Market

Adani shares mixed after 413-page response to Hindenburg

[ad_1]

Shares of Adani Group companies were mixed in early trading Monday after the Indian conglomerate hit back at criticisms by U.S. short seller firm Hindenburg Research in a 413-page rebuttal.

Flagship company Adani Enterprises
512599,
+3.78%

and Adani Ports & Special Economic Zone Ltd.
532921,
-0.48%

were up 6.8% and 4.8%, respectively, reversing course from double-digit drops on Friday. In contrast, Adani Total Gas Ltd.
542066,
-20.00%

shed 20%, Adani Transmission Ltd.
539254,
-20.00%

was down 18% and Adani Green Energy Ltd.
541450,
-19.03%

fell 12%, each extending their year-to-date losses to more than 30%.

The stock moves Monday came hours after Adani Group released its lengthy response to Hindenburg, whose allegations of wrongdoing last week led to market losses of tens of billions of dollars at Adani’s listed companies.

Adani called the Hindenburg report “a malicious combination of selective misinformation and concealed facts” intended to create help the short seller book financial gains, and characterized the report as an attack on the integrity and institutions of India. It said the dozens of questions raised in the report relate to disclosed matters, shareholders or third parties, or are “baseless allegations.”

Hindenburg said in response that Adani had failed to “specifically answer” most of its questions, and that the firm’s core allegations were left unaddressed.

Write to Ben Otto at ben.otto@wsj.com

[ad_2]

Source link

Jake

Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *