The embattled Adani Group on Monday attempted to calm the market as a rout in its shares continued, saying its growth plans are intact, business plans are fully funded and it remains confident of delivering returns to shareholders.
Market value of the group’s seven listed companies has halved since a January 24 report by US-based short-seller Hindenburg Research alleged that Adani pulled “the largest con in corporate history” using offshore tax havens and stock manipulation.
The Group has denied all allegations, calling them “malicious”, “baseless” and a “calculated attack on India”. It called Hindenburg the “Madoffs of Manhattan”, referring to the late financier and fraudster Bernie Madoff.
