India's Adani Group in crisis

[happydavy]

Chill Maro Bhai, don't believe in sensation. Adani loans are not even 0.5% of SBI loan book and his companies are financially doing well. I see no chance of default. LIC has close to $600 bn of assets, while it makes news to say lic lost $xoo mn ij today's crash but these are mark to market prices. LIC had invested in most of adani stocks pre-2020 when they were 1/4th thr price. I am pretty sure LiC net net is making profits on adanis investments. And it's a small change in LIC overall asset base.

https://www.moneycontrol.com/news/b...quity-exposure-at-rs-56142-crore-9962021.html

LIC has clarified that the total value of Adani group company shares it has purchased over the last many years is Rs 30,127 crore. This amounts to a market value of Rs 56,142 crore, based on the closing price on January 27. This exposure by LIC in the Adani group as on date is 0.975 percent of the total assets under management (AUM) at book value.

The 2 points i mentioned about lic investment - lic actually making profits on investment and it's a small change (less than 1%) wrt it's overall AUM, since someone sounded worried that this will impact LIC significantly.

 

[MenInG]

Billionaire Gautam Adani's embattled group clutched on to a $400-million (Rs 3,260 crore) investment by Abu Dhabi's International Holding Co. in its flagship firm's share sale to restore confidence in the conglomerate that saw nearly $70-billion rout in value after a tiny New York short seller came out with a damning report.

Gautam Adani, 60, who was third richest man in the world till a day before Hindenburg Research came out with its report on January 24 that flagged concerns about its debt levels and alleged stock manipulation, accounting fraud and the use of tax havens, has slipped to 8th position, narrowing the gap with rival Mukesh Ambani, whom he overtook in April last year, to just $4 billion.

His group late on Sunday night issued a 413-page response to the Hindenburg report in an attempt to restore confidence in the business empire but it could not cut much ice and stock prices of most group companies continued to fall and key dollar bonds sank to fresh lows on Monday.

NDTV

 

[Bhaag Viru Bhaag]

Adanis are trying hard to turn this into India vs World. What is an Indian flag doing there? Is he the PM or President of India lol?

Doesn't get clearer than this.

 

[MP2011]

Adanis are trying hard to turn this into India vs World. What is an Indian flag doing there? Is he the PM or President of India lol?

Doesn't get clearer than this.

So minions were blindly following Adani group in terming this episode as India vs world?

 

[cricketjoshila]

Adani FPO fully subscribed. Price was 10 per cent Higher than last closing price.

 

[Local.Dada]

Adani FPO fully subscribed. Price was 10 per cent Higher than last closing price.

Better than buying Pathan tickets for a cause

 

[pillionrider]

Modi fans are having a rough time. Their world is crumbling around them, yet they have become such pathetic robots, they will defend and fight on behalf of a rich businessman like he's going to toss them a few coins )

All because he is Modi's friend.

Below is a pretty informative video from Swamy and friends

Cue Swamy is bitter for being sidelined in the BJP.

Well, dear bhakts. You have Ram Temple because of this man. Rahul Gandhi and his mommy had to hit the courts because of this man. It's getting hard isn't it. I'm enjoying it.

<iframe width="560" height="315" src="https://www.youtube.com/embed/ykCjOCcmMKc" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>

 

[Ahmad-GERMANFC]

Adani FPO fully subscribed. Price was 10 per cent Higher than last closing price.

That was never under threat tho so what’s the surprise

 

[MP2011]

Minions are so funny and at the same time, so pitiable. Most worthless creatures in entire universe!

Just because Adani funds feku's election sojourns, they'll defend him too. What Adani and his alleged offences might have cost India, doesn't matter one bit for them.

However, that was always the agenda. Feku over anything.

 

[MP2011]

Adani, the trapeze artist.

Lol, well said.

 

[Technics 1210]

Billionaire Gautam Adani's embattled group clutched on to a $400-million (Rs 3,260 crore) investment by Abu Dhabi's International Holding Co. in its flagship firm's share sale to restore confidence in the conglomerate that saw nearly $70-billion rout in value after a tiny New York short seller came out with a damning report.

Gautam Adani, 60, who was third richest man in the world till a day before Hindenburg Research came out with its report on January 24 that flagged concerns about its debt levels and alleged stock manipulation, accounting fraud and the use of tax havens, has slipped to 8th position, narrowing the gap with rival Mukesh Ambani, whom he overtook in April last year, to just $4 billion.

His group late on Sunday night issued a 413-page response to the Hindenburg report in an attempt to restore confidence in the business empire but it could not cut much ice and stock prices of most group companies continued to fall and key dollar bonds sank to fresh lows on Monday.

NDTV

A 413 page response? How large was the font size?

The truth can be summarised in short, but a lie needs waffle.

I dare this so called fradulant Billionaire Indian to take the Hindenburg group to court, in India or Amreeka, if he speaks the 413 page truth!

)

 

[MenInG]

The Adani Group on Tuesday acquired the strategic Israeli port of Haifa for USD 1.2 billion and vowed to transform the skyline of this Mediterranean city as part of its decision to invest more in the Jewish nation, including opening an artificial intelligence lab in Tel Aviv.
Adani Group chairman Gautam Adani, whose business empire was rocked by allegations of fraud by US short seller Hindenburg Research, appeared alongside Israeli Prime Minister Benjamin Netanyahu for signing of the deal to takeover Haifa Port, and spoke of investment opportunities.

Prime Minister Netanyahu described the Haifa port deal with the Adani Group as an "enormous milestone", saying it will significantly improve connectivity between the two countries in many ways.

The Port of Haifa is the second largest port in Israel in terms of shipping containers and the biggest in shipping tourist cruise ships.

NDTV

 

[cricketjoshila]

Haters clutching onto straws.

 

[cricketjoshila]

Modi fans are having a rough time. Their world is crumbling around them, yet they have become such pathetic robots, they will defend and fight on behalf of a rich businessman like he's going to toss them a few coins )

All because he is Modi's friend.

Below is a pretty informative video from Swamy and friends

Cue Swamy is bitter for being sidelined in the BJP.

Well, dear bhakts. You have Ram Temple because of this man. Rahul Gandhi and his mommy had to hit the courts because of this man. It's getting hard isn't it. I'm enjoying it.

<iframe width="560" height="315" src="https://www.youtube.com/embed/ykCjOCcmMKc" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>

I heard Modi is resigning and Making HD Kumaraswamy the PM.

Any truth to this?

 

[Saj]

Gautam Adani's crucial $2.5 billion share sale was fully subscribed on Tuesday as investors pumped funds into his flagship firm, despite a $65 billion rout in the Indian billionaire's stocks sparked by a short-seller's report.

The fundraising is critical for Adani, not just because it will help cut his group's debt, but also because it is being seen by some as a gauge of confidence at a time when the tycoon faces one of his biggest business and reputational challenges.

Hindenburg Research's report last week alleged improper use of offshore tax havens and concerns about high debt, which Adani denied, but the subsequent market meltdown has led to a dramatic and sudden fall in his fortunes as he slipped to eighth from third in Forbes rich list rankings.

