The embattled Adani Group sought to reassure investors, saying the balance sheet of each of its independent portfolio companies was “very healthy” hours after capital markets regulator SEBI said it was looking into the allegations made against the conglomerate by US-based short-seller Hindenburg Research in a critical report late January.
The conglomerate, led by billionaire Gautam Adani, said it had secure assets, strong cashflows, with its business plans “fully funded” and it remains confident of delivering returns to shareholders.
“We have industry leading development capabilities, strong corporate governance, secure assets, strong cash flows, and our business plan is fully funded,” the group said in a statement.
“We are confident in the continued ability of our portfolio to deliver superior returns to shareholders,” it added.
The group’s seven listed stocks have together lost about $120 billion in market value since a 24 January report the by US short-seller alleging that Adani pulled “the largest con in corporate history” using offshore tax havens and stock manipulation.
The Adani Group has strongly denied all allegations, calling them “malicious”, “baseless” and a “calculated attack on India”, but investors remain concerned.