Adani Group’s Mundra Port in India. Shares in Adani Ports and Special Economic Zone are about 27% lower than before last month’s report by US short seller Hindenburg Research © Amit Dave/Reuters Gautam Adani’s ports and logistics company has announced plans to pay off some $605mn of borrowing and cut spending, as the under-fire billionaire rushes to shore up investor confidence. The company, the most widely traded in Adani’s business empire, has been hit by a brutal sell-off triggered by a short-seller report that highlighted Adani Group’s growing debt pile while alleging “brazen” accounting fraud and stock manipulation at the conglomerate, which ranges from logistics to airports and electricity. Adani Group has strenuously denied the allegations, but the ensuing stock market rout knocked more than $110bn off the conglomerate’s market value. Shares in Adani Ports and Special Economic Zone (Apsez) are about 27 per cent lower than before US short seller Hindenburg Research published its report last month. Apsez’s announcement comes a day after the Adani family said it had paid off a $1.1bn loan pledged against company shares about 20 months in advance. “When your shares have fallen 70 per cent that obviously creates pressure,” said Anish Teli, […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