India's largest ever secondary share sale attracted participation from anchor investors including Maybank Securities and Abu Dhabi Investment Authority, as well as India's HDFC Life Insurance and state-backed Life Insurance Corporation.

But while the 30% anchor portion of the issue had been subscribed fully last week, the book building had only 3% in bids on Monday, amid concerns over the rout in Adani's stocks.

By Tuesday the overall share sale was fully subscribed as foreign institutional investors and corporate funds flooded in, although participation by retail investors and Adani Enterprises employees remained low.

"Investors would view the successful completion of the FPO (follow-on public offering) as a welcome relief, as it implies that the company still has the support of institutional investors," Leonard Law, Senior Credit Analyst at Lucror Analytics Singapore, said on Tuesday.

"The FPO would help to enlarge Adani Enterprises' public float (thereby partly addressing the issue over the promoters’ concentrated shareholding), as well as reduce leverage for the company and improve investor sentiment," Law added.

The offer closes days after Adani's public face-off with Hindenburg Research, which last week flagged concerns about the use of tax havens and "substantial debt" at the group. It added that shares in seven Adani listed companies have an 85% downside due to what it called "sky-high valuations".

That Adani group has said it complies with all laws and disclosure requirements, calling the report baseless and adding it is considering taking action against Hindenburg.

Support for Adani's share sale came even as the flagship's shares closed at 2,973.9 rupees, up nearly 3% but below the lower end of the sale price band of 3,112 rupees.

 

[pillionrider]

I heard Modi is resigning and Making HD Kumaraswamy the PM.

Any truth to this?

This response is what is known as the - lol Rahul Gandhi pappu...what did Congress do - response

HDK once formed a government with the BJP, his father became PM with just a handful of MPs, so I wouldn't mock the possibility. I get that the HDK reference is to my claim that his tenure was one of the best I've lived in here. But just for your info, I've moved on to the DK-led Congress - you know, the guy who poured cold water on Amit Shah's bald head )

Still waiting on your response to the Swamy video I posted. Or did you skip it because it would be too painful?

 

[Cover Drive Six]

Gautam Adani rides out Hindenburg storm as investors rally behind $2.5 billion share sale

Mumbai: Gautam Adani’s crucial $2.5 billion share sale achieved a full subscription on Tuesday as investors pumped funds into his flagship Adani Enterprises, despite a scathing short-seller’s report which had pummelled the Indian billionaire’s stocks.

The share sale is critical for Adani, not just because it will help cut his group’s debt, but also because its success will be seen as a mark of investor confidence as he faces one of his biggest business and reputational challenges.

Although the 30% anchor portion of the issue had been subscribed fully last week, the book building process of India’s largest secondary share sale had only 3% in bids on Monday, amid concerns it could struggle due to the rout in Adani’s stocks.

But on Tuesday, the overall share sale was fully subscribed as foreign institutional investors and corporates pumped in funds, although participation by retail investors and Adani Enterprises employees remained low.

“Investors would view the successful completion of the FPO (follow-on public offering) as a welcome relief, as it implies that the company still has the support of institutional investors,” Leonard Law, Senior Credit Analyst at Lucror Analytics Singapore, said on Tuesday.

“The FPO would help to enlarge Adani Enterprises’ public float (thereby partly addressing the issue over the promoters’ concentrated shareholding), as well as reduce leverage for the company and improve investor sentiment,” Law added.

The offer closes days after Adani’s public face-off with Hindenburg Research, which last week flagged concerns about the use of tax havens and “substantial debt” at the group. It added that shares in seven Adani listed companies have an 85% downside due to what it called “sky-high valuations”.

https://www.msn.com/en-in/money/markets/gautam-adani-rides-out-hindenburg-storm-as-investors-rally-behind-2-5-billion-share-sale/ar-AA16WCpC?ocid=entnewsntp&pc=U531&cvid=e94d8806f88b48d3b8d948ec067d6886

 

[pillionrider]

Still so proud of their Kohinoor like he is family

All of them deserve what's coming for them.

 

[cricketjoshila]

This response is what is known as the - lol Rahul Gandhi pappu...what did Congress do - response

HDK once formed a government with the BJP, his father became PM with just a handful of MPs, so I wouldn't mock the possibility. I get that the HDK reference is to my claim that his tenure was one of the best I've lived in here. But just for your info, I've moved on to the DK-led Congress - you know, the guy who poured cold water on Amit Shah's bald head )

Still waiting on your response to the Swamy video I posted. Or did you skip it because it would be too painful?

HDK was kicked out of power by BJP. And his hilarious crying and whining press conference

Ofcourse a handful of people mainly Goundyars think HDK was any good.


DK ? The guy sent to jail for a few weeks? They may drag him to jail even if he sits on the CMs chair.

The way you and that other guy whine about Modi to Pakistanis, its quite enjoyable.


Swamy? Lol. The man is a attention seeker. He once called Mayawati Sonia and Jayalalithaa as Durga Saraswati Lakshmi etc. None of them gave him a ministry..So he turned to BJP. They didn't give him another RS term. So now he barks at them.

 

[cricketjoshila]

Still so proud of their Kohinoor like he is family

All of them deserve what's coming for them.

What's coming?

 

[karthikc]

All overhyped report..LOL it says Adani firms didnt have auditor from big 4..Guess they forgot about Enron and Satyam computers..dogs will keep barking

 

[pillionrider]

Cue Swamy is bitter for being sidelined in the BJP.

Swamy? Lol. The man is a attention seeker. He once called Mayawati Sonia and Jayalalithaa as Durga Saraswati Lakshmi etc. None of them gave him a ministry..So he turned to BJP. They didn't give him another RS term. So now he barks at them.

)

Ofcourse a handful of people mainly Goundyars think HDK was any good.

You talk with such confidence about things you don't have a clue about. What is a Goundyar? Think you're mixing up Tamil Nadu and Karnataka and referring to Gowdas or Vokkaligas.

Handful? lol

Vokkaligas along with Lingayats are the biggest communities in the state.

And I'm neither. Dad's family are Kodavas from Coorg and mother's side are Shimoga brahmins who were settled in Hosur - just inside Tamil Nadu.

What's coming?

A lot of fun for my types.

 

[karthikc]

Subramanian Swamy is proving even Indira Gandhis words to be true .."Santa Claus with crazy ideas.."

 

[Sidilicious]

All overhyped report..LOL it says Adani firms didnt have auditor from big 4..Guess they forgot about Enron and Satyam computers..dogs will keep barking

But doesn’t it raise questions about having recently minted CAs as auditors of such big companies?

 

[Bhaag Viru Bhaag]

So minions were blindly following Adani group in terming this episode as India vs world?

Look at how he is hiding behind mother India.

Adani calls US short-seller fraud report 'attack on India'

Adani calls on Indian nationalism

In a 413-page response, the Adani Group hit back and portrayed Hindenburg's allegations as "baseless and an attack against India itself."

"This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," the company said in a statement.

Hindenburg responded by saying that fraud cannot be obfuscated by "nationalism or a bloated response" that ignores every key allegation.

