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Adanigroup

All articles tagged with #adanigroup

politics1 year ago

India Responds to US Allegations in Adani Bribery Case

YSR Congress Party president and former Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy has denied allegations of accepting bribes from the Adani Group for solar power purchases, asserting that his name is not mentioned in the U.S. indictment related to the case. The indictment refers to "Foreign Official #1," an Indian official in Andhra Pradesh, who allegedly received bribes, but Jagan insists he had no direct dealings with Adani regarding these agreements. He challenges the baseless nature of the accusations and calls for clarity on the identity of "Foreign Official #1."

via Greatandhra|
#adanigroup#andhrapradesh#briberyallegations
business1 year ago

Adani Group Faces Mounting Challenges Amid Legal and Financial Turmoil

The Adani Group is facing significant financial and legal challenges following bribery and fraud accusations by U.S. authorities against its founder, Gautam Adani. These allegations have led to a reevaluation of investments and partnerships, with Fitch Ratings placing Adani's bonds on a negative watchlist and companies like TotalEnergies suspending new investments. The group's stocks have plummeted, and several international deals have been canceled. Legal proceedings are expected to be lengthy, with further investigations underway in both the U.S. and India.

via CNBC|
#adanigroup#briberycharges#business
business1 year ago

Gautam Adani's US Indictment Shakes India's Corporate Image

The US indictment of Gautam Adani, founder of India's Adani Group, for alleged involvement in a $265 million bribery scheme has raised concerns about the integrity of Indian business practices and regulatory oversight. This development complicates US-India relations, already strained by other diplomatic issues, and provides ammunition for Indian opposition parties to criticize Prime Minister Narendra Modi's ties with Adani. The charges could impact international investor confidence in India's economic narrative and its position as a reliable business partner.

via Financial Times|
#adanigroup#business#indiausrelations
finance1 year ago

Asian Markets Slide Following Underwhelming Nvidia Earnings

Asian stocks fell due to Nvidia's disappointing revenue forecast and geopolitical tensions, particularly the Russia-Ukraine conflict. Nvidia's earnings outlook affected its suppliers and global markets, while Indian stocks were hit by charges against Gautam Adani for alleged bribery. Bitcoin reached a record high, and Taiwan Semiconductor and SK Hynix shares dropped. Meanwhile, Japan plans a $140 billion stimulus package, and Starbucks is considering selling a stake in its Chinese operations.

via Yahoo Finance|
#adanigroup#asianstocks#cryptocurrency
business-and-finance2 years ago

"Gautam Adani Reclaims Title as Asia's Wealthiest Despite $80 Billion Loss"

Indian tycoon Gautam Adani has reclaimed his title as Asia's richest man with a net worth of $97.6 billion, surpassing Mukesh Ambani. This comes after a significant loss of over $80 billion in 2023 due to allegations of stock manipulation and fraud by Hindenburg Research. Adani's wealth has seen a rapid recovery, particularly after a recent court ruling that prompted a surge in Adani Enterprises' stock. Despite the controversy, Adani's business empire continues to thrive, with interests in various sectors and a close association with India's growth story.

via CNN|
##adanigroup#asiarichestman
business-and-finance2 years ago

"Supreme Court Decision Bolsters Adani Amid Regulatory Probe and Hindenburg Allegations"

The Supreme Court of India has ruled that the Adani Group, led by billionaire Gautam Adani, will not be subjected to additional investigations beyond the ongoing probe by the Securities and Exchange Board of India (SEBI), which must be completed within three months. This decision comes after allegations of wrongdoing by U.S. short-seller Hindenburg Research, which led to a significant drop in Adani's stock value. The court's ruling has resulted in a rally of Adani Group's shares, although the company still faces other challenges, including political scrutiny and separate federal investigations.

via Reuters India|
##adanigroup#business-and-finance
business-and-finance2 years ago

"Supreme Court Ruling Favors Adani, Directs Swift End to Probe Amidst Hindenburg Allegations"

The Supreme Court of India has directed the Securities and Exchange Board of India (SEBI) to conclude its investigation into the Adani Group within three months, stating that the investigation cannot remain open-ended. This follows allegations by Hindenburg Research of stock manipulation and accounting fraud against the conglomerate. Gautam Adani, the head of the Adani Group, expressed relief at the court's decision, stating "truth has prevailed." Shares of Adani Group companies rose following the ruling, despite the group having previously lost significant market value after the Hindenburg report. Adani, once the second-richest person globally, now ranks 15th on the Bloomberg Billionaires Index.

via CNN|
##adanigroup#business-and-finance
business-and-finance2 years ago

"Adani Group's Resilient Surge Amid Challenges and Debt Concerns"

Gautam Adani, the billionaire head of the Adani Group, has declared the past year as one of "extraordinary contrasts," ending in a position of "unprecedented strength" despite facing a short seller attack and opposition from various groups. The Supreme Court-appointed committee validated the group's integrity and governance, dismissing the allegations against them. Adani Group's operating income soared by 47% in the first half of FY24, and the conglomerate plans to invest $100 billion over the next decade, focusing on clean energy. The group has also gained the trust of prominent global investors and is undertaking ambitious projects, including the world's largest renewable energy park and the development of Navi Mumbai airport.

via NDTV Profit|
##adanigroup#business-and-finance