The group released a 413-page report, but that was not enough to soothe investors.
"Instead, as expected, Adani has resorted to bluster and threats," Hindenburg's statement said.
"Regarding the company's threats of legal action, to be clear, we would welcome it. We fully stand by our report and believe any legal action taken against us would be meritless.Fundamentally, the accusations against Adamani consist of claims that the group was loading companies with debt that put the entire group on a "precarious financial footing."
Hindenburg further claimed that Adani had "predictably tried to lead the focus away from substantive issues and instead stoked a nationalist narrative, claiming our report amounted to a 'calculated attack on India.'"released a statement"The Board takes this opportunity to thank all the investors for your support and commitment to our FPO.
"However, today, the market has been unprecedented, and our stock price has fluctuated over the course of the day. Given these extraordinary circumstances, the company's board felt that going ahead with the issue would not be morally correct." He concluded that the interest of the investors was paramount. Hence, to insulate them from any potential financial losses, the board has decided not to go ahead with the FPO.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Adani vs Hindenburg: Adani's wealth tanked $52 billion in 6 daysGautam Adani lost $52 billion in 6 days. That's over 3 times what Sam Bankman-Fried lost in a similar timeframe.
Read more »
Adani vs Hindenburg: Adani's wealth tanked $52 billion in 6 daysGautam Adani lost $52 billion in 6 days. That's over 3 times what Sam Bankman-Fried lost in a similar timeframe.
Read more »
Adani Enterprises scraps $2.5 billion stock offering amid scrutiny from short sellerIndian billionaire Gautam Adani’s flagship company reversed course and canceled a share sale of up to $2.5 billion, as it continues to grapple with...
Read more »
India ETF dives toward 6 1/2-month low as Adani stocks extend plungeThe iShares MSCI India exchange-traded fund sank 2.2% in afternoon trading Wednesday, putting it on track for the lowest close since July 18, 2022, amid...
Read more »
India's Adani ditches $2.5 billion share sale after $86 billion routIndia's Adani Enterprises Ltd on Wednesday withdrew its $2.5 billion secondary share sale after Adani Group shares plummeted on concerns raised by a U.S. short-seller.
Read more »