Gautam Adani reappointed Executive Chairman of Adani Enterprises for 5 years

Adani Enterprises’ board has approved the re-appointment of Gautam S Adani as executive chairman for a further five years, starting on 1 December 2023. The company has also revealed robust quarterly and annual numbers, with a tripled YoY net profit and a 97% increase in revenue for FY23. The reappointment follows allegations of stock price manipulation through shell companies, high leverage and corporate misgovernance by US-based Hindenburg Research, which wiped a total of $100bn in market value from Adani Group stocks. However, shares in Adani Enterprises have already risen 88% from their February low.