Adani speaks at Israel event, skips mention about controversy

Gautam Adani, the Indian billionaire whose business empire was rocked by allegations of fraud by short seller Hindenburg Research, said his company will make more investments in Israel. 

Adani was speaking at an event at the Haifa Port in Israel on Tuesday and didn’t mention anything about the controversy surrounding the allegations. Adani’s appearance came after his flagship Adani Enterprises Ltd. had its $2.5 billion follow-on share sale fully covered on the final day.

Adani’s presence in Israel “today is outcome of a lot of hard work put in over six years,” he said at the event. A joint venture led by Adani Ports & Special Economic Zone Ltd. last year won an Israel government’s tender to buy the Haifa Port for about $1.2 billion.

Shares of Adani Group companies have plummeted in a three-day selloff that has erased about $70 billion of market value, following the publication of a report by short-seller Hindenburg Research which alleged “brazen stock manipulation and accounting fraud.” 

Adani Group rebutted the short seller’s allegations and said the conduct of Hindenburg Research “is nothing short of a calculated securities fraud under applicable law.” –BLOOMBERG