Chairperson of Indian conglomerate Adani Group, Gautam Adani, speaks at the World Congress of Accountants in Mumbai on November 19, 2022.
Indranil Mukherjee | AFP | Getty Images
Shares of India’s Adani Enterprises have plummeted over the past week, after the publication of an extensive critical report from U.S. short-seller Hindenburg Research. Some big international players have exposure.
Companies across the Adani Group of companies have seen a huge sell-off that took the total group’s losses past $110 billion by Friday close, after the Hindenburg report accused the conglomerate of “brazen stock manipulation and accounting fraud scheme over the course of decades.”
The ports-to-energy conglomerate, led by one of the world’s richest men, Gautam Adani, has vehemently denied wrongdoing.
Adani Enterprises has suffered the biggest loss among the wider group’s many listed companies, shedding more than 60% of its market cap — or more than $30 billion — between the report’s publication on Jan. 24 and the close of Thursday trade.
The Adani Group firmly denies the accusations, calling them “nothing but a lie” from the “Madoffs of Manhattan” in a 413-page riposte that failed to soothe skittish investor sentiment and rein in a rapid sell-off.
Adani owns 64% of Adani Enterprises — the Adani SB Family holds 55.27%, while 8.73% is with Adani Tradeline Pvt Ltd, where Gautam and brother Rajesh Adani are controlling directors.
Top 20 shareholders in Adani Enterprises
Institutions / Insiders
Ownership (%)
Shares (thousands)
ADANI SB FAMILY
55.3
630,034.7
Adani Tradeline Pvt Ltd
8.7
99,491.7
Life Insurance Corporation of India
4.0
45,815.0
Green Enterprises Investment Hldg
3.5
40,191.0
Flourishing Trade & Investment
3.0
33,937.7
Afro Asia Trade & Investments
2.7
30,249.7
Worldwide Emerging Market Hldg
2.7
30,249.7
HSZ (Hong Kong)
1.7
19,295.4
Elara Capital Plc
1.7
19,190.1
M.M. Warburg Bank (Schweiz)
1.3
14,290.9
The Vanguard Group, Inc.
0.7
8,497.0
SBI Funds Management Pvt
0.6
7,195.0
BlackRock Fund Advisors
0.6
6,454.2
Spitze Trade & Investment
0.3
3,986.0
UTI Asset Management
0.2
2,237.5
BlackRock Advisors (UK)
0.2
1,901.3
Kotak Mahindra AM
0.1
1,281.8
Geode Capital Management
0.1
1,114.0
Dimensional Fund Advisors
0.1
831.1
Nippon Life India AM
0.1
737.3
Source: FactSet, as of 1030 UTC on 3 Feb
The third-largest shareholder, at 4.02%, is India’s state-owned Life Insurance Corporation of India. Morning sessions in both houses of India’s parliament were adjourned on Friday, as opposition leaders called for an investigation into the allegations against Adani, who is a close associate of Prime Minister Narendra Modi.
The list of top 20 shareholders of Adani Enterprises also includes two of the biggest names on Wall Street: Vanguard owns 0.75% of the stock, while BlackRock Fund Advisors holds 0.57% and BlackRock Advisors (U.K.) Ltd has a 0.17% interest.
Spokespersons for Vanguard and BlackRock did not immediately respond to CNBC requests for comment.
Elara Capital, which currently owns 1.7% of Adani Enterprises, was the largest institutional shareholder until Feb. 2022, ownership data shows.
Hindenburg has accused Elara’s Mauritius-based funds of being part of a plan to manipulate the share prices of companies owned by Adani Group and hide how much the family owned. Elara has since disposed of 72% of the shares it held in the company, according to FactSet data.
Jo Johnson, the brother of former British Prime Minister Boris Johnson, resigned on Wednesday from his role as a director of Elara, according to Companies House.
Elara Capital and Johnson did not immediately respond to CNBC requests for comment.
Yadea, which has claimed the title of the world’s largest electric vehicle maker for seven years running, has just announced a new electric motorbike powered by the company’s innovative HuaYu sodium-ion battery technology.
