Adani group has also been a part of India's market regulator's investigation into the group's 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 Adani Group's financial statements and other regulatory submissions made over the years, Reuters reported, citing two senior government officials. (Reporting by Mrinmay Dey in Bengaluru; Editing by Kim Coghill)
Feb 12 (Reuters) - 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
U.S. 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.
Adani group will now shoot for revenue growth of 15% to 20%
for at least the next financial year, down from 40% originally
targeted, Bloomberg News said citing people familiar with the
matter.
A spokesperson for Adani Group did not immediately respond
to a request for comment.
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.
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