This illustrated photo, taken in Krakow, Poland, on February 2, 2023, shows the Hindenburg Research website displayed on a laptop screen and the Adani logo displayed on a mobile phone screen.
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Gautam Adani, the billionaire chairman of India’s Adani Group, was indicted in New York federal court on Wednesday along with seven others on charges of: Engaged in a massive bribery and fraud scheme.
After the news broke, the group His company’s share price plummeted. Adani Enterprises is one of the three largest conglomerates in the country. The company operates in multiple sectors including ports, airports, renewable energy and cement.
The latest developments come after the group spent much of 2023 trying to shake off accusations of accounting fraud and stock market manipulation brought by short-seller Hindenburg Research.
Here’s a timeline of Adani’s headlines over the past year, tracking the series of accusations and counter-allegations from the time the Hindenburg report was published until his indictment.
January 2023
Early last year, Hindenburg Announces short position in Adani Groupaccused Adani of engaging in “shameless” stock manipulation and accounting fraud, calling it “the biggest scam in the history of the company.”
Following the report, Adani-related stocks suffered a sharp sell-off. Adani’s net worth plummeted by US$6 billion overnight.
Group refutes Hindenburg corruption and fraud claims 413 pages of replycalled the latter report a “malicious combination of selective misinformation,” adding that it “always complies with all laws.”
Around the same time, Adani Enterprises launched a 200 billion rupee ($2.45 billion) secondary share sale, which was fully subscribed despite a short-selling storm.
March 2023 to May 2023
In March, India’s Supreme Court set up a six-member independent panel to investigate Allegations made in the Hindenburg Report.
In May this year, a court-appointed panel reportedly said its investigation into the Adani group had “drawn a blank”. Reuters.
December 2023 to January 2024
By the end of 2023, Adani Enterprises shares had recovered from the impact and were trading at The decline was smaller, 26%.
India’s Supreme Court announced in January that Adani Group would not be subject to additional investigation Beyond scrutiny from market regulators, it provides the group with significant relief.
then, Adani TakeXexpressed gratitude to those who “supported” the group. “The truth has prevailed,” he wrote, adding, “We will continue to make our small contribution to India’s growth story.”
According to reports, Adani subsequently became Asia’s richest man again. Bloomberg Billionaires Index January.
August 2024
Hindenburg releases new report India’s capital markets regulator chief accused of conflict of interest This hinders further investigation into the fraud allegations.
The report said that SEBI Chairman Madhabi Puri Buch and her husband had previously held offshore funds which were also Used by Adani Group. Both men have denied the allegations and said the reported claims are baseless.
November 2024
Adani and seven others were indicted in federal court in New York, accused of paying more than $250 million in bribes to Indian government officials to secure solar power contracts that could generate more than $2 billion in profits.
The 62-year-old self-made Indian billionaire has expanded his empire through deals and the support of Prime Minister Narendra Modi. Forbes. Modi has Opposition leader Rahul Gandhi accused Assisted Adani Group in securing contracts in Sri Lanka, India and Australia.
Adani currently ranks 18th on the Bloomberg Billionaires Index.
