the guise of nationalism.
LIC to seek response from Adani group on Hindenburg report
LIC has also come to the fore on the huge fall in the shares of Adani Group after the Hindenburg report. Company MD Rajkumar said on Monday that he will talk to the management of Adani Group on this.
As of now, we do not know what is the reality. We are a large investor, so it is our right to ask relevant questions. Over the years, LIC has bought shares worth Rs 30,129 crore in Adani group companies. Its market value as on January 27, 2023 was Rs 56,142 crore.
