After US-based company, A Hindenburg Research charged the Adani group with market manipulation and financial irregularities, shares of listed Adani group companies today plunged precipitously. The market value of the group decreased by ₹ 85,761 Crores as a result. The Adani group, however, has referred to these accusations as unfounded. He asserted that the accusations had been made without any supporting documentation and that the nation’s courts had previously rejected such claims.

These accusations have been made only two days before Adani Enterprises’ ₹ 20,000 crore follow-on public offering (FPO), which will take place on Friday. On Wednesday, it was made available to anchor investors, and as of this writing, top financial institutions had submitted bids totaling Rs 9,000 crore for the allocation of ₹ 6,000 crore worth of shares. Although Hindenburg stated that it is selling Adani Group shares as a result of its analysis, it cautioned readers to utilize the information at their own risk.

Detailed information regarding the Adani family-controlled offshore mask units has been provided in reports, and via this, the accusation of tax avoidance has been made. According to the research, several Mauritius-based organizations were used to influence market pricing. The study lists 38 Mauritius-based companies that Vinod Adani, the brother of Gautam Adani, controls. The investigation conducted by the Directorate General of Revenue Intelligence in the matter of coal import on the basis of inflated invoices is also included in the report.

According to the Hindenburg report, smaller organizations have examined the finances of certain group companies, including Adani Enterprises and Adani Total Gas. It has just four partners and eleven staff. Reports state that four federal authorities have already looked into the organization. However, Business Standard was unable to independently confirm these claims. Adani Group said that the organization was not approached to confirm the details of the alarming and upsetting allegation.