Gautam Adani on Hindenburg: One year of Hindenburg Report completed, Gautam Adani said- We emerged stronger

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Gautam Adani on Hindenburg: One year has passed since the report of American short selling and research firm Hindenburg Research came out. The last one year has been a very difficult time for the Adani Group. During this period the company saw big ups and downs. There was a big decline in the total wealth of Gautam Adani. However, the SEBI investigation, the US investigation and the Supreme Court decision brought major relief at the end of 2023 and beginning of 2024. Responding to this, Gautam Adani said that the scrutiny and difficulties faced last year have made the Adani Group stronger, leading it to pursue growth, improve asset base and launch key projects including Dharavi redevelopment. doing. In the report of Hindenburg Research released on January 24, 2023, Adani Group companies were accused of stock price manipulation and financial irregularities. However, the group had rejected these allegations outright.

Earned Rs 40 thousand crore from stake sale

Gautam Adani, in an article in a leading newspaper, said the Adani Group raised equity of Rs 40,000 crore through stake sale in some companies, equivalent to debt repayments for the next two years, and the group also raised margin-linked financing. Repaid Rs 17,500 crore and reduced debt. He said that due to continuous focus on operations, the second quarter of the current financial year resulted in the highest ever quarterly profit. Most of the listed companies of the group have recovered the losses incurred after the Hindenburg report. He said that we are committed to maintaining the pace of our growth. The Group has continued to invest, as evidenced by the growth in our asset base by Rs 4.5 lakh crore.

Many important projects started in 2023

Gautam Adani said that during this period (over the period of last one year) several major projects were launched including the world’s largest renewable energy generation site in Khavda (Gujarat), a new copper smelter, a green hydrogen ecosystem and Dharavi (Mumbai). This includes the much awaited redevelopment of slums. He termed Hindenburg Research’s allegations of fraud and stock market manipulation as false. He said that these allegations had already been settled and his critics were trying to raise them again. He said that it was completely fabricated in the form of a research report (Hindenburg Report), it was prepared using publicly available information and very cleverly selecting only a few facts. He hoped that his group’s one-by-one denial of the allegations would soon put an end to it, but the market value of his group’s listed companies reached its lowest point at US$150 billion. Adani was the second richest person in the world at the beginning of the year 2023, after the report came out he fell out of the top 20.

Adani is sad for small investors

The Adani Group chief said that the lies against us were so devastating that the market capitalization of our segment was reduced to a great extent because capital markets are generally more emotional than rational. What saddens me even more is that thousands of small investors lost their savings. Gautam Adani said that if the adversaries’ plan had succeeded completely, the impact could have caused damage to many critical infrastructure assets, from ports and airports to power supply chains, which would have been a catastrophic situation for any country. Is. On lessons learned, he said the crisis exposed a fundamental weakness in that the group did not pay sufficient attention to establishing its contacts. Adani is currently ranked 14th in the list of world billionaires.

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