Several Indian opposition lawmakers also criticized Adani's response.

"It is a matter of concern that a group against whom serious allegations have been made is using the Indian flag and has the audacity to say that the report on the company is an attack on India. Parliament needs to have a discussion on this and send out a message that Adani is not India," said parliamentarian Manoj Jha of the Rashtriya Janata Dal (RJD) party on Tuesday.

"When did Adani become India?" asked Manish Tewari, leader of the party Indian National Congress (INC).

https://www.dw.com/en/adani-calls-us-short-seller-fraud-report-an-attack-on-india/a-64568932

 

[Bhaag Viru Bhaag]

Adani FPO fully subscribed. Price was 10 per cent Higher than last closing price.

Better than buying Pathan tickets for a cause

Ouch. At least Pathan tickets were sold, people watched the movie and enjoyed it.

Adani Enterprises calls off Rs 20,000 crore FPO, to return money to investors

The board of Adani Enterprises on Wednesday decided not to go ahead with its fully subscribed follow-on public offer (FPO).

In a statement, Adani Enterprises said: “Given the unprecedented situation and the current market volatility the Company aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction.”

https://indianexpress.com/article/b...call-off-sale-of-shares-stock-market-8418603/

 

[Technics 1210]

Breaking news:

Adani Enterprises has called off its $2.4bn share sale, after shares in the company dropped sharply following a short seller’s report.

In a letter on Wednesday, the company said: “The board of directors of the company at its meeting held today i.e. February 1, 2023 has decided, in the interest of its subscribers, not to proceed with the further public offer (FPO) of equity shares.”

“Given the unprecedented situation and the current market volatility the Company aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction,” the company added.

FT

https://on.ft.com/3l2a1jy

 

[JaDed]

Another one bites the dust at hands of Hindenburg, almost a perfect score for them from Silicon Valley to Chinese to now India’s richest.

American corporations will always remain ahead of everyone else, hard pill to swallow for many on this forum.

 

[cricketjoshila]

Another one bites the dust at hands of Hindenburg, almost a perfect score for them from Silicon Valley to Chinese to now India’s richest.

American corporations will always remain ahead of everyone else, hard pill to swallow for many on this forum.

So Adani group has folded and left?

Lol.

Their FPO was fully subscribed. By returning the FPO money they are showing the market that how they care for investors interests.

Adani's FPO showed how he has the backing of India's most powerful corporates. He is here to stay.

American corporates have bit the dust and grovelled before Indian governments many times.

NRIs will keep thinking that their work country has wood over India, but this isnt 90s and we thankfully dont have a congress government.

 

[JaDed]

So Adani group has folded and left?

Lol.

Their FPO was fully subscribed. By returning the FPO money they are showing the market that how they care for investors interests.

Adani's FPO showed how he has the backing of India's most powerful corporates. He is here to stay.

American corporates have bit the dust and grovelled before Indian governments many times.

NRIs will keep thinking that their work country has wood over India, but this isnt 90s and we thankfully dont have a congress government.

First not really a NRI I have an Indian passport.

If tomorrow they even any scam of Adani comes out you will still back them, you have completely gone on the otherside where India as such doesnt even matter to you anymore just like BJP and its donors do.

First you kept praising how it got subscribed now you are praising them giving back the money which probably means they expected more.

Also none of the other companies folded which Hindenburg attacked, they are still there trading but not in limelight.

 

[IAJ]

Norway’s Oil Fund has sold down quite a bit of it’s shares in Adani’s companies after the report.

 

[Bhaag Viru Bhaag]

So Adani group has folded and left?

Lol.

Their FPO was fully subscribed. By returning the FPO money they are showing the market that how they care for investors interests.

Adani's FPO showed how he has the backing of India's most powerful corporates. He is here to stay.

American corporates have bit the dust and grovelled before Indian governments many times.

NRIs will keep thinking that their work country has wood over India, but this isnt 90s and we thankfully dont have a congress government.

Have read this more than 100 times already. Do you bhakhts get the same message through whatsapp? Read carefully. Adani is not India.

 

[Local.Dada]

Have read this more than 100 times already. Do you bhakhts get the same message through whatsapp? Read carefully. Adani is not India.

Adani is not india but Adani is an Indian success story.

He is our Warren Buffet and as you keep telling me I live in America and most patriotic Americans don’t hate Warren Buffet if not all of them .

Maybe Ambani would be a better comparison with Buffet so that would make Adani our Musk

 

[Ahmad-GERMANFC]

First not really a NRI I have an Indian passport.

If tomorrow they even any scam of Adani comes out you will still back them, you have completely gone on the otherside where India as such doesnt even matter to you anymore just like BJP and its donors do.

First you kept praising how it got subscribed now you are praising them giving back the money which probably means they expected more.

Also none of the other companies folded which Hindenburg attacked, they are still there trading but not in limelight.

Lol saw this below. Pretty funny.

All Adani PFO subscribed
Bhakts: It's win, speaks a lot about Adani's credibility

Adani cancels all his PFO
Bhakts: Its win, speaks a lot about Adani's credibility

Forbes came out with an investigative article where it alleged that the FPO was subscribed using Adani’s own money and after that Adani group realized their old tricks won’t work and called off the FP.

 

[Ahmad-GERMANFC]

Adani is not india but Adani is an Indian success story.

He is our Warren Buffet and as you keep telling me I live in America and most patriotic Americans don’t hate Warren Buffet if not all of them .

Maybe Ambani would be a better comparison with Buffet so that would make Adani our Musk

Musk actually came up with world changing products tho.

 

[Varun]

Adani FPO fully subscribed. Price was 10 per cent Higher than last closing price.

Looks like your heroine has now rolled back the FPO.

If only you and fellow bhakts had put in Rs. 1 for every Rs. 2 you have earned over the last 9 years, this would never have happened.

 

[MenInG]

Looks like your heroine has now rolled back the FPO.

If only you and fellow bhakts had put in Rs. 1 for every Rs. 2 you have earned over the last 9 years, this would never have happened.

Adani Enterprises Ltd has called off its ₹ 20,000-crore share sale, saying it would not be "morally correct" in the current market condition. Adani Enterprises chief Gautam Adani has said although the FPO closed successfully yesterday, "the market has been unprecedented (today), and our stock price has fluctuated over the course of the day".

"Given these extraordinary circumstances, the Company's board felt that going ahead with the issue will not be morally correct," he said in a statement.

"The interest of the investors is paramount and hence to insulate them from any potential financial losses, the Board has decided not to go ahead with the FPO," he added.

Thanking the investors, he said, "Despite the volatility in the stock over the last week, your faith and belief in the Company, its business and its management has been extremely reassuring and humbling".

Shares of the Adani Group firms had slumped after a report by US-based short seller Hindenburg Research which flagged concern about the group's high debt levels and its suspected improper use of tax havens. The report was released on January 24 -- the day the ₹ 20,000-crore follow-on share sale opened for anchor investors.

