Key Points
A year after US-based short-seller Hindenburg Research accused the Adani Group of fraud and brazen stock price manipulation in a bombshell report allegations the conglomerate denies the Indian tycoon has emerged stronger on some measures of business fundamentals...
His ports-to-power empire has trimmed debt, pared founders share pledges, won new backers from the US to the Middle East, bagged landmark projects and begun to communicate more often with investors and lenders..
The latest upswing in the stocks is being driven by the Indian Supreme Courts verdict rejecting appeals for a federal probe or special investigation into Adanis businesses, and a $553-million investment by a US-backed agency in the groups port business in Sri Lanka...
The silver lining of the Hindenburg report was that investors, who were unable to get entry into Adani shares at a good price, got the opportunity to own these stocks, said Alok Churiwala, managing director at Churiwala Securities Pvt in Mumbai...
In late February, Adanis Dubai-based elder brother Vinod Adani, who Hindenburg alleged held a pivotal role in opaque offshore entities connected to the conglomerate, stepped down as director of three companies connected to the familys controversial coal mine in Australia.. Adani keeps facing reputational challenges, but he shakes them off and keeps doing business, said Michael Kugelman, director of the South Asia Institute at the Wilson Center in Washington..
