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☆ Investor Carl Icahn charged with hiding billions in loans
▼ + stars: | 2024-08-19 | by ( Lucy Bayly | Reuters | ) edition.cnn.com time to read: +2 min

New York CNN —Billionaire investor Carl Icahn and his firm Icahn Enterprises have settled charges for failing to disclose pledges of the company’s securities as collateral for billions of dollars in personal loans, US regulators said Monday. The investigation came after a report from short-seller Hindenburg Research sent shares in Icahn’s investment firm spiraling last year. Hindenburg wrote that “Icahn has been using money taken in from new investors to pay out dividends to old investors. The Securities and Exchange Commission said Icahn, who partially inspired Wall Street villain Gordon Gekko in the 1987 film “Wall Street,” pledged up to 82% of shares in his companies to secure billions of dollars of margin loans — but failed to disclose those details. “Hindenburg’s modus operandi, which is to publish scurrilous and unsupported allegations, did damage to IEP and its investors,” Icahn said Monday.

Persons: Carl Icahn, Hindenburg, “ Icahn, ”, Icahn, Gordon Gekko, Osman Nawaz, ” Icahn, “ Organizations: New, New York CNN, Icahn Enterprises, Hindenburg Research, Forbes, The Securities, Exchange Commission, SEC, Division’s, Unit Locations: New York, Beach , Florida

☆ Gautam Adani hit by fresh Hindenburg allegations against India’s market regulator
▼ + stars: | 2024-08-12 | by ( ) edition.cnn.com time to read: +3 min

Adani Group companies shed as much as $19 billion in market value on Monday after Hindenburg Research accused the Indian market regulator probing the group of having links to offshore funds also used by Adani. Adani Enterprises and Adani Ports were among the biggest losers on India’s blue-chip Nifty 50 index. Total losses in Adani companies narrowed to $9 billion after the early plunge. It caused one of the most stunning upheavals in India’s corporate history in January 2023 when it alleged improper use of tax havens and stock manipulation by the Adani Group. “We do not think SEBI can be trusted as an objective arbiter in the Adani matter,” Hindenburg said on Saturday.

Persons: Adani, Gautam, Hindenburg, Madhabi Puri, Vinod Adani, Gautam Adani, ”, Sunny Agrawal, Buch, ” Hindenburg, SEBI, “, Kranthi Bathini, Rahul Gandhi, ” Ajay Seth Organizations: Adani, Hindenburg Research, Adani Enterprises, Securities and Exchange Board of India, SBICAPS Securities, Equity, WealthMills Securities Locations: New York, Madhabi Puri Buch

☆ Hindenburg: The short seller that took on Gautam Adani made surprisingly little money
▼ + stars: | 2024-07-02 | by ( Diksha Madhok | ) edition.cnn.com time to read: +3 min

Eighteen months on, Adani — who has denied any wrongdoing — has largely recovered from the broadside and the tiny US short seller has revealed how much it made betting against the Indian billionaire: just over $4 million. In its blistering report last year, Hindenburg had accused the Adani Group of “brazen stock manipulation” and questioned the “sky-high” valuations of the ports-to-power conglomerate’s firms. Hindenburg said it had taken a short position in the group’s companies, meaning it would benefit if their shares fell. The short seller, named after the 1937 airship disaster, said in Monday’s statement that it made just $4.1 million in gross revenue through gains related to Adani short positions from a relationship with unnamed investor and about “$31,000 through our own short of Adani US bonds.”“Net of legal and research expenses (including time, salaries/compensation, and costs for a 2-year global investigation) we may come out ahead of breakeven on our Adani short,” it added. The Adani Group immediately denounced the accusations as “baseless” and “malicious,” but failed to halt the staggering stock market meltdown that followed.

