Adani says examining legal options against Hindenburg
NEW DELHI(PTI): A day after Adani Group's shares took a beating as Hindenburg Research made damaging allegations against it, the group on Thursday said it is examining legal options to take "punitive action" against the US activist investor for its "reckless" attempt to sabotage a share-sale at the conglomerate's flagship firm. "The maliciously mischievous, unresearched report published by Hindenburg Research on January 24, 2023 has adversely affected the Adani Group, our shareholders and investors. The volatility in Indian stock markets created by the report is of great concern and has led to unwanted anguish for Indian citizens," the group's lead head Jatin Jalundhwala said in a statement.
The report and its unsubstantiated contents were designed to have a deleterious effect on the share values of Adani Group companies as Hindenburg Research, by their own admission, is positioned to benefit from a slide in Adani shares, he said.
"We are deeply disturbed by this intentional and reckless attempt by a foreign entity to mislead the investor community and the general public, undermine the goodwill and reputation of the Adani Group and its leaders, and sabotage the FPO (Follow-on Public Offering) from Adani Enterprises," he said.
"We are evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg Research."
The statement however did not say if the group is planning to sue Hindenburg.
Hindenburg, a US-based investment research firm that specialises in activist short-selling, said on Wednesday that its two-year investigation revealed that Adani Group has "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades."
The report came just as a Rs 20,000 crore follow-on share sale of Adani Enterprises opened for institutional investors. All the listed stocks of the group took a beating after the report.
Adani Enterprises closed 1.54 per cent lower on Wednesday while Adani Ports & SEZ ended 6.3 per cent down.
After the report came out, Adani Group had stated that it was shocked to see the report that was published without any attempt to contact it to get the factual matrix.
"The report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India's highest courts," the ports-to-energy conglomerate had said in a statement.
It had gone on to question the timing of the report, saying its publication ahead of the FPO "clearly betrays a brazen, malafide intention to undermine Adani Group's reputation with the principal objective of damaging" the issue.
"Gautam Adani, founder and chairman of Adani Group, has amassed a net worth of roughly USD 120 billion, adding over USD 100 billion in the past 3 years largely through stock price appreciation in the group's seven key listed companies, which have spiked an average of 819 per cent in that period," the US researcher's report had said.
The Hindenburg's report details a web of Adani-family controlled offshore shell entities in tax havens spanning the Caribbean and Mauritius to the United Arab Emirates, which it claims were used to facilitate corruption, money laundering and taxpayer theft, while siphoning off money from the group's listed companies.
"Our research involved speaking with dozens of individuals, including former senior executives of Adani Group, reviewing thousands of documents, and conducting diligence site visits in almost half a dozen countries," it said. Hindenburg claimed to have uncovered "rudimentary efforts seemingly designed to mask the nature of some of the shell entities."
"Even if you ignore the findings of our investigation and take the financials of Adani Group at face value, its 7 key listed companies have 85 per cent downside purely on a fundamental basis owing to sky-high valuations," the report said adding key listed Adani companies have also taken on substantial debt, including pledging shares of their inflated stock for loans, putting the entire group on precarious financial footing.
Adani Group has repeatedly dismissed debt concerns. Its Chief Financial Officer Jugeshinder Singh on January 21 on a media call stated that "Nobody has raised debt concerns to us. No single investor has."
"The investor community has always reposed faith in Adani Group on the basis of detailed analysis and reports prepared by financial experts and leading national and international credit rating agencies," the group said on Wednesday.
"Our informed and knowledgeable investors are not influenced by one-sided, motivated and unsubstantiated reports with vested interests."
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Last Chance to Score 99%ile in CAT 2026: Strategy, Guide and Top Coaching
You are 6-7 months away from appearing for the CAT 2026 exam. We know that this sounds a little overwhelming for many candidates, but if you are a candidate who has not yet started their CAT preparation, then this time is the peak where you can make a right go-for-it strategy for cracking such a competitive exam in nature for the management domain. Many candidates are new to this preparation journey, but the best part is there are several strategies, guides and top resources that are really helpful to you if you select the right platform to start with.
You will see around many candidates who might be scared of VARC/DILR/QA, as per their interests. Maybe if VARC is easy for someone but the others are altered, they get stuck for the other two sections or vice versa. This article comes with a strategy that helps you to choose the right resources to continue your CAT 2026 preparation even if you haven’t started yet.
