Australia regulator reviewing Hindenburg report on Gautam Adani: Report - Hindustan Times
close_game
close_game

Australia regulator reviewing Hindenburg report on Gautam Adani: Report

Reuters |
Feb 01, 2023 08:30 AM IST

New York-based short-seller Hindenburg Research last week flagged concerns at Gautam Adani's conglomerate, triggering a $65 billion rout in the Indian billionaire's stocks.

Australia's corporate regulator is reviewing a short-seller report that accused India's Adani Group of improper use of offshore tax havens and high levels of debt, the Sydney Morning Herald reported on Wednesday, citing unidentified sources.

Gautam Adani, billionaire and chairman of Adani Group(Bloomberg)
Gautam Adani, billionaire and chairman of Adani Group(Bloomberg)

New York-based short-seller Hindenburg Research last week flagged concerns at Gautam Adani's conglomerate, triggering a $65 billion rout in the Indian billionaire's stocks. Adani said the report was a "calculated attack" on India and its institutions, while its CFO compared the market rout to a colonial-era massacre.

Hindustan Times - your fastest source for breaking news! Read now.

Also read: Adani stock rout: India slides to 6th among world's top markets

The Australian Securities & Investments Commission did not immediately respond to a request seeking comment.

On Tuesday, Adani's crucial $2.5 billion share sale was fully subscribed as foreign institutional investors and corporate funds flooded in, although participation by retail investors and Adani Enterprises employees remained low.

Also read: ‘Adani seems unaware that…': Hindenburg swipes at ‘Madoffs of Manhattan’ charge

The conglomerate owns several companies with interests ranging from energy to transportation across the globe, including in Australia, where it operates the Carmichael coal mine and the Abbot Point port, which was renamed North Queensland Export Terminal.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On