Ever since Hindenburg dropped a bomb on Adani group, calling it to be running, ‘The Biggest Con in the world in Corporate History’, Adani group is living in fear. This report by US based short seller research organization saw Adani Group companies valuation plummet by about 50% across their listed entities. The report prompted a SC instituted investigation and is currently being investigated by SEBI.
Ever since the revelation, that Adani Group shares were manipulated and prices rigged using opaque off-shore investment companies the valuation has been fluctuating. Some of the group companies have seen around 85% erosion of valuation.
Not so long ago, the auditors of one of the Adani group company resigned citing non-cooperation from the management. That decision of Deloitte saw a 40,000 Crore single day wipe out of valuation.
Since then Adani group companies have recouped the valuation losses.
Then, new allegations surfaced from a collective of journalists that said that evidence exists of price rigging. Once again the share prices went down and have come back to their earlier level.
One must understand the entire Adani game hinges on its valuation. Using its high valuation, it is able to borrow money from the banks and acquire more assets. Any fall in valuation triggers margin calls and thus the management scampers around to prop up the shares, overtly and covertly. All of this takes a toll on the working for the companies as management is doing fire fighting all the time.
Now it has come to be known that two journalists, Sohit Mishra (Bureau Chief of NDTV Mumbai) and Supriya Bhardwaj of India Today group were told by their managements to go and disrupt the press conference of Rahul Gandhi held on the sidelines of INDIA conclave in Mumbai. In this Press Conference, Rahul Gandhi quoted both the Telegraph (UK) and Guardian (UK) about Adani companies and questioned the PM to come clean on this. Both the journalists, instead of carrying out the nefarious designs of their masters, chose to resign.
Sohit Mishra, it is revealed, was instructed by none other than Sanjay Pugalia (Director NDTV) to disrupt the Rahul Gandhi press conference. NDTV is now owned by Gautam Adani.
The question is if Gautam Adani has nothing to hide, why is he living in fear?
