India’s Adani has cut its revenue growth target in half and plans to cut new capital spending, Bloomberg News reported on Sunday. Listed companies controlled by billionaire Gautam Adani have lost more than $100 billion in market value since January 24, when US short seller Hindenburg Research accused the conglomerate of stock manipulation and improper use of offshore tax havens.
The group rejected the allegations and denied any wrongdoing
The Adani group will now aim for revenue growth of 15% to 20% for at least the next financial year, down from the 40% it originally intended, sources said, citing people familiar with the matter. An Adani Group spokesman did not immediately respond to a request for comment.
Withholding investment for just three months could save the conglomerate as much as $3 billion, the report said, adding that the plans are still in the works. The Adani group was also part of an investigation by India’s market regulator into the group’s links to some investors in a $2.5 billion share sale.
Earlier this month, India’s corporate affairs ministry began a preliminary review of Adani Group’s financial statements and other regulatory filings made over the years reported, citing two senior government officials.
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