Adani Group financials stronger than ever, says Gautam Adani

28 Jun 2023 , 10:40 AM

Billionaire Gautam Adani has stated that the group companies’ FY23 financial results are proof of their success, despite ‘targeted misinformation’ in a short-seller’s report.

The balance sheet, assets, and operating cashflows are now healthier than ever and continue to improve, according to Adani Enterprises Ltd.’s chairman in his address to shareholders in the annual report. The group’s acquisition and turnaround pace is unrivalled across the national landscape, and has fuelled a significant portion of its expansion, he stated.

Adani stated that the report from the short seller contained a mixture of purposeful misinformation and discredited accusations that were aimed at tarnishing the group’s reputation and creating financial gains by intentionally lowering stock prices.

Adani Enterprises made the decision to cancel India’s largest follow-on public offering despite being fully subscribed due to the continued volatility of the stock following allegations of ‘stock manipulation and fraud’ made by Hindenburg Research.

A Supreme Court-appointed committee stated in May that the volatility in Adani stocks following the Hindenburg Research report did not pose a systemic risk. According to Adani, the panel ‘confirmed the quality of our group’s disclosures and found no instance of regulatory failure or any breach. While the SEBI is yet to submit its report, we remain confident in our governance and disclosure standards.’

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