Gautam Adani tweeted welcoming the Supreme Court order to set up a six-member probe panel to investigate regulatory aspects behind the rout in Adani Group companies’ shares. “The Adani Group welcomes the order of the Hon’ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail,” said the chairman of the Adani group. The committee, headed by the former apex court judge A M Sapre, will make an overall assessment of the stock market including the recent Adani group shares crash triggered by Hindenburg Research’s fraud allegations.
The group recently concluded a roadshow, marking the latest effort by billionaire Gautam Adani’s group to reassure investors regarding their investment in the companies. Adani Group isn’t seeking to refinance debt or inject capital, its finance chief said on the sidelines of the investor roadshow.
Last month, to soothe investor concerns, Finance Minister Nirmala Sitharaman stated that the country’s regulators are very experienced. “India’s regulators are very, very experienced and they are experts in their domain. The regulators are seized of this matter and they are on their toes as always, not just now,” she said.
Adani Group’s market capitalisation has fallen sharply over the past month, moving near Hindenburg Research’s target of 85% downside. The US-based short-seller published a report on January 24, named ‘Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History’, which led to the downfall of Adani Group stocks.
Adani Group’s market capitalisation has fallen sharply over the past month, moving near Hindenburg Research’s target of 85% downside. The US-based short-seller published a report on January 24, named ‘Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History’, which led to the downfall of Adani Group stocks.