Adani Enterprises has rejected the allegations. In a statement on Sunday, it said the conduct of the American firm "is nothing short of a calculated securities fraud under applicable law".

"This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," the statement said.

"Hindenburg has not published this report for any altruistic reasons but purely out of selfish motives and in flagrant breach of applicable securities and foreign exchange laws," it said. "The report is neither 'independent' nor 'objective' nor 'well researched'."

The FPO was subscribed over 1.25 times for institutional investors, people familiar with the matter have said.

The shares of the flagship firm, however, nosedived again on Wednesday in what was the fifth straight day of losses. The Adani Enterprises stocks were down over 26 per cent in the trading session.

In the statement, Mr Adani said their "balance sheet is very healthy with strong cashflows and secure assets, and we have an impeccable track record of servicing our debt".

The decision to call off the share sale "will not have any impact on our existing operations and future plans," he said.

"We will continue to focus on long term value creation and growth will be managed by internal accruals. Once the market stabilizes, we will review our capital market strategy. We are very confident that we will continue to get your support. Thank you for your trust in us," he added in the statement.

NDTV

 

[pillionrider]

[MENTION=93712]MenInG[/MENTION] NDTV is now owned by Adani, so don't expect much meaningful news there. I personally buy The Hindu newspaper. Online edition sometimes has some limits I think. There's scroll.in, thenewsminute.com (South-centric) - this is owned by a guy I know from school.

First you kept praising how it got subscribed now you are praising them giving back the money which probably means they expected more.

)

If only you and fellow bhakts had put in Rs. 1 for every Rs. 2 you have earned over the last 9 years, this would never have happened.

lol there was a brigade that was out to save Adani, Modi and India by promising to buy 5000 bucks worth or something like that...

On Saturday

 

[MenInG]

[MENTION=93712]MenInG[/MENTION] NDTV is now owned by Adani, so don't expect much meaningful news there. I personally buy The Hindu newspaper. Online edition sometimes has some limits I think. There's scroll.in, thenewsminute.com (South-centric) - this is owned by a guy I know from school.


)


lol there was a brigade that was out to save Adani, Modi and India by promising to buy 5000 bucks worth or something like that...

On Saturday

From BBC:

India's Adani Enterprises has called off its share sale after the share price plunged on Wednesday.

The Adani Group's flagship company confirmed the $2.5bn (£2bn) raised from the sale would be returned to investors after shares fell 26%.

The group's companies have seen more than $90bn wiped off their value since a US investment firm made fraud claims. Adani denies the allegations.

Gautam Adani, the founder, has fallen out of the top 10 richest in the world.

According to the Forbes real-time billionaires list, Mr Adani is now the 15th-richest person in the world, with a net worth of $74.7bn. He was third on the list last week.

The billionaire runs Adani Group, one of India's biggest companies. The flagship company Adani Enterprises has operations in a wide range of industries including commodities trading, airports, utilities and renewable energy.

Last week, Hindenburg Research, a company that specialises in "short-selling", or betting against a company's share price in the expectation that it will fall, released a report that accused Mr Adani of "pulling the largest con in corporate history".

It also alleged the Adani Group had engaged in decades of "brazen" stock manipulation and accounting fraud, and claimed its companies had "substantial debt" which put the entire group on a "precarious financial footing".

The group has dismissed the allegations as malicious and untrue, calling them an "attack on India".

Asia's richest man hits back at 'con' claims
Adani shares find investors despite fraud claim
The report came days ahead of a planned sale of Adani shares to the public, and on Tuesday, the $2.5bn share sale in the group's flagship company managed to scrape through to be fully subscribed despite the controversy.

But shares plunged 26.7% on Wednesday, taking the total fall in market value for the group over $90bn, according to Bloomberg.

After the market closed, Adani Group said the company would return the share sale proceeds due to "the unprecedented situation and the current market volatility".

"Given these extraordinary circumstances, the Company's board felt that going ahead with the issue would not be morally correct," said Mr Adani.

"The interest of the investors is paramount and hence to insulate them from any potential financial losses, the Board has decided not to go ahead with the FPO (follow-on public offer)."

Mr Adani said the company's balance sheet was "very healthy with strong cashflows and secure assets"

"We have an impeccable track record of servicing our debt," he added. "This decision will not have any impact on our existing operations and future plans."

Adani Group has hit back at the allegations against it and said it was evaluating "remedial and punitive action" against Hindenburg Research in the US and India.

It said it had always been "in compliance with all laws".

In an interview with Mint newspaper, the group's chief financial officer compared Hindenburg Research to General Dyer, the British officer of the Bengal Army responsible for a massacre that killed hundreds of Indians in the city of Amritsar in 1919.

Hindenburg responded saying the group was stoking a nationalist narrative to obfuscate the fraud allegations.

 

[Sidilicious]

Adani is not india but Adani is an Indian success story.

He is our Warren Buffet and as you keep telling me I live in America and most patriotic Americans don’t hate Warren Buffet if not all of them .

Maybe Ambani would be a better comparison with Buffet so that would make Adani our Musk

Adani is not Buffet.

That comparison was Jhunjhunwala.

 

[cricketjoshila]

First not really a NRI I have an Indian passport.

If tomorrow they even any scam of Adani comes out you will still back them, you have completely gone on the otherside where India as such doesnt even matter to you anymore just like BJP and its donors do.

First you kept praising how it got subscribed now you are praising them giving back the money which probably means they expected more.

Also none of the other companies folded which Hindenburg attacked, they are still there trading but not in limelight.

If Adani is a scam, put him in jail. But prove there is a scam.

Has he defaulted on his loans? No

What crime has he committed?

Their issue was fully subscribed. Which means they got what they wanted. Returning the money means he is proving to investors that he has their interests at heart.

Adani isnt going away from limelight. His businesses have solid cash flow. And he has dominant position in sectors like Port Airports Cement etc.

This will only affect their ability to raise funds in the short term. Even that may not happen considering the govt support for companies working in the critical infrastructure sectors.

Now coming to my going over.

I live in this country and so does my family. We are eligible for passports of a European country and have enough assets and funds to have left this country and live comfortably abroad. But we live here. Struggled through the post partition period. Suffered at the hands of naxals. Had tussels with a Commie government. Still we live here. Because we have been taught that country is your identity. I am Indian first. Then a Bengali Hindu.

So sitting in some place in America dont teach me nationalism.

My support for Modi or BJP is because right now they are the best option. If someone better comes, will support them.

 

[cricketjoshila]

From BBC:

India's Adani Enterprises has called off its share sale after the share price plunged on Wednesday.

The Adani Group's flagship company confirmed the $2.5bn (£2bn) raised from the sale would be returned to investors after shares fell 26%.

The group's companies have seen more than $90bn wiped off their value since a US investment firm made fraud claims. Adani denies the allegations.

Gautam Adani, the founder, has fallen out of the top 10 richest in the world.

According to the Forbes real-time billionaires list, Mr Adani is now the 15th-richest person in the world, with a net worth of $74.7bn. He was third on the list last week.

