Hindenburg fallout: Adani suspends work on Rs 35K-cr petchem project
The Adani group has suspended work on a Rs 34,900-crore petrochemical project at Mundra in Gujarat as it focuses on resources to consolidate operations and address investor concerns following a damning report by a US-based short seller, sources said.
The group’s flagship Adani Enterprises (AEL) had in 2021 incorporated a wholly owned subsidiary, Mundra Petrochem for setting up a greenfield coal-to-PVC plant at Adani Ports and Special Economic Zone (APSEZ) land in Kutch district of Gujarat.
But after Hindenburg Research’s January 24 report alleging accounting fraud, stock manipulations and other corporate governance lapses chopped off about $140 billion from the market value of Gautam Adani’s empire,
