In 2023, the Adani Group, led by Gautam Adani, encountered a significant setback following a report from US-based short seller Hindenburg Research, published on January 24. The report accused the conglomerate of stock market manipulation, labeling the share prices of its seven listed firms as ‘overvalued’ and raising questions about the involvement of close family members, among other serious allegations. Adani Group promptly dismissed these claims, but the report triggered a stock rout in the ten listed Adani stocks, resulting in the loss of over $120 billion at its peak from the combined market capitalization. Subsequently, a Supreme Court-appointed committee was formed to investigate the matter, and as of now, it has found no evidence of wrongdoing by Adani. Despite the initial turmoil, Adani stocks have made a remarkable recovery in recent months.
Meanwhile, in a significant blow to India’s aviation industry, GoFirst (formerly GoAir) ceased operations in early May 2023 and initiated voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT), Delhi. This development marked the second major collapse of an airline in recent years, following the demise of Jet Airways, posing challenges to the country’s aviation sector.
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