The boss of the Adani Group recently made headlines for an alleged swindle. In a study, the American short-selling outfit Hindenburg Research said that Adani’s business had pulled off the “biggest con in corporate history.”
On January 24, 2023, a study titled Adani Group: How The World’s Third Richest Man Is Pulling The Largest Con In Corporate History was released. As a result, the Adani Group also suffered enormous market losses.
Business tycoon Gautam Adani responded quickly to a report alleging that a number of his subsidiary firms were involved in a scheme. The claims were all deemed “unsubstantiated” and “misleading” by him in his over 400-page data response. He allegedly went on to purchase a controlling position in Hindenburg Research, boosting the value of his already enormous net wealth.
Clearly, the newest claimed takeover represents a small portion of the companies Gautam Adani owns. His primary goals will always be to consolidate his power in India and add new enterprises to his already extensive portfolio.
According to a report, US-based GQG Partners and other investors acquired shares in the company on Wednesday for almost $1 billion, marking the third round of investments in Adani equities in the last four months.
According to ET Now, which cited insiders, GQG and other investors have purchased further interests in Adani Group equities worth $1 billion via block agreements.
Adani Green Energy had a total of 35.2 million shares, or 2.2% of outstanding stock, change hands during the day, while Gautam Adani’s main company, Adani Enterprises, saw a block trade of 18 million shares, or 1.6% of outstanding equity, occur.
Following the block transaction, shares of Adani Enterprises were trading 5.5% higher at Rs 2,405, while those of its green business were trading unchanged.
