Adani Group crisis LIVE Updates: RBI seeks details from banks, reports say

Adani-Hindenburg issue LIVE Updates: Billionaire Gautam Adani, facing allegations of pulling off the ‘largest fraud’ in corporate history, on Thursday issued a video message to investors, explaining the decision behind his flagship firm, Adani Enterprises, withdrawing a fully subscribed follow-on public offer (FPO) .

“Yesterday’s decision of its withdrawal would have surprised many. But considering the volatility of the market seen yesterday, our board strongly felt that it wouldn’t have been morally correct to proceed with FPO,” said Adani, whose firm has issued a strong rebuttal to allegations leveled by Hindenburg Research, a US-based investment research firm.

The matter has also turned political, with several opposition party MPs demanding a discussion on the issue, in the ongoing budget session of Parliament.

Meanwhile Adani, until recently the third-richest person in the world and the richest from Asia, is no longer among the ten wealthiest people, and has also lost the crown of the richest Asian to fellow Indian billionaire Mukesh Ambani.

Follow all the updates here:

  • Feb 02, 2023 11:40 AM IST

    RBI seeks reports from banks on exposure to Adani Group: Reports

    The Reserve Bank of India (RBI) has sought reports from banks over their exposure to the Adani Group, say reports citing people aware of developments.

  • Feb 02, 2023 11:22 AM IST

    Congress asks JPC probally

    Lok Sabha MP Manish Tewari calls for a probe by a Joint Parliamentary Committee against Adani.

  • Feb 02, 2023 11:05 AM IST

    Gautam Adani’s video message for investors

    The Adani Enterprises board felt it would not be “morally correct” to proceed with the follow-on public offering, said the billionaire. read

  • Feb 02, 2023 11:02 AM IST

    Opposition demands discussion on Adani ‘scam’

    Congress, DMK, TMC, SP, JDU, Shiv Sena (UBT), CPM, CPI, NCP, IUML, NC AAP, and Kerala congress seek discussion in Parliament on Adani ‘scam.’


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