Adani Stock Wipeout Deepens to $104 Billion After Flagship Firm Pulls Share Sale

[doorstar]

nahtanbob does this here sound like more fraud or is it normal practice?

since it seems that our bob don't like me no more, is there any other genuine businessman here who can tell me?

 

[nahtanbob]

nahtanbob does this here sound like more fraud or is it normal practice?

fraud

 

[Sharma Ji]

this is the classic shot across the bow

yahudi bankers took aim and fired at India

there will be hell to pay, eventually

 

[RIP Pak LAW]

so its BCCI kinda moment for Adani...just one report may make him from Asia's richest man to bankrupt soon lol

 

[Hecig]

fraud

Why should the short seller be the only one to profit from this report ?

Two can play that game.

In fact, the very fact that the UAE royals invested funds to stabilize the market via FPO before Adani magnanimously pulled out the FPO shows collusion, but without proof that is just speculation.

Adani pulling out of FPO would have definitely precipitate a fall and commonsense tells me that this would be the best way to recover some of the money you lost in value. Only this time the gain will be in actual cash

But can you prove the "fraud" ? There has to be some strong proof of insider trading. Without proof, its just an allegation and speculation.

 

[Indos]

 

[Sharma Ji]

emotion based 'fundamental' dip

technicals are hopefully riding this dip all the way to the bank

long termer investors ka game hai for now, get in cheap and hold

be beyond foolish to bet against these guys

 

[Hecig]

emotion based 'fundamental' dip

technicals are hopefully riding this dip all the way to the bank

long termer investors ka game hai for now, get in cheap and hold

be beyond foolish to bet against these guys

This is going to provide a TERRIFIC opportunity to small retail investors to buy some Adani stocks.

Buy and hold for the next 10-20 years. Its going to be an amazing ride.

I personally can't wait for it it to touch bottom. I am going to buy them like crazy.

 

[Sharma Ji]

This is going to provide a TERRIFIC opportunity to small retail investors to buy some Adani stocks.

Buy and hold for the next 10-20 years. Its going to be an amazing ride.

I personally can't wait for it it to touch bottom. I am going to buy them like crazy.

buy the dip, bhai

vo last ki chutny sabse tasty hoti hai

 

[doorstar]

fraud

Thank you

so it's BCCI kinda moment for Adani...just one report may make him from Asia's richest man to bankrupt soon lol

no, completely different. BCCI was a punishment whereas this here is a warning.

the only commonality is that they knew what BCCI was from its very inception same as they have known what adani is for a very very long time (decades).

as long as he --in future-- limits his frauds to within India/Arabia, he'll be left alone unless modi's dinner date with sleepy goes awry.

 

[Indos]

​

A video released by Adani Enterprises on Thursday, Feb 2, 2023, shows Indian billionaire Gautam Adani addressing investors from an unknown location.

AP
New Delhi/London CNN —

Gautam Adani fails to calm investors as market wipeout hits $100 billion​

By Diksha Madhok and Mark Thompson, CNN
Updated 5:30 AM EST, Thu February 2, 2023


Shares in Gautam Adani’s businesses plunged further on Thursday after an attempt by the Indian billionaire to reassure panicking investors failed to halt a stock market meltdown that has wiped $100 billion off the value of his conglomerate.

“For me, the interest of my investors is paramount and everything is secondary,” the 60-year-old businessman said in a recorded video address posted after he abruptly abandoned a $2.5 billion deal to sell new shares in his flagship company, Adani Enterprises, just 24 hours after it was sealed.

“Once the market stabilizes, we will review our capital market strategy,” he added
It was the first time the tycoon has spoken about the market mayhem that has slashed his personal fortune by nearly $50 billion in just over a week, removing his crown as Asia’s richest man. But it wasn’t enough to calm markets. Shares in Adani Enterprises plunged 25% Thursday, while shares in his other companies fell 5% to 10%.

The unprecedented crash in the value of Adani Group shares started when an American short seller, Hindenburg Research, accused the conglomerate of fraud and manipulating stock markets. The group, which has seven listed companies, has lost 50% of its value since last Tuesday, when Hindenburg published its report.

Reuters reported Wednesday that the Securities and Exchange Board of India (SEBI) was examining the stock price falls and also looking into any possible irregularities in the abortive share sale, citing a source with direct knowledge of the matter. The SEBI has so far not responded to requests for comment.

India’s central bank has asked lenders for details on their debt exposure to the Adani Group, Bloomberg reported on Thursday, citing unnamed sources. The Reserve Bank of India did not respond to a request for comment.