The billionaire runs Adani Group, one of India's biggest companies. The flagship company Adani Enterprises has operations in a wide range of industries including commodities trading, airports, utilities and renewable energy.

Last week, Hindenburg Research, a company that specialises in "short-selling", or betting against a company's share price in the expectation that it will fall, released a report that accused Mr Adani of "pulling the largest con in corporate history".

It also alleged the Adani Group had engaged in decades of "brazen" stock manipulation and accounting fraud, and claimed its companies had "substantial debt" which put the entire group on a "precarious financial footing".

The group has dismissed the allegations as malicious and untrue, calling them an "attack on India".

Asia's richest man hits back at 'con' claims
Adani shares find investors despite fraud claim
The report came days ahead of a planned sale of Adani shares to the public, and on Tuesday, the $2.5bn share sale in the group's flagship company managed to scrape through to be fully subscribed despite the controversy.

But shares plunged 26.7% on Wednesday, taking the total fall in market value for the group over $90bn, according to Bloomberg.

After the market closed, Adani Group said the company would return the share sale proceeds due to "the unprecedented situation and the current market volatility".

"Given these extraordinary circumstances, the Company's board felt that going ahead with the issue would not be morally correct," said Mr Adani.

"The interest of the investors is paramount and hence to insulate them from any potential financial losses, the Board has decided not to go ahead with the FPO (follow-on public offer)."

Mr Adani said the company's balance sheet was "very healthy with strong cashflows and secure assets"

"We have an impeccable track record of servicing our debt," he added. "This decision will not have any impact on our existing operations and future plans."

Adani Group has hit back at the allegations against it and said it was evaluating "remedial and punitive action" against Hindenburg Research in the US and India.

It said it had always been "in compliance with all laws".

In an interview with Mint newspaper, the group's chief financial officer compared Hindenburg Research to General Dyer, the British officer of the Bengal Army responsible for a massacre that killed hundreds of Indians in the city of Amritsar in 1919.

Hindenburg responded saying the group was stoking a nationalist narrative to obfuscate the fraud allegations.

BBC conveniently misses that the FPO was fully subscribed. Not unexpected.

 

[cricketjoshila]

Looks like your heroine has now rolled back the FPO.

If only you and fellow bhakts had put in Rs. 1 for every Rs. 2 you have earned over the last 9 years, this would never have happened.

Looks he is cleverer than the leftist leftovers like you.

His issue was fully subscribed so he had got what he wanted.

 

[Bhaag Viru Bhaag]

Lol saw this below. Pretty funny.

All Adani PFO subscribed
Bhakts: It's win, speaks a lot about Adani's credibility

Adani cancels all his PFO
Bhakts: Its win, speaks a lot about Adani's credibility

Forbes came out with an investigative article where it alleged that the FPO was subscribed using Adani’s own money and after that Adani group realized their old tricks won’t work and called off the FP.

You are right. He could have easily cancelled it before but he cancelled it after it was subscribed 1.12 times only.

 

[Bhaag Viru Bhaag]

Adani is not india but Adani is an Indian success story.

He is our Warren Buffet and as you keep telling me I live in America and most patriotic Americans don’t hate Warren Buffet if not all of them .

Maybe Ambani would be a better comparison with Buffet so that would make Adani our Musk

Comparing Adani with Buffett now? To be honest I am not surprised to see andhbhakhts defending murderers, fraudsters, scammers and traitors anymore. You live in America but still think like a paindu. Turning this issue into India vs World is the biggest example of this. For people like you Adani come before India.

 

[Bhaag Viru Bhaag]

Looks he is cleverer than the leftist leftovers like you.

His issue was fully subscribed so he had got what he wanted.

Yeah he successfully fooled andhbhakhts again. Mission accomplished.

 

[Sidilicious]

If Adani is a scam, put him in jail. But prove there is a scam.

Has he defaulted on his loans? No

What crime has he committed?

Their issue was fully subscribed. Which means they got what they wanted. Returning the money means he is proving to investors that he has their interests at heart.

Adani isnt going away from limelight. His businesses have solid cash flow. And he has dominant position in sectors like Port Airports Cement etc.

This will only affect their ability to raise funds in the short term. Even that may not happen considering the govt support for companies working in the critical infrastructure sectors.

Now coming to my going over.

I live in this country and so does my family. We are eligible for passports of a European country and have enough assets and funds to have left this country and live comfortably abroad. But we live here. Struggled through the post partition period. Suffered at the hands of naxals. Had tussels with a Commie government. Still we live here. Because we have been taught that country is your identity. I am Indian first. Then a Bengali Hindu.

So sitting in some place in America dont teach me nationalism.

My support for Modi or BJP is because right now they are the best option. If someone better comes, will support them.

Its not about being a legal scam. Its about using tricks to make the stock appear higher than real value of the company by using shady means, which might not be entirely illegal but throw enough doubts whether this would be a good investment.

SEBI is already investigating.

I did some research on the Hindenburg article and the response from Adani, and will post in detail about it, hopefully tonight. Adani will not go under, but it is clear that their stocks are highly overvalued and they have used shady means to keep it this way.

In the best case scenario, since it is clearly overvalued, its only bad for the promoters and the main holders of Adani stocks such as LIC. This is assuming that Adani does well and based on the strength of the Indian economy, it keeps earning cash and doesn't default on its commitments.

However, in case of a slight downturn in the Indian economy (could be many reasons, no can predict a downturn) if Adani defaults on its commitments it could have a shocking impact on the Indian economy. This scenario is unlikely, but no can predict the future. That's why companies are required to have transparent and strong fundamentals.

Anyways, I will post hopefully later tonight with all the points from Hindenburg, and the response from Adani.

 

[cricketjoshila]

Its not about being a legal scam. Its about using tricks to make the stock appear higher than real value of the company by using shady means, which might not be entirely illegal but throw enough doubts whether this would be a good investment.

SEBI is already investigating.

I did some research on the Hindenburg article and the response from Adani, and will post in detail about it, hopefully tonight. Adani will not go under, but it is clear that their stocks are highly overvalued and they have used shady means to keep it this way.

In the best case scenario, since it is clearly overvalued, its only bad for the promoters and the main holders of Adani stocks such as LIC. This is assuming that Adani does well and based on the strength of the Indian economy, it keeps earning cash and doesn't default on its commitments.

However, in case of a slight downturn in the Indian economy (could be many reasons, no can predict a downturn) if Adani defaults on its commitments it could have a shocking impact on the Indian economy. This scenario is unlikely, but no can predict the future. That's why companies are required to have transparent and strong fundamentals.

Anyways, I will post hopefully later tonight with all the points from Hindenburg, and the response from Adani.

What are those shady deals? You do realise that Adani group even after the fall in share prices is still 100bn plus in market cap. How will you manipulate that kind of share prices Unless you have a near endless supply to keep creating demand.

Also the free float of Adani group companies isnt small.


There are reputed companies like Total,Wilmar who are partners in Adani companies. Are they also involved in Price manipulation?

Yes the Adani shares have high PE. But they have a dominant position in their sectors.

