Skip to content
 
Search

Latest Stories

Indian regulator reassures investors after Adani rout

The combined market cap of Adani Group’s listed companies has collapsed by around $120 billion – about half of the conglomerate’s value – since US short-seller Hindenburg Research released an explosive report in late January.

Indian regulator reassures investors after Adani rout
Easterneye.Biz Staff
By Easterneye.Biz StaffFeb 05, 2023
Easterneye.Biz Staff
See Full Bio

India's securities regulator said Saturday that markets were stable and protected from further volatility, following a phenomenal share rout that hit the business empire of tycoon Gautam Adani.

The combined market cap of Adani Group's listed companies has collapsed by around $120 billion -- about half of the conglomerate's value -- since US short-seller Hindenburg Research released an explosive report in late January.

It accused Adani of accounting fraud and artificially boosting its share prices, calling it a "brazen stock manipulation and accounting fraud scheme" and "the largest con in corporate history".

The Securities and Exchange Board of India (SEBI) said in a statement that India's financial market had "demonstrated ongoing stability and is continuing to function in a transparent, fair and efficient manner".

It added that it had "put in place a set of well defined, publicly available surveillance measures" for addressing excessive volatility in specific stocks, without naming the Adani conglomerate.

Adani dismissed the allegations in the Hindenburg report as a "maliciously mischievous" reputational attack and issued a 413-page statement asserting its claims were "nothing but a lie".

Hindenburg said in response Adani had failed to answer most of the questions raised in its report.

The group's founder has seen his fortune plummet sharply, dumping him from third to 17th on the real-time Forbes rich list.

His operations have expanded at breakneck speed, with Adani Enterprises shares soaring more than 1,000 percent over the past five years.

Finance Minister Nirmala Sitharaman on Friday insisted Indian markets were well regulated and that the controversy would not affect investor confidence.

Earlier this week Adani cancelled a $2.5 billion stock sale meant to help reduce debt levels -- long a concern -- restore confidence and broaden its shareholder base.

Big banks including Credit Suisse and Citigroup have stopped accepting Adani bonds as collateral for loans to private clients, according to Bloomberg News, fuelling worries about how the conglomerate will raise fresh funds.

(AFP)

sebigautam adani

Related News

Asian-inspired garden earns five awards at Hampton Court
News

Asian-inspired garden earns five awards at Hampton Court

More For You

uk weather

Amber heat health alerts have been issued across several regions of England

iStock

England faces widespread heat alerts and hosepipe bans amid rising temperatures

Highlights:

  • Amber heat health alerts in place for large parts of England
  • Hosepipe bans announced in Yorkshire, Kent and Sussex
  • Temperatures could reach 33°C over the weekend
  • Health risks rise, especially for elderly and vulnerable groups

Heat warnings in effect as UK braces for another hot weekend

Amber heat health alerts have been issued across several regions of England, with temperatures expected to climb to 33°C in some areas over the weekend. The UK Health Security Agency (UKHSA) activated the warning at 12 pm on Friday, with it set to remain in place until 9 am on Monday.

The alerts cover the East Midlands, West Midlands, south-east, south-west, East of England, and London. Additional yellow alerts were issued for the north-east, north-west, and Yorkshire and the Humber, starting from midday Friday.

Keep ReadingShow less
Essex ladybird invasion

One of the largest gatherings was filmed on a beach at Point Clear

Dee-anne Markiewicz / SWNS

Swarms of ladybirds invade Essex coastline amid soaring temperatures

Highlights:

  • Ladybird swarms reported across Essex and Suffolk coastal towns
  • Hot weather likely driving the sudden surge in population
  • Sightings include Point Clear, Shoebury, Clacton and Felixstowe
  • Similar outbreaks occurred in 1976 during another hot UK summer

Sudden surge in ladybird numbers across the southeast

Millions of ladybirds have been spotted swarming towns and villages along the Essex coast, with similar sightings stretching into Suffolk. Residents have reported unusually high numbers of the red and black-spotted insects, particularly near coastal areas, with the recent hot weather believed to be a major contributing factor.

One of the largest gatherings was filmed on a beach at Point Clear, a village near St Osyth in Essex, where the insects could be seen piling on top of each other on driftwood and plants.

Keep ReadingShow less
Kapil Sharma

Kapil Sharma’s Canada cafe shot at days after opening

Instagram/ginnichatrath

Kapil Sharma’s Canadian café targeted in shooting, Khalistani terrorist cites mockery of Nihang Sikhs as motive

Highlights:

  • Shots were fired at Kap’s Café in Surrey, Canada, owned by comedian Kapil Sharma, just days after its opening.
  • Khalistani extremist Harjit Singh Laddi, linked to banned group BKI, claimed responsibility.
  • The motive cited was an old comedy segment from The Kapil Sharma Show that allegedly mocked Nihang Sikhs.
  • No injuries were reported; Canadian authorities are investigating the incident.

Comedian Kapil Sharma’s recently launched Kap’s Café in Surrey, British Columbia, was the target of a shooting in the early hours of 10 July. Though no one was harmed, the property sustained significant damage. A known Khalistani extremist, Harjit Singh Laddi, has claimed responsibility for the attack, citing perceived religious disrespect on The Kapil Sharma Show.

 Kap\u2019s Cafe in Surrey  Kap’s Cafe in Surrey was struck by gunfire late at night with staff still insideInstagram/thekapscafe_

Keep ReadingShow less
Police probe hate crime over migrant effigies bonfire in Northern Ireland

Models depicting migrants wearing life jackets in a small boat alongside two banners reading 'Stop the boats' and 'Veterans before refugees' are displayed on top a bonfire in Moygashel, Northern Ireland, on July 9, 2025. (Photo by PETER MURPHY/AFP via Getty Images)

Police probe hate crime over migrant effigies bonfire in Northern Ireland

POLICE in Northern Ireland have launched a hate crime investigation after a bonfire topped with effigies of migrants in a boat was set alight in the village of Moygashel, County Tyrone.

The incident, which took place on Thursday (10) night, has drawn widespread condemnation from political leaders, church officials, and human rights groups.

Keep ReadingShow less
Navratri festival in Wembley

A similar event held at the same site last year resulted in a planning enforcement notice being issued due to complaints of noise and disturbance.

Getty Images

Navratri festival in Wembley faces objections

A PROPOSED 10-day Hindu festival in Wembley, north London, has drawn objections over concerns about noise and disruption in the area.

Asian Events Media (AEM) has applied to Brent Council to host the Navratri celebration at Alperton Studios from September 22 to October 1, according to The London Standard.

Keep ReadingShow less
© Copyright 2025 Garavi Gujarat Publications Ltd & Asian Media Group USA Inc