Adani Hindenburg Case Verdict Live Updates: SC to pronounce judgment today over charges of market manipulation
Catch all the LIVE updates on Adani Hindenburg Case Verdict hereThe Hindenburg Research said that the seven listed companies of the Adani group, have an 85% downside on a fundamental basis due to sky-high valuations, Hindenburg said in the report.The report pointed out the debt on the company. "Key listed Adani companies have also taken on substantial debt, including pledging shares of their inflated stock for loans, putting the entire group on precarious financial footing.
5 of 7 key listed companies have reported ‘current ratios’ below 1, indicating near-term liquidity pressure," the report said. The report said that 8 of 22 key roles are held by the family members of Gautam Adani, Founder and Chairman of the Adani Group.In January 2023, US-based short seller Hindenburg Research alleged that Adani Group is involved in accounting fraud, stock price manipulation, and improper use of tax havens.
The report triggered a stock market rout of the Adani group shares that erased close to $150 billion in market value at its lowest point. On its part, the Adani group has rejected all allegations
Following this, the Supreme Court asked SEBI to look into the allegations and submit its findings.
In March, a separate six-member expert panel was formed which included a retired judge and veteran bankers, to go into regulatory aspects of the allegations.
The apex court set August 14 as the deadline for SEBI to conclude its probe and submit the report. The regulator sought a 15-day extension to conclude the investigation.
It has now submitted a status report on its probe.On 24 November, The judgement on the PILs, filed by lawyers Vishal Tiwari, M L Sharma and Congress leader Jaya Thakur, and Anamika Jaiswal, was reserved. Sebi informed SC
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