Adani Group sought to reassure investors on Monday, saying it had strong cashflows and its business plans were fully funded, as an Indian regulator confirmed it was investigating a critical report by a short-seller that has battered the group’s stocks.
Led by billionaire businessman Gautam Adani, the group’s seven listed stocks have together lost about $120 billion in market value since a Jan. 24 report by U.S. short-seller Hindenburg Research accused it of improper use of offshore tax havens and stock manipulation, allegations the group has denied.
The turmoil continued on Monday, with shares in the listed companies extending their losses.
Seeking to calm investors, the conglomerate in a statement to Reuters said the balance sheet of each of its independent portfolio companies was “very healthy”, adding it had secure assets and strong cashflows, with its business plans “fully funded”.
“We are confident in the continued ability of our portfolio to deliver superior returns to shareholders,” Adani Group said in the emailed statement.
This report’s information was first seen on REUTERS; to read more, click this link.
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