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India’s Adani Group has halved its revenue growth target and plans to scale down fresh capital expenditure, Bloomberg News reported on Sunday.

Listed companies controlled by billionaire Gautam Adani have lost more than $100 billion in market value since Jan. 24, when US short-seller Hindenburg Research accused the conglomerate of stock manipulation and improper use of offshore tax havens.

The group has rejected the allegations and denied any wrongdoing.

The Adani Group will now shoot for revenue growth of 15% to 20% for at least the next financial year, down from the original target of 40%, Bloomberg News said citing people familiar with the matter.

Singapore’s DBS says exposure to Adani group is ‘tightly managed’

Holding back on investments for even as little as three months could save the conglomerate as much as $3 billion, the report said, adding that the plans are still imminent.

A spokesperson for the Adani Group said the report was “baseless, speculative”, without elaborating further.

The group has also been a part of India’s market regulator’s investigation into its links to some of the investors in its scrapped $2.5 billion share sale.

Earlier this month, India’s ministry of corporate affairs started a preliminary review of the group’s financial statements and other regulatory submissions made over the years, Reuters reported, citing two senior government officials.

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SAMIR SARDANA Feb 13, 2023 07:05pm
ADANI STOCKS FACTOR A 40-50% YTOP LINE ,OF WHICH AT LEAST,HALF OF IT IS INORGANIC HINDENBERG HAS ACHIEVED HIS 2ND TARGET,AFTER THE FPO NOW THE ADANI STOCKS WILL CRASH TARGET 3 - M2M ON THE BANK LOANS,ON PLEDGED STOCKS - WHICH WILL CRASH THE BANK NIFTY ! THEN HINDENBERG WILL SHORT,THE BANK NIFTY ! THERE ARE MANY ADANIS ON THE NSE/BSE. THEY WILL ALSO COME OUT,AND THAT WILL CRASH THE BANK NIFYY AND NIFTY ! 40% GROWTH IN INFRA, IS POSSIBLE,ONLY BY INORGANIC GROWH - INFRA PROJECTS TAKE YEARS TO COMPLETE ! INORGANIC GROWTH IS BLOWN UP - AS NO FUNDING,WILL COME NOW ! NEXT IS THE TARRIFF FIXATION OF POWER TARRIFF - VIDE COST PADDING AND OTHER INGENUITY ! INDIAN BANKING AND STOCK MARKETS = SCAM ,AND THIS WILL ALSO BLOW UP THE CHAIWALA GDP STORY ! SAMIR SARDANA THE BANIAS OF HINDOOSTHAN WILL DOOM INDIA
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