Persons: Gautam, Asia’s, Adani —, —, Hindenburg, ”, SEBI, ” Hindenburg, Mukesh Ambani Organizations: New, New Delhi CNN, Hindenburg Research, Securities and Exchange Board, ” CNN, Adani Locations: New Delhi, New York, India, breakeven, India’s

☆ Sensex, Nifty 50: Indian stocks hit record highs as markets hope for a big Modi election win
▼ + stars: | 2024-06-03 | by ( Diksha Madhok | ) edition.cnn.com time to read: +3 min

New Delhi CNN —Indian markets hit record highs on Monday as experts predicted a resounding victory for incumbent Prime Minister Narendra Modi in national elections. India’s benchmark Sensex index, which tracks 30 large companies, and the broader Nifty 50 index each jumped over 3% in early trade. The 73-year-old ran on his economic record over the past 10 years, a period of robust growth for India. “With the exit polls pointing towards 370 seats mark and ahead of street expectations of 320-350 seats, markets have reacted positively,” said Manish Chowdhury, head of research at brokerage StoxBox. The country’s stock markets have performed well during his tenure.

Persons: Narendra Modi, ” Modi, India’s, ”, Manish Chowdhury, Modi, Adani, Gautam Adani, Mukesh Ambani, Ambani, Hindenburg’s Organizations: New, New Delhi CNN, Adani, Adani Enterprises, Reliance Industries, Bloomberg, Modi, Hindenburg, National Stock Exchange of India, Shenzhen Stock Exchange, Hong Kong Exchange, bourse, World Federation of Exchanges Locations: New Delhi, India, United States, China, American

☆ India elections: Asia’s most powerful billionaires Ambani, Adani are getting drawn in after Modi’s speech
▼ + stars: | 2024-05-09 | by ( Diksha Madhok | ) edition.cnn.com time to read: +6 min

New Delhi CNN —Two of the planet’s richest businessmen are becoming embroiled in India’s increasingly divisive election campaign. “Why has Shahzade Ji stopped talking of Ambani and Adani in this election all of sudden? “How much money have you taken from Ambani and Adani?” he said at the rally. Adani took over NDTV, an influential broadcaster, in 2022, while Ambani owns Network 18, which includes the CNN-News18 TV channel, a CNN affiliate. Billionaire RajIn the last decade, both Ambani and Adani have stunned the world with their success and influence.

Persons: Narendra Modi, Modi, Mukesh Ambani, Gautam Adani, Ambani, Ji, ” Modi, Rahul Gandhi, ”, Gandhi, Modi ” Gandhi, “, Abhinandan Sekhri, Adani, Billionaire Raj, Cassanelli, Jeff Bezos, Hindenburg’s, ferociously Organizations: New, New Delhi CNN, Reliance Industries, Adani, Indian National Congress, Reliance, CNN, India’s, Bank of India, NDTV, Billionaire, Bloomberg, Hindenburg Locations: New Delhi, India, Asia, American

☆ India’s economy and Modi, Ambani, Adani: The three men shaping the next economic superpower
▼ + stars: | 2024-05-07 | by ( Diksha Madhok | ) edition.cnn.com time to read: +13 min

Fellow billionaire Gautam Adani, founder of the Adani group, was also invited. Reliance Industries and the Adani Group are sprawling conglomerates worth over $200 billion each, with established businesses in sectors ranging from fossil fuels and clean energy to media and technology. As a result, these three men — Modi, Ambani and Adani — are playing a fundamental role in shaping the economic superpower India will become in the coming decades. Both Adani and Ambani have become key allies as the country embarks on this revolution. “India cannot grow rich before it becomes old on the back of a few big firms like Adani or Ambani,” he said.

Persons: Mukesh Ambani, Mark Zuckerberg, Bill Gates, Ivanka Trump, popstar Rihanna, David Blaine, Ambani, Gautam Adani, Jeff Bezos, ”, Rohit Lamba, Narendra Modi, — Modi, Adani, Noemi Cassanelli, ’, John D Rockefeller, Vanderbilt, James Crabtree, Modi, Guido Cozzi, Cozzi, Ambani’s, Dhirubhai, helms, Cantor Fitzgerald, Cantor, ’ Ambani, Amit Dave, Hindenburg’s, ferociously, ” Cantor, Modi’s, Prasanna Tantri, Crabtree, Lamba Organizations: New, New Delhi CNN —, Reliance Industries, Pennsylvania State University, Investors, Adani, CNN, Adani Realty, Frick, Astor, Carnegie, Samsung, Hyundai, World Bank . Coal, University of St, Adani Group, Reliance, Reliance Industry, Adani Enterprises, AEL “, Tata Group, Modi, India’s, Hindenburg, GQG Partners, Indian School of Business Locations: New Delhi, Gujarat, Davos, Coachella, Silicon Valley, India, China, Mumbai, Antilia, America, Asia, Britain, South Korea, Worth, United Kingdom, University of St Gallen, Switzerland, American

