Adani Power on Wednesday reported a 96% fall in third-quarter profit on rising fuel costs, and joined other group companies in saying it saw no material adverse impact from a possible independent review following a U.S. short-seller’s critical report on its businesses.
The company, part of a larger conglomerate led by billionaire Gautam Adani, has been hit by a market rout after U.S. short-seller Hindenburg Research on Jan. 24 alleged it had engaged in stock manipulation and used tax havens.
The group has denied all allegations. Adani Group first said it would evaluate an independent review while reporting results for other group companies on Tuesday.
