© Reuters. FILE PHOTO: The Adani Group logo is seen on one of its buildings in Ahmedabad, India January 27, 2023. REUTERS/Amit Dave
(Reuters) – India’s Adani Group has halved its revenue growth target and plans to cut new capital spending, Bloomberg News reported on Sunday.
Listed companies controlled by billionaire Gautam Adani have lost more than $100 billion in market value since January 24, when US short seller Hindenburg Research accused the conglomerate of stock manipulation and misuse of tax havens offshore.
The group dismissed the allegations and denied any wrongdoing.
The Adani Group will now aim for revenue growth of 15% to 20% for at least the next fiscal year, down from an initial target of 40%, Bloomberg News quoted people familiar with the matter as saying.
A spokesperson for Adani Group did not immediately respond to a request for comment.
Withholding investments for as little as three months could save the conglomerate up to $3 billion, according to the report, adding that plans are still imminent.
The Adani Group has also participated in the Indian market regulator’s investigation into the group’s links to some of the investors in its $2.5 billion share sale.
Earlier this month, India’s Commerce Ministry launched a preliminary review of Adani Group’s financial statements and other regulatory submissions made over the years, Reuters reported, citing two senior government officials.