A new survey has found that 71 percent of Indians with any exposure to capital markets have concerns about the governance at the multi-billion-dollar Adani Group. About 51 percent of Indians with direct or indirect capital market exposure were “very concerned” while 20 percent of respondents were “somewhat concerned”, revealed a new LocalCircles survey.

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The change in perceived governance quality at Adani Group comes days after New York-based short seller Hindenburg Research published its report on the group’s companies.

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In the survey, 61 percent of respondents wanted external investigations into the allegations and issues raised by the Hindenburg research report. Around 34 percent of respondents with direct or indirect exposure to capital markets wanted regulators like the Securities Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) to conduct investigations into the group.

However, 27 percent of respondents with direct or indirect exposure to capital markets wanted external auditors to be appointed to investigate the issues. Around 16 percent of respondents also wanted the government to disclose “the rationale” for Life Insurance Corporation’s Rs 30,000 crore investment into Adani Group companies.

The survey was conducted on the LocalCircles platform and had 29,000 respondents from 273 districts of India. LocalCircles stated that 66 percent of respondents were men and 34 percent of respondents were women.

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Following the 32,000-word report, which alleged that Adani Group was engaging in accounting fraud, stock manipulation and money laundering, Adani Group companies have bled on Dalal Street. Gautam Adani’s personal network fell from $120 billion to $56 billion, as of February 7.

As of February 7, Adani Enterprises was down by 47 percent, Adani Power was down by 36 percent, Adani Green Energy was down by 55 percent, Adani Total Gas was down by 62 percent and Adani Ports and Special Economic Zone was down by 27 percent.

(Edited by : Sudarsanan Mani)

First Published:Feb 8, 2023 11:44 AM IST