Bench had sought suggestions from SEBI to protect investors, Adani Group halved revenue growth target. Adani-Hindeburg Row

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The Supreme Court will hear two Public Interest Litigations (PILs) related to the Hindenburg report against the Adani Group on Monday (February 13). A bench of Chief Justice DY Chandrachud and Justices PS Narasimha and JB Pardiwala, in a hearing held on Friday, asked the Securities Exchange Board of India (SEBI) to suggest measures that can be taken to protect investors in future. The court had asked Solicitor General Tushar Mehta, appearing for SEBI, to come with complete information on the matter on Monday.

Advocates ML Sharma and Vishal Tiwari have filed this PIL. The petitions claim that Hindenburg short-sold the shares, causing “huge losses to investors”. Tiwari said that the Hindenburg Report tarnished the image of the country. It is affecting the economy. Sharma’s petition claims that the media hype over the report influenced the markets, and that Hindenburg founder Nathan Anderson also failed to provide evidence of his claims to the Indian regulator SEBI.

Demand for registration of FIR and investigation in petitions

  • In the petition, Manohar Lal Sharma has sought directions to SEBI and the Union Home Ministry to investigate and file an FIR against Hindenburg Research founder Nathan Anderson and his associates in India.
  • Vishal Tiwari demanded an inquiry into the Hindenburg report by forming a committee headed by a retired SC judge. In his petition, Tiwari explained the condition of people when share prices fall.

Hindenburg accused of share manipulation
On January 24, Hindenburg Research published a report regarding the Adani Group. In the report, allegations ranging from money laundering to share manipulation were made on the group. After the report, there was a huge fall in the shares of the group. On Friday i.e. February 3, the share of Adani Enterprises had reached close to Rs 1000. However, later it recovered.

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The group halved the revenue growth target
Adani Group has halved its revenue growth target. Adani Group is targeting 15% to 20% revenue growth for the next fiscal year, down from the original target of 40%, Bloomberg reported, citing people familiar with the matter. Listed companies controlled by Gautam Adani have lost over $100 billion in market value since the Hinderberg report came out on January 24.

Adani out of top 20
Adani Group’s chairman Gautam Adani’s net worth fell to Rs 4.78 lakh ($ 58 billion) on Friday due to a fall in the shares of Adani Group companies. It was above 60 billion dollars till a day ago. Adani’s net worth declined by Rs 19.80 thousand ($ 2.4 billion) on Friday. Due to this decline, he has slipped from number 17 to number 22 in Forbes’ Real Time Billionaire List.

Shares of Adani Group’s flagship company Adani Enterprises closed at Rs 1,853, down 3.78% on Friday. Adani Wilmar fell 1.21%. Apart from this, Adani Transmission, Total Gas, Power and Green declined by 5-5%.

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