Audacious attempt to topple economy

NEW DELHI: The fact that some Western lobbies are resentful of India’s fast-paced progress and its growing stature on the world stage has once again been established. Close on the heels of the BBC’s failed attempt to tarnish the image of Prime Minister Narendra Modi with a detestable documentary, appeared a malicious report by an obscure New York investment company that attempted to derail the country’s largest FPO launched by the Adani Group.

Despite the unsubstantiated allegations and misleading narrative peddled by Hindenburg Research in its report, the Adani Group’s Rs 20,000-crore followon public offer, or FPO, sailed through. However, a day after it was oversubscribed 1.25 times, the Board of the Adani Group decided to call off the FPO and return the money to the investors considering market volatility.

In a statement issued on February 1, Adani Enterprises Chairman Gautam Adani said, “…Today the market has been unprecedented, and our stock price has fluctuated over the course of the day.

Given these extraordinary circumstances, the company’s Board felt that going ahead with the issue will not be morally correct. The interest of the investors is paramount and hence to insulate them from any potential financial losses, the Board has decided not to go ahead with the FPO.” Thanking the investors for their support and commitment to the FPO, the Asia’s richest man further said, “Despite the volatility in the stock over the last week, your faith and belief in the company, its business and its management has been extremely reassuring and humbling.”

Earlier, on January 29, the Adani Group issued an over 400- page response, backed by relevant documents, to the US firm’s report, raising questions about the “ulterior motives and modus operandi of Hindenburg that has conveniently ignored the Indian judiciary and regulatory framework”.

Read More