‘Rude awakening’ for foreign investors​

The crisis swirling around one of India’s most prominent businessmen could have bigger consequences for the fast-growing economy, which only two weeks ago was pitching aggressively for foreign investment at the World Economic Forum in Davos.

“It is evident from looking at broader market activity that foreign investors …have had a rude awakening,” said Saurabh Mukherjea, founder of Marcellus Investment Managers.
The fallout from the Hindenburg report could engulf other large Indian businesses, experts warned.

“The Adani saga has opened a big can of worms,” said Manish Chowdhury, head of research at brokerage Stoxbox. “The India story is looking weak” to foreign investors now, he added.
Chowdhury said that investors would now be “skeptical” about accounting practices at all Indian firms, while Mukherjea said his clients are already asking more questions.

“Naturally … they are requesting us to do a bit of hand holding with regards to how accounting and corporate governance works in India,” Mukherjea told CNN.

Adani is seen as as a close ally of India’s prime minister. And ppposition lawmakers have begun asking for a probe into the Hindenburg report. They even staged a protest in India’s parliament on Wednesday while the country’s finance minister presented the annual budget.
“This will certainly be a turn-off for large foreign investors now because it has become a political issue now,” said Stephen Innes, managing partner of SPI Asset Management.

Overleveraged?​

In an investigation published on January 24, Hindenburg Research accused the Adani Group of “brazen stock manipulation and accounting fraud scheme over the course of decades.”
The research firm questioned the “sky-high valuations” of Adani firms and said their “substantial debt” put the entire group “on a precarious financial footing.” It concluded its report with 88 questions. These range from asking for details on Adani’s offshore entities, to why it has “such a convoluted, interlinked corporate structure.”

While the Adani Group had immediately denounced the report as “baseless” and “malicious,” the video address marked the first time the company’s founder has spoken about the crisis.
Analysts have long expressed fear that the rapid expansion of Adani businesses comes with huge risk. The group has been fueled by a $30 billion borrowing binge, making it one of the most indebted companies in India.

CreditSights, a research firm owned by the Fitch Group, published a report last year about Adani Group titled “Deeply Overleveraged” in which it expressed strong concerns about its debt-funded growth plans.

The Adani Group said at the time that the “leverage ratios” of its companies “continue to be healthy and are in line with the industry benchmarks in the respective sectors. “

In his video address, Adani said the group’s fundamentals were “strong” and that it had an “impeccable track record of fulfilling” its debt obligations. He said the Adani Enterprise share issue was pulled to protect investors from losses — the stock had been trading well below the offer price since last week.

“This decision will not have any impact on our existing operations and future plans. We will continue to focus on timely execution and delivery of projects,” he added.

Gautam Adani fails to calm investors as market wipeout hits $100 billion

Shares in Gautam Adani's businesses plunged further on Thursday after an attempt by the Indian billionaire to reassure panicking investors failed to halt a stock market meltdown that has wiped $100 billion off the value of his conglomerate.

edition.cnn.com

 

[Hecig]

buy the dip, bhai

vo last ki chutny sabse tasty hoti hai

That's what I am doing. I had missed buying Adani stocks because I always felt they were overvalued and I have watched in dismay when it continued to go up, knowing I missed the bus.

Looks like I got a second chance and this time I don't want to miss the bus.

 

[Sharma Ji]

That's what I am doing. I had missed buying Adani stocks because I always felt they were overvalued and I have watched in dismay when it continued to go up, knowing I missed the bus.

Looks like I got a second chance and this time I don't want to miss the bus.

good

averagre down

long term holder ho to fayda/munafa hi hoings 110%

@jamahir

 

[Hecig]

good

averagre down

long term holder ho to fayda/munafa hi hoings 110%

@jamahir

As long as there is an India growth story, there will be a Adani growth story.

They are like the Tata's, they have stepped into every growth sector in India and has a policy of supporting the govt. policy and plan. This means that they get govt. support too when it really matters.

In fact of the 22 states where Adani has projects, only 9 have BJP state govt.

Kerala communist govt. just crack down on Church sponsored protests against Adani ports in Kerala. Threw a bunch of people in Jail. Something unheard of in communist kerala. When that port goes operational, it will be India's first Deep port and will divert pretty much ALL traffic from Sri Lanka. Its going to be crazy.

 

[mulj]

so, pajeet tycoons can forget on foreign money in distant future due their malpractice and frauds, but this modi player will be rescued on expense of other indian citizens, they will pump in state money into his companies.