Right now what the authorities may be investigating is

That how did Hindenburg short the Adani stocks, considering the strict rules of SEBI on shorting.

Secondly who are the sellers in the market.

Medium term there isn't any downturn for the Indian economy. Also Adanis have significant promoter holdings that can be diluted.

 

[Bhaag Viru Bhaag]

What are those shady deals? You do realise that Adani group even after the fall in share prices is still 100bn plus in market cap. How will you manipulate that kind of share prices Unless you have a near endless supply to keep creating demand.

Also the free float of Adani group companies isnt small.


There are reputed companies like Total,Wilmar who are partners in Adani companies. Are they also involved in Price manipulation?

Yes the Adani shares have high PE. But they have a dominant position in their sectors.

Right now what the authorities may be investigating is

That how did Hindenburg short the Adani stocks, considering the strict rules of SEBI on shorting.

Secondly who are the sellers in the market.

Medium term there isn't any downturn for the Indian economy. Also Adanis have significant promoter holdings that can be diluted.

Here we go again. Some people shooting the messenger.

SEBI should thank Hindenburg for bringing this to everyone's notice.

Our Reply To Adani: Fraud Cannot Be Obfuscated By Nationalism Or A Bloated Response That Ignores Every Key Allegation We Raised

https://hindenburgresearch.com/adani-response/

Bakre ka abba kab tak khair manayega.

 

[Local.Dada]

some paindus don’t like NRI’s who earn more money for their skills, hate on billionaires, hate on a democratically elected government, any positive news that comes out of India, go against the grain without any specific idea just to get a emotional rise out of people etc

What kind of schadenfreude does a person who is not worth 2 bucks get seeing billionaires networth go down just because they don’t like the government lol.

Paints a picture doesn’t it?

 

[Kaptan]

Adani's FPO was fully subscribed not because of positive sentiment in fact retail investors did not even touch Adani's FPO, demonstrating how little faith retail investors (general public) have in Adani. Bhakts are portraying this as some kind of masterstroke, whilst Adani is still wondering what hit them.

 

[Colorblind Genius]

Adani's FPO was fully subscribed not because of positive sentiment in fact retail investors did not even touch Adani's FPO, demonstrating how little faith retail investors (general public) have in Adani. Bhakts are portraying this as some kind of masterstroke, whilst Adani is still wondering what hit them.

lol. yeah just saw the news.
It was done primarily by his friends with their personal money. Mittal's being one of them.

 

[Colorblind Genius]

some paindus don’t like NRI’s who earn more money for their skills, hate on billionaires, hate on a democratically elected government, any positive news that comes out of India, go against the grain without any specific idea just to get a emotional rise out of people etc

What kind of schadenfreude does a person who is not worth 2 bucks get seeing billionaires networth go down just because they don’t like the government lol.

Paints a picture doesn’t it?

lol I guess Hindenburg Research must be biggest Paindus that shoved such a big shaft to Adani and India and NRI?

And if "Paindus" can do that to you, imagine what would non-paindus would do to India and Adani and NRI and whatever gibberish you mentioned?

 

[Bhaag Viru Bhaag]

some paindus don’t like NRI’s who earn more money for their skills, hate on billionaires, hate on a democratically elected government, any positive news that comes out of India, go against the grain without any specific idea just to get a emotional rise out of people etc

What kind of schadenfreude does a person who is not worth 2 bucks get seeing billionaires networth go down just because they don’t like the government lol.

Paints a picture doesn’t it?

As long as they are earning those 2 bucks legally, paying taxes and living without scamming others, they are all above Adani and can have discussions about him. I am not sure what's your net worth but even a pakoda seller in Delhi's Chandani Chowk earns more than some NRIs so don't bring this into discussion because you will be the one who will feel embarrassed in the end. Indians living in India have the right to question the current government and point fingers at scammers because it will affect everyone living in India eventually.

 

[Bhaag Viru Bhaag]

Adani's FPO was fully subscribed not because of positive sentiment in fact retail investors did not even touch Adani's FPO, demonstrating how little faith retail investors (general public) have in Adani. Bhakts are portraying this as some kind of masterstroke, whilst Adani is still wondering what hit them.

lol. yeah just saw the news.
It was done primarily by his friends with their personal money. Mittal's being one of them.

Exactly. And he called off that FPO to save his face and further embarrassment.

 

[JaDed]

[MENTION=2099]Cricket[/MENTION]jshilla just because Mulayam Singh Yadav stayed back in India doesnt mean he is better than Kalpana Chawla or Raghuram Rajan.
That’s a very weird way to see things.

 

[MenInG]

Lord Jo Johnson, younger brother of former British prime minister Boris Johnson, has resigned his non-executive directorship of a UK-based investment firm linked with the now-withdrawn Adani Enterprises Follow-on Public Offer (FPO).
'The Financial Times' newspaper referenced UK Companies House records to reveal that 51-year-old Lord Johnson had been appointed as a director of London-based Elara Capital Plc in June last year and resigned on Wednesday, the day when the Adani Group announced the withdrawal of the FPO.

Elara, which described itself as a capital markets business raising funds for Indian corporates, was among the bookrunners on the FPO. Mr Johnson insisted he has been assured of the company's "good standing" and has stepped down due to his own lack of "domain expertise".

"I joined the board of Elara Capital, an India-focused investment firm based in London, as an independent non-executive director last June in the hope of making a contribution to UK-India trade and investment ties, which I have long supported and co-written a book about," Jo Johnson said in a statement after news of his resignation was announced by the newspaper.

"I have consistently received assurances from Elara Capital that it is compliant with its legal obligations and in good standing with regulatory bodies. At the same time, I now recognise that this is a role that requires greater domain expertise in specialised areas of financial regulation than I anticipated and, accordingly, I have resigned from the board," said Mr Johnson, a House of Lords peer.

According to the newspaper, it is Elara's asset management business that is under the spotlight after US short-seller Hindenburg Research linked Mauritius-based funds run by the London firm with Adani Group companies.

The Adani Group has categorically denied Hindenburg's accusations, calling them a "malicious combination of selective misinformation and stale, baseless and discredited allegations".

Raj Bhatt, Elara Capital's chief executive and founder, referred the newspaper's request for comment to its compliance officer, who is yet to respond.

Meanwhile, the company's website notes that Bhatt founded Elara Capital Plc in 2002 primarily as a capital markets business, raising funds for Indian corporates through "GDR's [global depository receipt], FCCB's [foreign currency convertible bond] and the London AIM market [London stock exchange sub market].

It adds: "Since its first GDR issue in 2003, Elara has raised funds for several Indian corporates. Since then, the group has diversified further into corporate advisory, asset management, broking, mergers and acquisitions and private equity.

"Elara has not only diversified the product range, it also has diversified into other emerging markets through its fully licensed offices in New York, Singapore, Mumbai, Ahmedabad and London.

"Starting with fundraising, Elara soon evolved into a full-service investment bank."

NDTV

 

[MenInG]

Investing banking firm Citigroup announced that it has stopped accepting Adani Group securities as collateral for giving out margin loans, as per a Bloomberg report. This development comes a day after Credit Suisse’s lending arm assigned zero lending value to bonds issued by Adani companies, signalling a trend in global lending firms maintaining their distance from Adani Group securities.

