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India: the vertiginous fall of the Adani empire


STORY – The conglomerate lost 105 billion euros in 2 weeks. The founder is accused of accounting fraud.

The Adani conglomerate continued on Monday its descent into hell on the Bombay Stock Exchange.

Shares of six of the group's nine companies continued to fall, with Adani Transmission losing 10% as the worst performer.

In two weeks, the market valuation of Adani has melted by 105 billion euros.

It all started on January 24 when Hinderburg Research, an American investment company, published an investigation accusing the group's boss, Gautam Adani, of accounting fraud and price manipulation via a network of front companies.

The conglomerate operates in a very centralized manner.

Everything is in the hands of Gautam Adani and his family

The head of a major Indian bank

Third world fortune before these revelations, the billionaire denies, then tries to reassure.

On Monday, the group repaid 1 billion euros in equity-backed loans which did not mature until 2024. Even the Minister of Finance, Nirmala Sitharaman, stepped up to the plate on Saturday: “

Neither the macroeconomic fundamentals nor the image of our economy have been tarnished.”

Revealing the political and economic weight of this empire…

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Source: lefigaro

All business articles on 2023-02-06

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