☆ India’s Adani Green Energy Limited is building world’s biggest clean energy plant five times the size of Paris
▼ + stars: | 2024-03-19 | by ( Diksha Madhok | ) edition.cnn.com time to read: +8 min

Its clean energy unit AGEL is building the sprawling solar and wind power plant in the western Indian state of Gujarat at a cost of about $20 billion. But the tycoon has since bounced back and the group is now pouring billions into the clean energy sector. It plans to invest $100 billion into energy transition over the next decade, with 70% of the investments ear-marked for clean energy. A worker walking past rows of solar panels at the Khavda Renewable Energy Park. “[Gautam] Adani continues to walk both sides of the street,” said Tim Buckley, director of Sydney-based think tank Climate Energy Finance.

Persons: can’t, ” Sagar Adani, Adani, He’s, Gautam Adani, Punit Paranjpe, AGEL, ”, haven’t, Hindenburg’s, Gautam, Narendra Modi, Modi, Tim Buckley, ” Buckley, Paranjpe, “, that’s, ” Adani Organizations: New, New Delhi CNN —, CNN, Adani Green Energy, Adani, Khavda, Energy, Hindenburg, AGEL, Getty, International Energy Agency, Sydney, Climate Energy Finance Locations: New Delhi, Paris, Switzerland, India, Gujarat, Indian, Mundra, AFP, Pakistan, American, China, Europe, London, Africa, Australia

☆ Total’s green bet on Gautam Adani is a win-win
▼ + stars: | 2023-09-21 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

On Tuesday, the company said it would invest $300 million to form a joint venture with $19 billion Adani Green Energy (ADNA.NS) to build solar and wind farms in the country. The latest tie-up ought to help Total to hit its target of having 100 gigawatts of renewable energy capacity by 2030. Adani Green Energy and Adani Total Gas (ADAG.NS), in which Total owned stakes of about 20% and 37% at the end of June, have lost about 50% and 80% of their market value since January, and are among the worst performing of the group’s nine core listed entities. Total’s green capacity targets may be more pressing than the risk of further Adani problems. Adani Green will contribute assets to the joint venture, it said in a statement, adding that the deal will help it achieve its target of having 45 gigawatts of renewable energy capacity by 2030.

Persons: Gautam Adani, Carmichael, Hindenburg, Patrick Pouyanné, Adani, Una Galani, Katrina Hamlin Organizations: Reuters, Adani Enterprises, Adani, Green Energy, Australia, GQG, Barclays, Deutsche Bank, Energy, Thomson Locations: Indian, Ahmedabad, Queensland, BENGALURU, –, India

☆ Adani fault lines raise bar for India’s regulator
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. It was a hunt an Indian panel probing allegations of stock manipulation warned might be "a journey without a destination". Adani on Thursday rejected OCCRP’s claims, saying they are based on decade-old closed cases. Shares of Adani Total Gas (ADAG.NS), a joint venture with France’s Total, and Adani Power (ADAN.NS) and Adani Enterprises (ADEL.NS) fell 2.5%, 3.5% and 3% respectively. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Gautam Adani, Amir Cohen, Gautam, Hindenburg, Madhabi Puri, she’s, Nasser Ali Shaban Ahli, Taiwan’s Chang Chung, Ling, Vinod Adani, Gautam Adani’s, Adani, OCCRP’s, Mukesh Ambani’s, Didi, Antony Currie, Thomas Shum Organizations: Adani Group, Haifa Port, REUTERS, Rights, Reuters, India’s Securities, Exchange Board of India, United Arab Emirates, France’s, Adani Enterprises, X, Thomson Locations: Haifa, Israel, Madhabi Puri Buch, Una

The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. Citing review of files from multiple tax havens and internal Adani Group emails, nonprofit media organization OCCRP said its investigation found at least two cases where the investors bought and sold Adani stock through such offshore structures. Adani Group has called Hindenburg's claims misleading and without evidence and said it always complied with laws. The panel in May said the regulator had so far "drawn a blank" in investigations into suspected violations in overseas investments in the Adani group. In an interview with a reporter from the Guardian, OCCRP said Chang said he knew nothing about any secret purchases of Adani stock.

