India's Adani group has halved its revenue growth target and plans to scale down fresh capital expenditure, Bloomberg News reported on Sunday.
Listed companies controlled by billionaire Gautam Adani have lost more than $100 billion in market value since Jan. 24, when U.S. short seller Hindenburg Research accused the conglomerate of stock manipulation and improper use of offshore tax havens.
Adani group will now shoot for revenue growth of 15% to 20% for at least the next financial year, down from 40% originally targeted, Bloomberg News said citing people familiar with the matter.Holding back on investments for even as little as three months could save the conglomerate as much as $3 billion, the report said, adding that the plans are still imminent.
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