Shares of Adani fall after group lowers revenue growth target by 50%.

The majority of Adani Group stocks fell after individuals with direct knowledge of the situation claimed that the company has halved its revenue growth objective and intends to delay new capital spending in the wake of a vicious short seller campaign.
The 5% cap had been reached for Adani Green Energy Ltd., Adani Total Gas Ltd., and Adani Transmission Ltd. Adani Enterprises Ltd.’s flagship fluctuated between gains and losses.

The persons, who wished to remain anonymous since the negotiations are confidential, stated that the group will now aim for revenue growth of 15% to 20% for at least the following fiscal year, down from the 40% growth originally projected. The group would prioritise financial health above aggressive expansion, they claimed, thus capital expenditure plans will also be scaled back.

The group will be able to save more money and pay off debt thanks to these actions, according to Target Investing’s founder Sameer Kalra. “This will act as a cushion for a few quarters, but headwinds still exist due to both Hindenburg and the weakening of global GDP.”
The ports-to-power company is working to undo the harm that Hindenburg Research’s critical report on January 24 caused by concentrating on cash management, debt repayment, and retrieving pledged shares. Despite Adani Group’s denial of the American short seller’s claims of stock manipulation and accounting fraud, the charges caused a market value decline of more than $120 billion for the Adani empire.
Due to the collapse in the conglomerate’s stock market valuation, Moody’s Investors Service lowered its rating for Adani Green Energy and three other businesses backed by Indian businessman Gautam Adani.

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