Financial Times report against Adani Group is just for noise: Cantor Fitzgerald
Financial Times report that targeted Indian conglomerate AdGroup Article was just for noise, noted global financial services firm Cantor Fitzgerald, asserting that the financial market appeared to have shrugged off the said report.
The financial advisory firm's report said that the market is inferring that the media article against the conglomerate was an «immaterial story.»
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Offering CollegeCourseWebsiteIIM LucknowChief Operations Officer ProgrammeVisitIndian School of BusinessISB Leadership in AIVisitIndian School of BusinessISB Chief Technology OfficerVisitAdani Enterprises shares closed 8.2 per cent higher on Thursday at Rs 3,398.20. Adani Group's market capitalization continued to gain for the tenth consecutive day.
On Wednesday, London-based Financial Times, citing documents from George Soros-backed Organized Crime and Corruption Reporting Project (OCCRP), in a report, charged the Adani group of fraud and selling low-grade coal as high-value fuel in the year back in 2013 to Tamil Nadu Generation and Distribution Company.
The consistent rise in the group's market capitalisation over the past year shows that despite allegations, investors have reposed faith in the Adani group companies.
Adani group m-cap regains $200 bn-mark as company rebuts coal invoicing allegations
This is the third time that two foreign media platforms have published negative reports on the group. The Adani group denied all allegations and questioned the
