Adani Group: The shares of Adani Group are seeing a decline again today and except for Adani Enterprises, rest of the Adani stocks are seeing a decline. Adani Total Gas, Adani Power, Adani Transmission are seeing a decline of 5-5 per cent. However, a slight increase of 0.15 percent is being seen in Adani Enterprises.
Adani Group cuts its revenue growth target
Adani Group has reduced its revenue growth target and with this the group is also going to slow down the pace of new capital expenditure. This has happened a few days after the negative report of America’s Hindenburg Research on Adani Group. According to a Bloomberg report, Gautam Adani’s group has now set a target of 15-20 per cent growth for the next financial year, which was earlier kept at 40 per cent. If seen in this way, it has been reduced to almost half.
Adani group will also slow down the capex plan
Meanwhile, plans have also been made to slow down the group’s capital expenditure plan or capex plan. This is being done because now the group is focusing more on strengthening the economic condition instead of focusing on its rampant expansion.
Trouble started after the report of Hindenburg Research
The recent period of difficulties for billionaire Gautam Adani’s Adani Group began on 24 January 2023. In fact, America’s Hindenburg Research accused the Adani group of fraud through a report, after which a period of heavy selling started in the shares of the Adani group. Since then, the market cap of the total companies of the Adani group has collectively declined by more than $ 120 billion.
Adani Group gave a reply of 413 pages
However, the Adani group termed the Hindenburg group’s report as baseless and said that the allegations made in it were baseless and beyond facts. The group also released a 413-page report detailing the businesses of the companies and terming the Hindenburg Research report as false and malicious.