This adds to the woes of the Gautam Adani-backed conglomerate that is currently under a selling spree on the Indian bourses for six consecutive trading sessions. The downfall of the ports-to-power group started after American short-seller Hindenburg came out with multiple allegations against Adani Group on 24 January.

The allegations, which include fraud, market manipulation and dubious offshore activities, have rocked the conglomerate’s listed companies, with all of them falling for over a week. The report was dismissed by Adani Group as a compilation of misinformation and an attempt to sabotage the FPO plans of its flagship firm.

Outlook India

 

[pillionrider]

If Adani is a scam, put him in jail. But prove there is a scam.

Has he defaulted on his loans? No

His unbridled gallop will be turned into a canter. That's enough for the time being

Their issue was fully subscribed. Which means they got what they wanted. Returning the money means he is proving to investors that he has their interests at heart.

As the Tuesday deadline drew near, the company’s shares were trading for less than the offer price for the new ones. In other words, buyers would have to be persuaded to pay more than what existing shares fetched on the secondary market, lest the sale flop.

The firms that bought into the share sale were mainly state-led institutions, starting with Abu Dhabi’s International Holding Company, a conglomerate controlled by a brother of Mohammed bin Zayed Al Nahyan, the president of the United Arab Emirates.

Other important investors subscribing to the offer answer directly to the Indian government. The Life Insurance Corporation of India, owned by the finance ministry, increased its holdings in the Adani company, as did funds controlled by the State Bank of India.

As the last day of the offer began, the remaining shortfall was made up mainly by what the stock exchange calls non-institutional investors. These entities include partnerships and high-net-worth individuals, and their identities are not yet publicly known.

Source: NYTimes (No need to get excited about foreign opinions. These are facts, not opinions )

Dirty dirty Adani and friends. Poor LIC and SBI.

 

[AamchiMumbaikar]

Would be a miracle if he can escape this massacre, mostly all his inflated stocks will come to fair value by the end of this rout.

 

[Colorblind Genius]

Would be a miracle if he can escape this massacre, mostly all his inflated stocks will come to fair value by the end of this rout.

Yep, not many stocks rise by 3000% in such a short amount of time. He has managed to successfully screw a few people pretty badly.

 

[Ahmad-GERMANFC]

Would be a miracle if he can escape this massacre, mostly all his inflated stocks will come to fair value by the end of this rout.

What would you consider escaping?

 

[MenInG]

The brutal stock rout in Gautam Adani’s companies continued Friday, an indication that the billionaire needs to do more to restore confidence in his conglomerate’s financial health after accusations of fraud by Hindenburg Research.

The group’s 10 stocks all fell in early Mumbai trading, with $120 billion, or more than half of their combined value, erased since the US-based short seller last week claimed that offshore shell entities were used to inflate Adani group’s revenues and manipulate stock prices. Flagship Adani Enterprises Ltd. sank as much as 25%, taking its decline to 66% in seven trading sessions.

The continued slump reflects worries about Adani’s access to funding after the tycoon scrapped a key stock offering this week, and as long-held concerns about the group’s debt load were propelled onto the global stage by Hindenburg. The embattled tycoon is in talks with creditors to prepay some loans backed by pledged shares, as some banks stopped accepting the securities of the group that spans from ports to energy as collateral in client trades.

“Clearing of pledges may not help. Now the only point is investors are not just interested in clearing pledges, they want concrete plans and actions,” said Sameer Kalra, founder of Target Investing in Mumbai. “The use of every rupee on balance sheet is critical now. There are a lot of stakeholders.”

The crisis of confidence in Adani has become a national issue with opposition lawmakers disrupting parliament on Thursday to demand answers from Prime Minister Narendra Modi’s government, given how closely his interests are intertwined with the nation’s growth plans. Government officials have sought to downplay the impact.

Hindenburg Research last week accused the Adani group of “brazen” market manipulation and accounting fraud, claiming that a web of Adani-family controlled offshore shell entities in tax havens were used to facilitate corruption, money laundering and taxpayer theft.

The conglomerate has repeatedly denied the allegations, called the report “bogus,” and threatened legal action. Adani gave a video speech on Thursday stating that the group’s balance sheet is healthy.

In a reprieve for Adani, who has seen his personal fortune drop by $58 billion since the allegations, the group’s bonds rallied Friday after Goldman Sachs Group Inc. and JPMorgan Chase & Co. told some clients that the debt can offer value due to the strength of certain assets. All 15 dollar debt securities advanced, partly helped by news that Adani Ports & Special Economic Zone Ltd. has made a coupon payment on schedule.

https://www.hindustantimes.com/busi...-since-hindenburg-report-101675402461746.html

 

[Cover Drive Six]

If Adani is a scam, put him in jail. But prove there is a scam.

Has he defaulted on his loans? No

This is not a scam like Harshad Mehata, Satyam, Coal Scam, National Herald, CWG, Bofors, 2G, Augusta WestLand, Adarsh, King Fishers etc etc under Congress/UPA Clowns.

But this need to be investigated and fine heavily if they involved.

 

[Sidilicious]

Fair to say that what is going on with Adani is beyond the IQ of 99% of Bhakts.

And you're not in the 1% either.

This whole saga would have been really fun had the future pensions of many Indians and current retirees were not at stake.

If my numbers are correct, Adani is approx 10% of LICs portfolio. Currently Adani is trading at P/E ratio of 130. My best guess is that its P/E ratio will go down to a more manageable 50. So, the stock price would end up around Rs500, a loss of 87.5% from its initial price of Rs. 4000.

This could significantly impact the value of stock linked insurances/pensions and hurt millions of Indians. And this is the best case scenario. Worst case impact could be unimaginable.

What is even more intriguing is that I have seen bhakts go gaga over Modi despite being impacted again and again by the feku. Chief example is my own father, a modi fan. This whole Adani saga is going to hit some of his pensions but he won't budge against being a bhakt. He was badly impacted by demonetisation (not that he had any black money) because the builders that he had booked a couple of flats with didn't have cash to finish the buildings after demonetisation. But nowt against Modi.

 

[Bhaag Viru Bhaag]

Baba Rahul Gandhi predicted it rightly.

 

[Varun]

What is even more intriguing is that I have seen bhakts go gaga over Modi despite being impacted again and again by the feku. Chief example is my own father, a modi fan. This whole Adani saga is going to hit some of his pensions but he won't budge against being a bhakt. He was badly impacted by demonetisation (not that he had any black money) because the builders that he had booked a couple of flats with didn't have cash to finish the buildings after demonetisation. But nowt against Modi.

I'm not surprised. That's the Bhakts' modus operandi : they like Modi more than they like India.

 

[happydavy]

This whole saga would have been really fun had the future pensions of many Indians and current retirees were not at stake.

If my numbers are correct, Adani is approx 10% of LICs portfolio. Currently Adani is trading at P/E ratio of 130. My best guess is that its P/E ratio will go down to a more manageable 50. So, the stock price would end up around Rs500, a loss of 87.5% from its initial price of Rs. 4000.