When you are preparing for the competitive exams like the Common Admission Test, there are several resources that you should keep in mind, including the peer-learning environment in the form of the largest community, the best CAT online coaching in India and more. Have seen around many aspirants get attracted towards iQuanta’s CAT preparation community to start their journey with. Let’s discuss the strategy to start with the CAT preparation journey in a detailed manner.
How Can You Start Your CAT 2026 Preparation?
The Common Admission Test is highly competitive in nature because the top IIMs or B-schools in India accept candidates based on various parameters, and the selection probability is also very low. The initial preparation plan for the CAT exam requires the understanding of the CAT syllabus in depth across the VARC, DILR and QA. As per the past year's CAT exam paper, the VARC section comprises 24 questions, followed by 22 questions in DILR and 22 questions in QA.
There are several points mentioned here that are really helpful for you during CAT preparation:
- Understanding the CAT syllabus in-depth across the VARC, DILR and QA. With what are the weightage covered across sections and majorly focused domain.
- The QA section requires rigorous practice from the candidates across important sections, including Arithmetic, Algebra, Modern Maths, Geometry and Number System. Among all the topics, Arithmetic and Algebra both considered as super important for the candidates that they should not afford to left while preparing for the CAT 2026. Because as per the past year CAT exam analysis, major questions appeared from these sections only.
- Next comes the other important section, i.e., LRDI. This section comprises logical sets which can be tackled if practice sessions are taken into consideration properly. Candidates can plan the consistent preparation strategy across Logical Reasoning and Data Interpretation.
- VARC is further classified as Reading Comprehension and Verbal Ability. The main strategy for covering this section is by building daily reading habits and solving PYQs, which really matters the most.
Step-by-Step CAT 2026 6-7 Month Preparation Guide
6-7 months is all you have got for your CAT 2026 target 99%ile. With little time left, it is important to move in the right direction and start preparing now. Based on iQuanta CAT toppers' preparation strategies, which helped them attain their dream IIMs and top B-schools, here is a step-by-step CAT 2026 6-7 month preparation guide.
Step 1 - Identify your weak areas and take a trial mock test to see where you stand.
Step 2 - Live classes are really helpful for you to explore topics for consistent preparation across the section. iQuanta uses the dual-pedagogy approach to a streamlined preparation strategy for candidates.
Step 3 - Build conceptual clarity, work on your weak areas and develop problem-solving speed to boost your confidence.
Step 4 - Join an online CAT community, resolve your doubts online, take help of online mentorship, and analyse mock tests to reduce mistakes and improve performance. Among candidates, iQuanta’s largest CAT preparation community is popular and overall builds the peer-learning environment.
Step 5 - Remain consistent by following a proper preparation schedule, staying motivated and utilising different types of resources available through the top coaching.
How the Best CAT Coaching Impacts Your CAT 2026 Preparation?
The CAT exam is written by students as well as working professionals across the domains. But planning a proper strategy is quite different as per the candidate. The working professional might not be able to give sufficient time due to workload in comparison to students. This is the main reason the CAT online coaching is a strategic approach for aspirants to be consistent, even if they get stuck due to any reason, to ensure smooth preparation. Now what are the major point that candidates should verify while starting their CAT preparation with the top CAT coaching in India. The following pointers needed to be covered, including the 24/7 doubt-solving support, specialized modules which help to build strong basics across the sections, top faculty across the domain, and outstanding results.
iQuanta is highly popular among the candidates for CAT preparation due to their dual-pedagogy teaching methodology, maximum number of 99+%ilers which resulted in an amazing performance, and more.
They have specialized modules such as Engineer’s VARC, Non-Engineer’s QA and LRDI Essentials, which are highly helpful for the candidates if they find difficulties building a strong foundation across the section. With such important resources it is quite important for the candidates that they should explore top CAT faculty at iQuanta, including Amit Panchmatia sir (CAT QA 100%iler & LLRDI 99%iler), Shabana ma’am (CAT VARC 99.5%iler), Raj Kumar Jha sir (6 times CAT QA 100%iler) and more.
Wrapping Up!
Preparing for the CAT exam is a strategic process but can be simplified if you take the right resources into consideration. So, balance across the section is quite important for the candidates to consider during CAT 2026 preparation. This is the best time when candidates can strategise their preparation journey with consistency with the help of the best CAT online coaching in India.
