After the Hindenburg report related to the companies of Indian businessman Gautam Adani came to light, the shares of his companies in India are continuously falling, its effect is also visible in Australia.
Hindenburg affected Australian investors
According to a report in The Telegraph, Australian investors who invested in Adani’s companies thinking they were investing in India’s growth story now face huge losses. is falling
The government funds set aside for retirement in Australia were invested in Adani’s companies, which are now under threat.
The Telegraph writes that this report by Michael Barrett claims that various superannuation funds, such as Queensland government employees and Commonwealth Bank employee pension funds, were siphoned off to Adani’s companies in hopes of boosting them.
Pension Funds are a type of pension fund in which the company deposits a part of the person’s earnings. This money is invested in the market so that it continues to rise.
According to the report, the country’s $243 billion Future Fund is invested in two Adani companies and now their value has become less than the principal amount. The $70 billion Hesta Fund for health and community service workers is also struggling.
Adani group of fraud and stock manipulation
On January 24 of this year, the US investigative agency Hindenburg issued a report accusing the Adani group of fraud and stock manipulation. After this report came in, there was a panic among Adani Group investors and there was a big drop in the stock. Concerns are also expressed about the loans given to the Adani group by banks.
Adani missing from top 25 richest person
Once the richest person in Asia, is now missing from the top 25 on this list. Adani’s wealth dropped by $45 billion, after which, according to the Forbes and Bloomberg billionaires list, Adani ranked 26th and 29th.
According to the Forbes Real-Time Billionaires List, Adani’s total assets have climbed to $43.4 billion, while on the Bloomberg Billionaires List, his assets have climbed to $42.7 billion.
The newspaper writes that since the Hindenburg report came out, Adani’s total assets have been reduced by about $75 billion.
On the other hand, according to a report published in Business Standard, at the beginning of this year the total market value of Adani’s companies was around 20 trillion, which has now been reduced to 7.6 trillion.
Analysts say that after this, investors are now raising concerns about whether this company will be able to return to growth.
- What Hindenburg research report say about Adani?
- Know about Adani’s CFO Jugeshinder Singh?
- Hindenburg reply to Adani: What has happened so far?
- Know all about Shah Dhandharia & Co, CA firm which audits Adani group
- What is Hindenburg research, and is the CIA behind it?
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