After the indictment by the US Securities and Exchange Commission (SEC), the rating agency Fitch has revised the outlook on four Adani group firms from “stable” to “negative”.
The Telangana government has refused Rs 100 crore donation from the Adani Foundation for the Young India Skills University following the recent fraud charges brought by the US against the billionaire.
Adani Group Chief Financial Officer (CFO) Jugeshinder Singh on Saturday addressed the ongoing controversy surrounding allegations of fraud against the group, clarifying that the allegations pertain to a single contract involving Adani Green Energy
The Lok Sabha was adjourned for the day amid uproar by the opposition parties on various issues. The Lower House will meet again at 11 am on Wednesday.
In a post on X, Singh said none of the group’s 11 public companies or their subsidiaries are defendants in the case filed by the US Department of Justice (DoJ), nor are they accused of wrongdoing.
According to reports, Adani Green Energy is discussing the planned transaction with a group of foreign banks including a US firm.
Adani Group’s seven out of 10 stocks are still trading below the levels seen a year ago exactly one year since the release of a scathing report by short seller Hindenburg Research.
The group is also building a new airport for Mumbai, and redeveloping the city’s sprawling Dharavi slum.
Faith of India’s retail investors remained intact in Adani Group's stocks even a year after Hindenburg Research’s scathing report last January.
The apex court said the Centre and SEBI would look into whether Hindenburg Research violated any law on short-selling.
