Virender Sehwag defends Gautam Adani, says 'hitjob on India’s market looks like well-planned conspiracy'

Former India cricketer Virender Sehwag has come out in support of the Gautam Adani amid ongoing crisis in his company after the Hindenburg report came out.

Adani shares continued their freefall on Monday, with the conglomerate's cumulative market value loss topping $110 billion.

The crisis was triggered by U.S.-based short-seller Hindenburg Research's Jan. 24 report that accused the Adani group of stock manipulation, unsustainable debt and use of tax havens.

But Sehwag feels this is a well-planned conspiracy but India will emerge stronger out of it.

“Goron se India ki tarakki bardaasht nahi hoti (The foreigner can’t tolerate India’s progress). The hitjob on India’s market looks like a well planned conspiracy.

"Koshish kitni bhi kar lein but as always, Bharat aur majboot hi nikalkar ubhrega (No matter how hard they try, India will emerge stronger as always,” Sehwag tweeted.

Adani denies all allegations

The Adani group, one of India's top conglomerates, has rejected the criticism and denied wrongdoing in detailed rebuttals, but that has failed to arrest the unabated fall in its shares.

Stocks crash despite Adani’s response

The report slammed by Adani as stale and filled with misinformation, claims that five out of the group’s seven listed firms, have a current ratio lower than one.

Current ratio indicates a company’s ability to pay back short term loans, and a lower ration can increase the pressure on liquidity.

Claims made in the report have led to a 10 per cent crash in the prices of Adani Group stocks, wiping off more than ₹ 46,000 crore from the group’s market cap.