5 of 7 key listed companies have reported ‘current ratios’ below 1, indicating near-term liquidity pressure. Key listed Adani companies have also taken on substantial debt, including pledging shares of their inated stock for loans, putting the entire group on precarious nancial footing. Even if you ignore the ndings of our investigation and take the nancials of Adani Group at face value, its 7 key listed companies have 85% downside purely on a fundamental basis owing to sky-high valuations. Our research involved speaking with dozens of individuals, including former senior executives of the Adani Group, reviewing thousands of documents, and conducting diligence site visits in almost half a dozen countries. Gautam Adani, Founder and Chairman of the Adani Group, has amassed a net worth of roughly $120 billion, adding over $100 billion in the past 3 years largely through stock price appreciation in the group’s 7 key listed companies, which have spiked an average of 819% in that period.
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