Persons: Amit Dave, OCCRP, Adani, Hindenburg, HINDENBURG, Gautam, India's, Nasser Ali Shaban Ahli, Chang Chung, Chang, Aditya Kalra, Krishn Kaushik, Lisa Shumaker Organizations: Adani, REUTERS, Adani Enterprises, NEW, Hindenburg Research, Reuters, Guardian, Thomson Locations: Ahmedabad, India, NEW DELHI, Mauritius, Ahli

The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. Citing review of files from multiple tax havens and internal Adani Group emails, nonprofit media organization OCCRP said its investigation found at least two cases where the investors bought and sold Adani stock through such offshore structures. Adani Group has called Hindenburg's claims misleading and without evidence and said it always complied with laws. Adani Group did not immediately respond to a Reuters request for comment on the OCCRP report. In an interview with a reporter from the Guardian, OCCRP said Chang said he knew nothing about any secret purchases of Adani stock.

Persons: Amit Dave, OCCRP, Adani, Hindenburg, Gautam, India's, Nasser Ali Shaban Ahli, Chang Chung, Ling, Chang, Aditya Kalra, Krishn Kaushik, Lisa Shumaker Organizations: Adani, REUTERS, DELHI, Hindenburg Research, Reuters, HINDENBURG, Securities, Exchange Board of India, Guardian, Thomson Locations: Ahmedabad, India, Mauritius, Ahli

☆ Battle of the Activists: Hindenburg Shorts Icahn
▼ + stars: | 2023-05-02 | by ( Ben Foldy | ) www.wsj.com time to read: 1 min

Activist investor Carl Icahn buys stakes in companies and agitates to make changes he thinks will drive their stock up. Photo: brendan mcdermid/ReutersShort seller Hindenburg Research is betting against activist investor Carl Icahn ’s publicly traded holding company, the firm said. In a report published Tuesday morning, the firm said Icahn Enterprises is overvalued and is holding some assets at inflated prices. Hindenburg’s report sets up a battle between the firm’s founder, Nathan Anderson, and Mr. Icahn, who have each tormented corporate executives with allegations of malfeasance and incompetence.

☆ Short investor Hindenburg erases fifth of Icahn empire’s value
▼ + stars: | 2023-05-02 | by ( ) edition.cnn.com time to read: +4 min

In a report published on Tuesday, Hindenburg accused IEP of overvaluing its holdings and relying on a “Ponzi-like” structure to pay dividends. The subsequent plunge in IEP shares wiped $2.9 billion off Icahn’s net worth, leaving him with an estimated $14.7 billion, according to Forbes. NAV is a key gauge of a fund’s performance, measuring the market value of securities held by the fund. Driving the frothiness in IEP’s stock, Hindenburg argued, is its dividend yield of 15.8%, the highest of any US large cap company by far. Hindenburg also offered examples it said showed IEP itself was valuing its holdings way above their market value.

☆ Premarket stocks: Americans are going all-in on cash. That could spell more trouble
▼ + stars: | 2023-03-24 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

The goal of a money market fund is to provide investors with a relatively stable investment option that offers higher returns than traditional savings. What’s happening: Since the Fed began to raise interest rates a year ago, the amount of money in money market funds has increased by roughly $400 billion. Goldman Sachs economists wrote in a note on Thursday that Americans could sell as much as $1.1 trillion in stocks this year and put that money into credit and money market assets instead. Money market funds are deeply interconnected with the wider financial system, and often face the same risks as banks. The Federal Deposit Insurance Corporation, a US government agency that insures deposits in banks and savings associations, does not insure cash invested in money market funds.

