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Adani saga a week on: market cap loss, negative outlook, cancelled deals & a fightback by group

Adani saga a week on: market cap loss, negative outlook, cancelled deals & a fightback by group


Published on 2024-11-29 08:00:39 - Bill Williamson, WOPRAI
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  • US indictments landed a blow on Adani Group, with international deals being reviewed and ratings agencies changing outlook. But recent efforts have helped it claw back market cap.

The article from ThePrint discusses the aftermath of the Hindenburg Research report on the Adani Group, detailing the conglomerate's response to allegations of stock manipulation and accounting fraud. Over the past week, the Adani Group has seen a significant market capitalization loss, with shares of its companies plummeting. The report led to a negative outlook from rating agencies, cancellation of a major share sale, and scrutiny from regulatory bodies. In response, the Adani Group has initiated a fightback, including hiring top-tier legal and PR firms, engaging with investors to restore confidence, and publicly refuting the allegations. The group has also taken steps to prepay some of its debt to reassure investors about its financial health. Despite these efforts, the saga has raised concerns about corporate governance in India and the potential impact on the broader market, with ongoing developments expected as the situation unfolds.

Read the Full ThePrint Article at [ https://theprint.in/business/adani-saga-a-week-on-market-cap-loss-negative-outlook-cancelled-deals-a-fightback-by-group/2380487/ ]
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