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    Adani Group Sees $135B in Equity Value Wiped Out Following Hindenburg Research Report


    The Adani Group, a ports-to-power conglomerate, has seen more than $135 billion in its combined equity market value wiped out since the release of the explosive Hindenburg Research report.[0] The personal fortune of Gautam Adani, which had reached $150 billion last September and made him the second richest man in the world, has dropped sharply to $55.8 billion according to Bloomberg Billionaires Index.[1]

    The ramifications of the report have been far-reaching, with Adani and his companies taking steps such as hiring legal and communication teams, cutting expenses, and repaying debt in order to calm traders spooked by concerns over the group’s access to financing.[2]

    The most impacted of the Adani Group companies has been Adani Total Gas Ltd.[3] Its stock has seen three quarters of its value wiped out since the short seller report was published on Jan. 24.[4] Adani Total was down by its limit in early trading on Monday and has done so each day since January 27.[4] Indian exchanges tweaked the daily limit for the stock to 5 percent from 20 percent as the selloff worsened.[4]

    Adani Total Gas is facing combined maturing debt payments in the fourth quarter of its 2023 fiscal year and the 2024 fiscal year that amount to more than its cash balance, according to an exchange filing.[4] It also has cash flow from assets of Rs 9.32 billion.[4] Bloomberg data indicates that around 19 percent of the stock is available to be traded in the public market.[4]

    The group has also tapped international bond buyers for more than $8 billion in recent years, while also turning to global banks for at least as much in foreign-currency loans, data compiled by Bloomberg show.[0] The outlook for companies such as Adani Green Energy Ltd. and Adani Ports & Special Economic Zone Ltd. has been revised by rating agencies.[0]

    Recently, Hindenburg Research revealed a sensational expose alleging that Gautam Adani, the third wealthiest individual in the world, had perpetrated the “largest con in corporate history”.[3] The Adani Group rebuffed the allegations of stock manipulation and fraud as a lie, while MSCI announced it would delay the implementation of the free float updates for Adani Total Gas and Adani Transmission until the May index review.[5]

    0. “Adani Group's market value slips under $100 billion: Report” Hindustan Times, 21 Feb. 2023,

    1. “Kekst CNC Goes to Work for Besieged Adani Group” O'Dwyer's PR News, 13 Feb. 2023,

    2. “Adani Group suffers over $100-billion loss in market value as rout continues” Moneycontrol, 21 Feb. 2023,

    3. “‘Hit job, China funding': Inside the pro-Adani campaign to undo Hindenburg damage” Newslaundry, 20 Feb. 2023,

    4. “Adani Stock Bearing the Brunt of Rout Has Lost 76% in Value” Financial Post, 20 Feb. 2023,

    5. “Hindenburg effect: Adani Total Gas shares in free fall; down over 77% from 52-week high” Business Today, 20 Feb. 2023,

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