☆ Short-seller Hindenburg targets Jack Dorsey’s Block
▼ + stars: | 2023-03-23 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

New York CNN —Shares of Block, the company behind Cash App, plunged by 20% Thursday morning after the release of a searing report from short-seller Hindenburg Research that accused Jack Dorsey’s company of allowing fraudulent accounts that obscure criminals involved in illegal or illicit activities, including the sex trafficking of minors. Hindenburg’s attack on Block comes two months after the short seller’s allegations against Adani Group erased billions of dollars from the Indian conglomerate’s balance sheets. In 2021, members of the “Cash App” gang were charged with distributing fentanyl, the report said. Hindenburg, meanwhile, has made a name for itself by publishing explosive reports about businesses and short-selling the stocks of the companies associated with them. Hindenburg has targeted nearly 30 companies since 2020, and on average their targets lost about 15% on the day the reports were released, according to Bloomberg calculations.

☆ Adani contrarian is a win for Hindenburg, too
▼ + stars: | 2023-03-03 | by ( Una Galani | ) www.reuters.com time to read: +6 min

GQG Partners is snapping up shares in four of the Indian tycoon’s nine core companies, including the flagship Adani Enterprises (ADEL.NS), along with Adani Green Energy (ADNA.NS), Adani Ports and Special Economic Zone (APSE.NS) and Adani Transmission (ADAI.NS). The mogul was trying to do just that last month with a $2.5 billion Adani Enterprise share sale before it was scuppered by Hindenburg’s sortie. Barring something truly exceptional, the scars of Hindenburg’s successful attack on Adani will linger for a while. GQG bought shares in Adani Ports and Special Economic Zone, Adani Green Energy, Adani Transmission and Adani Enterprises from entities owned by the Adani family. Adani has dismissed the allegations outlined in U.S. fund Hindenburg Research’s Jan. 24 report.

☆ Gautam Adani will be playing defense for a while after mauling by Hindenburg
▼ + stars: | 2023-02-10 | by ( Diksha Madhok | ) edition.cnn.com time to read: +6 min

The sprawling Adani Group, which he founded over 30 years ago, has established interests in industries ranging from logistics to mining. “We view this as validation of our findings on offshore stock parking by Adani,” Hindenburg founder Nate Anderson said on Twitter. In its report, Hindenburg had alleged that “offshore shells and funds tied to the Adani Group comprise many of the largest ‘public’ holders of Adani stock.”An Adani Group spokesperson declined to comment. Meanwhile, Norway’s sovereign wealth fund, said Thursday it has “for all practical purposes…fully divested,” from the Adani companies. The loans were backed by shares in Adani Ports, Adani Green Energy and Adani Transmission.

☆ MSCI’s Adani cut signals fat tail risks for India
▼ + stars: | 2023-02-10 | by ( Shritama Bose | ) www.reuters.com time to read: +5 min

Hindenburg founder Nathan Anderson sees MSCI's move as a validation of his group’s findings of “stock parking” by Adani. The Securities and Exchange Board of India, headed by former banker Madhabi Puri Buch, acknowledged unusual price movements this month, but without naming the Adani group. But the longer the controversy drags on, there will be a fat tail risk for Adani and all his stakeholders. CONTEXT NEWSGlobal index provider MSCI on Feb. 9 cut its determined free floats for four Adani companies. It reduced those of Adani Enterprises, Adani Total Gas, Adani Transmission and ACC, and said any resulting changes will be implemented at the close of Feb. 28.

☆ Adani crisis: Billionaire scrambles to reassure creditors as market rout enters third week
▼ + stars: | 2023-02-06 | by ( Diksha Madhok | ) edition.cnn.com time to read: +6 min

The loans were backed by shares in Adani Ports, Adani Green Energy and Adani Transmission, which have collapsed in value. While the Adani Group has vehemently denied the allegation made by Hindenburg Resarch as “baseless” and “malicious,” investors remain unconvinced. Adani companies will be reporting quarterly results this week. Moody’s said Friday that the plunge in the shares of Adani companies was likely to reduce the group’s ability to raise capital. Another agency, S&P, cut the outlook for its ratings on two companies, Adani Ports and Adani Electricity, to negative from stable, citing the risk of higher funding costs or reduced access to capital.

