NEW DELHI: Gautam Adani Hired Wachtellone of the most expensive law firms in the United States, to fight the accusations of short sellers Hindenburg’s studyThe Financial Times (FT) reported on Friday.
“For decades, Wachtell has been one of the most sought-after advisors by besieged corporate boards at some of the largest US companies trying to fend off aggressive investors. or hostile takeovers,” the FT said in its story.
The FT report also mentions that Adani’s groupThe decision to hire Wachtell shows serious international pressure on the group.
Meanwhile, the sell-off in the Adani group continued on Friday as MSCI has decided to reduce the number of shares it considers freely tradable on the public market for the four companies in its index.
The move by MSCI follows a January 24 report by US short-seller Hindenburg Research that accused the Indian group of stock manipulation and improper use of offshore tax havens to target. obscures the extent of share ownership of Adani family members in group companies. The group has denied any wrongdoing.
Hindenburg’s report sent a consortium led by billionaire Gautam Adani into crisis, wiping out about $110 billion of the value of the group’s seven main listed companies.
In addition to Adani Enterprises, the coal miner and incubator for the group’s new projects, MSCI said it plans to cut shares on Adani Total Gas, a joint venture with France’s TotalEnergies, and Adani Transmission, a power transmission company.
It will also reduce the weight of ACC, a major Indian cement company that the Adani Group acquired from Holcim last year and is not one of the group’s seven main listed companies.
(With input from agencies)
“For decades, Wachtell has been one of the most sought-after advisors by besieged corporate boards at some of the largest US companies trying to fend off aggressive investors. or hostile takeovers,” the FT said in its story.
The FT report also mentions that Adani’s groupThe decision to hire Wachtell shows serious international pressure on the group.
Meanwhile, the sell-off in the Adani group continued on Friday as MSCI has decided to reduce the number of shares it considers freely tradable on the public market for the four companies in its index.
The move by MSCI follows a January 24 report by US short-seller Hindenburg Research that accused the Indian group of stock manipulation and improper use of offshore tax havens to target. obscures the extent of share ownership of Adani family members in group companies. The group has denied any wrongdoing.
Hindenburg’s report sent a consortium led by billionaire Gautam Adani into crisis, wiping out about $110 billion of the value of the group’s seven main listed companies.
In addition to Adani Enterprises, the coal miner and incubator for the group’s new projects, MSCI said it plans to cut shares on Adani Total Gas, a joint venture with France’s TotalEnergies, and Adani Transmission, a power transmission company.
It will also reduce the weight of ACC, a major Indian cement company that the Adani Group acquired from Holcim last year and is not one of the group’s seven main listed companies.
(With input from agencies)
