"After eroding investor wealth worth around Rs 1 lakh crore (Rs 1 trillion) on Wednesday (25 January), the selling pressure in stocks of Adani Group companies intensified on the second trading session on Friday and lost up to 20% on claims made in short-seller Hindenburg report." ET. "Billionaire US investor Bill Ackerman said on Thursday that he found short-seller Hindenburg Research's report on India's Adani Group "highly credible and extremely well researched'." Reuters. "India celebrated its 74th Republic Day on Thursday with a colorful parade displaying military might and cultural diversity." BBC. Markets were closed on Thursday, so when they opened on Friday, the sell-off accelerated wiping out over $50 billion in market value in two sessions. ET. When caught cooking the books it is better to resort to bluster. "Describing Hindenburg's report as maliciously mischievous and unresearched, the company said it is deeply disturbed by this intentional and reckless attempt by a foreign entity to mislead the investor community and the general public, undermine the goodwill and reputation of the Adani Group and its leaders, and sabotage the FPO (Follow-on Public Offering) from Adani Enterprises." ET. Note the mention of 'foreign entity', calculated to rouse the ire of imbecile nationalists. In 2021, protesting farmers shut down an Adani dry port in Ludhiana, Punjab. The Wire. In 2020, "A group of nearly 500 farmers staged a protest outside a silo constructed by Adani Agro-Logistics at Dagru village in Moga district." In 2021, apple growers protested against Adani Agro Fresh because, "In 2020, Adani offered Rs 88 per kg for premium quality apples, which after two years was reduced to Rs 76 per kg." These apples "according to the growers fetches the company not less than Rs 250-300 per kg in off season". Not much goodwill there. The Adani Group has threatened to sue Hindenburg for a "malafide and mischievous" report just before the company's FPO for Rs 200 billion. BS. "In the 36 hours since we released our report Adani hasn't addressed a single substantive issue we have raised," Hindenburg Research said on Twitter. "At the conclusion of our report, we asked 88 straightforward questions that we believe give the company a chance to be transparent. Thus far, Adani has answered none of these questions." Adding "it has a long list of documents it will demand in a legal discovery process." ET. Mr Adani would be well advised to stay in India where he is safe. "First, the Adani bubble is unlikely to burst unless there's a change in the political wind." Bloomberg. In Asia, "Adani is not the only conglomerate with lofty valuations and questionable corporate governance. China's HNA Group Co. and Evergrande Group naturally come to mind." "Shorts gained momentum only when Beijing changed its attitude." The government may bail out Adani with taxpayer money. The Life Insurance Corporation of India (LIC) and the State Bank of India, both controlled by the government "have liberally financed the Adani Group even as their private sector counterparts have chosen to avoid investing," said Congress General Secretary Jairam Ramesh. LIC has already invested Rs 740 billion and is "spending about $37 million as an anchor investor in a $2.5 billion new share sale by Adani Enterprises Ltd, according to a filing." HT. "Na khaunga, na khane dunga" means "I will neither eat (be corrupt), nor allow anyone else to do so (take bribes)". Official handouts of taxpayer money from LIC and SBI is not corruption. It's called crony capitalism.
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