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The Adani Group is a large Indian corporation that operates in a variety of industries, including ports and logistics, agribusiness, energy, defense, and real estate. The Adani Group's history, growth, businesses, controversies, and impact on the Indian economy are all examined in this case study. The group's enormous infrastructure projects and diverse commercial portfolio have strengthened the Indian economy's competitiveness on the global scene and helped modernize it. However, the Adani Group has come under fire for its financial, environmental, and social impacts, particularly in relation to its mining operations, and a recent report from investment research firm Hindenburg Research in New York has put the Adani Group under the regulator and investor's microscope. The Adani Group is thoroughly analyzed in this case study, showing the company's possibilities and problems as it grows and expands its operations.
Key Words: Stock manipulation, Accounting fraud, Stock rigging, Artificially inflated, Regulatory investigations, Leverage ratio.
1. INTRODUCTION
Gautam Adani, a billionaire businessman, founded the Adani Group in 1988. The company works in several industries, including ports and logistics, agribusiness, energy, defense, and real estate. With operations in India, Australia, Indonesia, and several other countries, the Adani Group has become one of India's largest conglomerates. In 1988, Adani Exports Limited began as a commodity trading business before growing to import and export various goods. The development of substantial infrastructural assets started the group's second phase. The business built different railway lines, ships, mines, ports, and power facilities inside and outside India. Today the group is known for its ambitious infrastructure projects and has become one of India's largest and most diversified conglomerates. After Tata Group and Reliance Industries, Adani Group crossed the $100 bn market capitalization threshold in April 2021 and the $200 bn market capitalization threshold in April 2022, becoming the third Indian conglomerate to do so. Adani Group's ports and logistics business is a major contributor to the group's growth. The company operates India's most prominent private port and provides customers with various logistics services. The group's energy business also significantly contributes to its growth, with a presence in both the conventional and renewable energy sectors. Adani Group's real estate business has also experienced rapid growth, driven by the increasing demand for housing and commercial space in...