The Adani Group Scandal: What You Need to Know!
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Published 2023-02-10
The Adani Group, one of India’s biggest conglomerates, has come under fire from a small American short selling hedge fund called Hindenburg Research. The firm, run by Nathan Anderson, is known for uncovering fraud and other issues at companies like Nikola Corporation, Clover Health, and Lordstown Motors.
Let's dig into the allegations, the evidence and Adani's response and discuss what this means for Gautam Adani and for India.
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All Comments (21)
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As an Indian I would like to add that Adani is not a house hold name in India, at least it wasn't for the longest time, I don't think it was very famous right before 2015-2016, their value and their brand has really sky rocketed around the pandemic and the subsequent lock down, and in my personal very humble opinion, it's a house of cards, how can someone build a sustainable, ethical and profitable business this big in that short of a time, again that's just my humble opinion.
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It is always nice to see your favorite influencer try new things. Not only Patrick is my long-time favorite music reviewer, I believe he also has the potential of becoming an amazing financial educator!
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No major Indian mutual fund invested in Adani stock. Almost every institutional and seasoned investor could guess something is wrong with the Adani group. Most of them would have taken short positions themselves if Indian laws permitted short selling.
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I feel like the phrase "Baseless allegations" is the financial industry's version of shouting "Fake news!" whenever someone accuses you of doing something. everytime a company is cought doing something its always "baseless accusations" even after they've been found guilty
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As an Indian I can confirm majority of the people who follow finance post 2020 knew about these allegations but his political connections are way too strong for someone to talk about it.
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I love the way Aswath Damodaran put it: "if these [shady business practices] comprise a con, it has lots of company in India." It's just true isn't it? Does anyone really think that any of the mega corporations in India aren't insanely corrupt?
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Boyle, Bagel, and Coffee -- the three musketeers of YouTube's financial space. Never fear quarrels, and always in seek hazardous adventures.
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Should we be worried that Professor Boyle seems to be releasing this video from what looks like to be an Indian jail cell.... He did say that Adani Group is very powerful and well connected and that he had been talking to a lot of people who had read the report. 🤨
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10:52 a company with no experience in aviation or airport management was awarded the contracts to run 6 airports in India? That’s transparency, India style 😂
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Curious as to how much Adani paid off politicians here in Australia
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It is known to everyone in India that mauritius based companies are used to pump stocks.
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Grateful for Patrick being an anchor in this wild world
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Adani's response on their auditor is a ridiculous proposition. The audit firm is a very small firm and could not possibly have the skills to audit such a large business. To use an analogy, you can't say that it's not your fault the wings fell off a 747 due to of shoddy maintenance because your mechanic has a license, if that mechanic works on small leisure aircraft. The scale is wildly inappropriate.
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Adani is well known here on Australia too. They have been trying to construct one of the world's largest coal mines in Queensland but the project has been in limbo for years as it's politically sensitive. Local activist activities and public pressure has meant that all local banks and lenders have ruled out providing funding for the project and state and federal governments have said they won't provide financing either. Whether or not it's all a big Con Adani is a major source of corruption.
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Hindenburg research is an interesting name to choose for their business.
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1:07 But dad, I wanna be a hairdresser. No son, there's no future in that, you'll become an electrician just like me.
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Back in 2019, Adani wanted to mine known reserves of high quality coal in Queensland, Australia. Outrage followed that it would pollute the Great Barrier Reef and add to Global Warming. There are massive reserves of this type in Australia. They had a bad reputation as well. "Baksheesh Baba" is where you pay a bribe in India.
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What has it all come to... My wife and I drink tea in our pj's and listen to Patrick explain finance.
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Indians always look after other Indians - especially those from the same village, region and state. It's weird, but so true in my experience.