☆ Gautam Adani lost half his wealth in a flash. Here’s what happened
▼ + stars: | 2023-02-04 | by ( Julia Horowitz | ) edition.cnn.com time to read: +6 min

While the Adani Group has condemned the report as “baseless” and “malicious,” investor questions about its claims linger, and the fallout is growing. Gautam Adani is a 60-year-old tycoon who founded the Adani Group more than 30 years ago. The firm said it had taken a short position in Adani Group companies, meaning it would benefit from a drop in their value. Stocks of most Adani Group companies slumped again on Friday. Indian banks that hold Adani Group assets could also be affected if the value of those holdings continues to drop.

☆ Adani Group shares continue to slide as Hindenburg rout deepens
▼ + stars: | 2023-02-03 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

New Delhi CNN —Shares in Adani Group companies continued to plunge on Friday, as the embattled conglomerate grapples with stock market mayhem unleashed after a US short seller accused it of fraud. But his address did little to halt the stock market meltdown that has wiped more than $100 billion off the combined market value of his companies. The unprecedented crash in value of Adani Group shares started when an American short seller, Hindenburg Research, accused the conglomerate of fraud and stock market manipulation. The Adani Group has denounced the report as “baseless” and “malicious,” but analysts say the group hasn’t convincingly answered the questions raised by Hindenburg’s report. Adani’s personal fortune has taken a massive hit because of the stock market turmoil.

[1/2] Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. On Wednesday, a $2.5 billion sale of shares by one of its companies Adani Enterprises ADEL.NS was called off. Adani Group and the stock market regulator the Securities and Exchange Board of India (SEBI) did not respond to a request for comment. Cracking the code of how Hindenburg did the trade could lead to more short sellers taking positions against Indian companies, which have been rare, analysts said. But several bankers familiar with trading in Indian securities said the more profitable piece of the short seller’s bet would likely lie in the derivative trades it had placed.

☆ Gautam Adani’s next hurdles may be harder to clear
▼ + stars: | 2023-02-01 | by ( Una Galani | ) www.reuters.com time to read: +4 min

HONG KONG, Feb 1 (Reuters Breakingviews) - It helps to have friendly investors and rich families on hand when finalising a tricky share sale. The feat will be hard to repeat though, while the Indian tycoon’s next hurdles might be harder to clear. Investor interest in Adani Enterprises (ADEL.NS) was underwhelming. Shares in $32 billion Adani Total Gas (ADAG.NS) have nearly halved since Hindenburg published its critical report. loadingCONTEXT NEWSThe $2.4 billion share sale by Adani Enterprises was fully subscribed on Jan. 31, data released by the Indian stock exchange showed.

Morgan Stanley economists forecast its stock market will be the world’s third largest before the end of 2030. For those who passively track stock market indexes, the controversy engulfing Adani, briefly the world’s third richest man, may act as a deterrent from an already expensive market. The newish chair of India’s securities regulator, Madhabi Puri Buch, has already wielded a stick at credit rating agencies to instil better market discipline. In the meantime, the turmoil is a reminder to investors of the danger of investing blindly in emerging markets. Stocks look increasingly expensive compared to emerging marketsReuters GraphicsFollow @ugalani and @ShritamaBose on TwitterloadingloadingCONTEXT NEWSShares of the Adani group companies have lost $65 billion since Jan. 25 after U.S. short-seller Hindenburg Research published a research note on the group.

☆ Adani vs Hindenburg: India’s top businessman faces biggest test
▼ + stars: | 2023-01-31 | by ( Diksha Madhok | ) edition.cnn.com time to read: +9 min

So, how did a relatively young and small New York financial research firm manage to bring the Adani juggernaut to a juddering halt? Much of his fortune is tied up in the sprawling Adani Group, which he founded over 30 years ago. This is not the first time analysts have expressed fear that the rapid expansion of Adani businesses comes with huge risk. In its response, Adani Group said that the “leverage ratios” of its companies “continue to be healthy and are in line with the industry benchmarks in the respective sectors. Adani Group “is not going anywhere,” said Rajat Sharma, founder of financial advisory firm Sana Securities.

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