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In a report published on January 24 by US financial research firm Hindenburg Research, the market value of seven group companies has halved since the Adani Group was accused of fraud.
Shares of most Adani group companies also continued to fall on Monday. However, the company tried to downplay market sentiment, saying its growth plans are on track, business plans are fully funded and it remains committed to delivering returns to its shareholders. In a report published on 24 January by US financial research firm Hindenburg Research, the market value of seven group companies has halved since the Adani Group was accused of fraud.
The group, however, denied all the accusations. A spokesperson for the group said: “The accounts for each of our independent companies are excellent. We have the healthiest growth potential in the industry, strong corporate governance, safe assets, strong cash flow and our business plans are fully funded.” The group dismissed reports of cuts in the growth target and capital spending. “The projects may be delayed, but none have been postponed or canceled and plans for solar, green hydrogen and airport expansion are on the way.” The spokesperson said: “Each entity will review their capital market strategy once they As the current market stabilizes, please be assured that we remain confident in the continued ability of our units to deliver superior returns to shareholders.
Disclaimer:Prabhasakshi has not edited this news. This news has been published from PTI-language feed.
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