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Indian Billionaire Gautam Adani Calls Off Share Sale Amid Fraud Claims, Vows To Continue Investing in Israel
Gautam Adani. (Creative Commons)

Indian Billionaire Gautam Adani Calls Off Share Sale Amid Fraud Claims, Vows To Continue Investing in Israel

A $2.5 billion share sale by Indian billionaire Gautam Adani’s flagship company was called off late Wednesday following claims of fraud from a US-based short-selling firm. Despite the turmoil surrounding his conglomerate and the shedding of tens of billions of dollars in market value, Adani recently visited the Haifa port he purchased and promised to continue investing in Israel.

The Adani Group announced the cancellation of the share sale, which was initially sold out as of Tuesday, due to a volatile market and an unprecedented situation, and will be returning the proceeds from the offering.

Adani-related shares have plummeted in recent days after Hindenburg Research accused the group of various financial abuses, including “brazen” stock market manipulation and accounting fraud. On Wednesday, Adani Enterprises saw a 28% drop and stock in six other Adani-listed companies fell between 2% and 19%. Adani Ports and Special Economic Zone, which purchased the Haifa port in partnership with the Israeli chemicals and logistics group Gadot for approximately $1.2 billion, saw a nearly 18% drop.

Despite the financial losses, Adani stated that the decision to cancel the share offering would not affect the group’s existing operations and future plans. Adani’s balance sheet was described as “very healthy” with strong cashflows and secure assets.

In a recent visit to Haifa, Adani promised to transform the port and the city’s skyline, saying, “Our intention is to make the right set of investments that will not just make the Adani-Gadot partnership proud but will make the whole of Israel proud.”

Adani made his fortune mining coal as India’s economy rapidly grew after liberalization in the 1990s. His companies, which operate airports, build roads, generate electricity, manufacture defense equipment, develop agricultural drones, sell cooking oil, and run a media outlet, have seen a surge in market value in recent years.

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