This could significantly impact the value of stock linked insurances/pensions and hurt millions of Indians. And this is the best case scenario. Worst case impact could be unimaginable.

What is even more intriguing is that I have seen bhakts go gaga over Modi despite being impacted again and again by the feku. Chief example is my own father, a modi fan. This whole Adani saga is going to hit some of his pensions but he won't budge against being a bhakt. He was badly impacted by demonetisation (not that he had any black money) because the builders that he had booked a couple of flats with didn't have cash to finish the buildings after demonetisation. But nowt against Modi.

Your calculations are not just wrong but horribly wrong. LIC's AUM is close to $600 bn and investments in Adani group companies on cost basis is less than 1%. So you could chill, don't get ur knickers in a twist. Even if Adani stocks were to go zero, it won't have any impact on LIC.

 

[Cover Drive Six]

Your calculations are not just wrong but horribly wrong. LIC's AUM is close to $600 bn and investments in Adani group companies on cost basis is less than 1%. So you could chill, don't get ur knickers in a twist. Even if Adani stocks were to go zero, it won't have any impact on LIC.

Government-owned life insurance behemoth Life Insurance Corporation (LIC) has disclosed of having an exposure of Rs 36,474.78 crore to Adani group's debt and equity, and added that the amount is less than one per cent of its total investments.

Country's largest lender SBI had said it's exposure to Adani group is fully secured by cash generating assets, in an attempt to assuage investor concerns.

Another public sector lender Bank of Baroda has said its total exposure to the embattled group stood at Rs 7,000 crore, which are also fully secured.

https://www.rediff.com/business/report/rbi-seeks-details-of-banks-exposure-to-adani-group/20230202.htm

 

[happydavy]

This whole saga would have been really fun had the future pensions of many Indians and current retirees were not at stake.

If my numbers are correct, Adani is approx 10% of LICs portfolio. Currently Adani is trading at P/E ratio of 130. My best guess is that its P/E ratio will go down to a more manageable 50. So, the stock price would end up around Rs500, a loss of 87.5% from its initial price of Rs. 4000.

This could significantly impact the value of stock linked insurances/pensions and hurt millions of Indians. And this is the best case scenario. Worst case impact could be unimaginable.

What is even more intriguing is that I have seen bhakts go gaga over Modi despite being impacted again and again by the feku. Chief example is my own father, a modi fan. This whole Adani saga is going to hit some of his pensions but he won't budge against being a bhakt. He was badly impacted by demonetisation (not that he had any black money) because the builders that he had booked a couple of flats with didn't have cash to finish the buildings after demonetisation. But nowt against Modi.

And apart from working on ur maths, pls read LIC annual report as well and stop believing in WhatsApp forwards to build your thesis. Pls understand that LIC parks more than 80% of its investments in secured deposits, that is in government securities, bonds, etc. Less than 20% goes in equities including private equity. LIC makes close to $4 bn of profits every year. It doesn't matter what happens to Adani, LIC doesn't get impacted even a tiny bit so stop giving stress to your dad.

 

[cricketjoshila]

NRIs giving gyan to residents on situation in India.

 

[gani999]

The most ridiculous part of the whole saga is Adani claiming that it is an attack on India

Seriously?

India is much bigger than any Adani. The country has survived crook businessmen before and it will do so even in the future.

 

[gani999]

I'm not surprised. That's the Bhakts' modus operandi : they like Modi more than they like India.

And the Leftist loonies think nothing of undermining and criticising institutions like the Indian Army just to take potshots at Modi.

There's an equal amount of idiocy on both sides. And the more left you go, the more the hypocrisy as well.

 

[ex-q-zit]

Markets "Very Well Regulated": Nirmala Sitharaman On Adani Stock Crash

Finance Minister Nirmala Sitharaman said Friday the country's markets were "well regulated" and she did not expect the controversy around tycoon Gautam Adani's business empire to affect investor confidence.

The combined market cap of Adani Group's listed units has collapsed by more than $120 billion -- about half of the group's value -- since US short-seller Hindenburg Research released an explosive report last week.

It accused Adani of accounting fraud and artificially boosting its share prices, calling it a "brazen stock manipulation and accounting fraud scheme" and "the largest con in corporate history".

The Adani Group has called the Hindenburg report a "malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India's highest courts".

India remained "an absolutely well governed" country and a "very well regulated financial market", Ms Sitharaman told broadcaster News18.

"One instance, however much talked about globally, I would think is not going to be indicative of how well Indian financial markets have been governed," Ms Sitharaman said.

Ms Sitharaman said public sector financial institutions had released detailed statements showing they had limited exposure to Adani Group and would not be significantly affected by the share crash.

"I think the investor confidence which existed before shall continue even now," she added.

NDTV

 

[Sidilicious]

Your calculations are not just wrong but horribly wrong. LIC's AUM is close to $600 bn and investments in Adani group companies on cost basis is less than 1%. So you could chill, don't get ur knickers in a twist. Even if Adani stocks were to go zero, it won't have any impact on LIC.

And apart from working on ur maths, pls read LIC annual report as well and stop believing in WhatsApp forwards to build your thesis. Pls understand that LIC parks more than 80% of its investments in secured deposits, that is in government securities, bonds, etc. Less than 20% goes in equities including private equity. LIC makes close to $4 bn of profits every year. It doesn't matter what happens to Adani, LIC doesn't get impacted even a tiny bit so stop giving stress to your dad.

indeed, you are right. The actual number is 0.975%, and my calculations were correct.

In this case, Adani the crook and Feku are getting what they deserve and this is indeed funny. More Schandenfraude for me.

 

[MenInG]

Don't get personal in your posts.

Thanks

 

[JaDed]

NRIs giving gyan to residents on situation in India.

Yes next time Rahul, Akhilesh , Mamta, Stalin, Arvind , Udhav should be taken more seriously which too you don’t though.
Really confusing, so you only take ones that speak Pro BJP seriously.

 

[MP2011]

And these same sanghis and their minions used to cry hoarse about Congress for crony capitalism and sympathetic to corrupt businesses!

There hasn't been a bigger proof of
an establishment being openly favouring an extremely shady capitalist than feku maharaj for his personal gains.

 

[MP2011]

At least the real Indians didn't defend Congress for all such acts unlike minions do shamelessly for their master.

 

[MP2011]

As long as they are earning those 2 bucks legally, paying taxes and living without scamming others, they are all above Adani and can have discussions about him. I am not sure what's your net worth but even a pakoda seller in Delhi's Chandani Chowk earns more than some NRIs so don't bring this into discussion because you will be the one who will feel embarrassed in the end. Indians living in India have the right to question the current government and point fingers at scammers because it will affect everyone living in India eventually.

Look at the gall of these so-called Indians. Indians living in India, paying taxes, having to feel the wrath of feku's despotic misrule for 9 years can't discuss about his crimes because these guys feel hurt at their feku's favorite capitalist being shown in unfavourable light!