According to a Sunday report by Bloomberg News, India's Adani Group has cut down its revenue growth target by half and intends to reduce new capital expenditure.
On January 24 the US short-seller Hindenburg Research charged the Indian conglomerate of being engaged in stock manipulation and illegitimate use of offshore tax havens, the listed firms under the control of billionaire Gautam Adani have shed over $100 billion in market capitalization.
The conglomerate has refuted the charges posed by the Hindenburg Research report and rejected the accusations.
According to reports quoting sourcess familiar with the situation, the Adani Group is now aiming to achieve for revenue growth of 15% to 20% for at least the upcoming fiscal year, down from the initial target of 40%.
The report also stated that the plans of the group are still imminent and that delaying making capital investments for even three months will enable the conglomerate to save up to $3 billion.
Without going into further detail, a spokesperson for the Adani Group called the report "baseless, speculative."
The Indian conglomerate has also participated in an investigation by India's market regulator Securities Exchange Board of India (SEBI) related to the group's ties to a few of the investors in its canceled $2.5 billion share sale.
According to Reuters, which cited information from two senior government officials, the ministry of corporate affairs of India began a preliminary review of the financial statements and other documents filed by the company with the regulator earlier this month.
(Source:www.businesstoday.in)
On January 24 the US short-seller Hindenburg Research charged the Indian conglomerate of being engaged in stock manipulation and illegitimate use of offshore tax havens, the listed firms under the control of billionaire Gautam Adani have shed over $100 billion in market capitalization.
The conglomerate has refuted the charges posed by the Hindenburg Research report and rejected the accusations.
According to reports quoting sourcess familiar with the situation, the Adani Group is now aiming to achieve for revenue growth of 15% to 20% for at least the upcoming fiscal year, down from the initial target of 40%.
The report also stated that the plans of the group are still imminent and that delaying making capital investments for even three months will enable the conglomerate to save up to $3 billion.
Without going into further detail, a spokesperson for the Adani Group called the report "baseless, speculative."
The Indian conglomerate has also participated in an investigation by India's market regulator Securities Exchange Board of India (SEBI) related to the group's ties to a few of the investors in its canceled $2.5 billion share sale.
According to Reuters, which cited information from two senior government officials, the ministry of corporate affairs of India began a preliminary review of the financial statements and other documents filed by the company with the regulator earlier this month.
(Source:www.businesstoday.in)
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