Adani Group Reduces Revenue Growth Goal
The billionaire Gautam Adani-owned Adani Group in India has changed its goal for revenue growth and intends to spend less on new capital projects. The company has lowered its initial objective of 40% sales growth for the upcoming fiscal year to 15% to 20% growth, according to Bloomberg News.
Market Value Declines
Since the beginning of the year, the market value of the listed firms owned by the Adani Group has decreased significantly by more than $100 billion. Due to allegations made by American short-seller Hindenburg Research that the conglomerate engaged in stock manipulation and unlawful use of offshore tax havens, this occurred.
Plans for Investment Will Be Postponed
According to reports, Adani Group plans to save up to $3 billion by delaying investments for three months. According to Bloomberg News, a decision will soon be made.
Reaction of Adani Group to Report
Without going into greater detail, a spokeswoman for the Adani Group characterized the claim as “baseless and speculative.”
Government Starts Initial Review
The financial accounts and other regulatory filings produced over the years by the Adani Group are now being reviewed preliminary by India’s Ministry of Corporate Affairs. According to Reuters, two top government officials were the driving force behind this action.