Yadea has long dominated the electric two-wheeler and three-wheeler market globally, but has generally relied on both lithium-ion and lead acid batteries to power its vehicles in different markets.
The newly unveiled electric scooter uses Yadea’s recently introduced sodium battery technology, offering what the company says is outstanding performance in range, charging speed, and safety. Using the HuaYu Sodium Superfast Charging Ecosystem presented by Yadea, the battery can reach 80% charge in just 15 minutes, providing greater convenience for riders.
Yadea’s sodium battery has successfully passed more than 20 safety tests, many focusing on its resistance to fire and explosions under extreme conditions like punctures and compression.
Yadea’s new sodium battery offers an energy density of 145 Wh/kg and a lifespan of up to 1,500 cycles at room temperature, with the company rating it for a five-year useful lifespan. It also includes a three-year warranty for added assurance.
With excellent low-temperature capabilities, the battery retains over 92% of its discharge capacity at -20°C, making it well-suited for colder climates.
Sodium batteries present major advantages
Most electric vehicles used in the West, especially electric two-wheelers, rely on lithium-ion batteries for their high energy density. But sodium-ion batteries offer many benefits over traditional lithium-ion batteries.
Sodium is an abundant element on the planet and is easily accessible, unlike lithium, which is concentrated in specific regions and often expensive to extract. This abundance can make sodium-ion batteries cheaper to produce, reducing costs for EV manufacturers and potentially making electric vehicles more affordable.
Lithium mining also has environmental challenges, such as water depletion and habitat destruction. Sodium, on the other hand, can be sourced from seawater or common salts, offering a more sustainable and environmentally friendly option.
Sodium-ion batteries are less prone to overheating and thermal runaway compared to lithium-ion batteries. This makes them inherently safer for electric vehicles, reducing the risk of fires and improving consumer confidence in EV technology.
Sodium-ion batteries perform better than lithium-ion in cold climates. Lithium-ion batteries struggle with capacity retention in freezing conditions, but sodium batteries maintain efficiency, making them ideal for EVs in colder regions.
Sodium batteries still have challenges to overcome
While sodium-ion batteries are promising, they currently have a lower energy density than lithium-ion batteries, meaning they store less energy per unit of weight.
For EVs, this translates to shorter driving ranges for the same-sized battery. That’s especially important in electric two-wheelers like motorbikes and electric bicycles, which don’t have much extra space for storing bulky batteries.
However, advancements in cathode materials and battery architecture are quickly closing this gap, which Yadea has demonstrated. These sodium-ion batteries still can’t match the energy density of lithium-ion batteries, but as they continue to improve their energy density, the technology’s other major advantages provide encouraging signs for larger adoption in the industry.
Yadea’s status as a major electric motorbike maker also means that its adoption of sodium-ion battery technology could help lead the entire industry towards this battery chemistry, bringing safety and performance benefits along with it.
Last year I had the unique opportunity to visit one of Yadea’s global manufacturing sites.
To see inside the company’s massive and highly-automated manufacturing processes, check out the video below!
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At CES2025, the impressively built-out John Deere exhibit was all about automation. Autonomous job sites, autonomous farms … but it was this new, battery electric, autonomous lawn mowing robot that stole the show.
See, instead of using “just” GPS data or “just” repeating a pre-recorded run, Howard can do something in between. The way it was explained to me, you would ride the stand-up mower around the perimeter of the area you wanted to mow, select a pattern, then hop off, fold up the platform, and let it loose. Howard mows just the way you would, leaving you to focus on edging, planting, or (let’s face it) schmoozing with the clients.
It’s exactly the sort of help landscapers are looking for.
But that should come as no surprise, of course. John Deere, perhaps more than most companies, knows its customer. “We’ve been in the turf business for 60 years — it’s a core part of Deere,” says Jahmy Hindman, chief technology officer at John Deere, explaining things beautifully. “The work that’s being done in this industry is incredibly labor intensive … they’re not just doing the mowing work. They’re doing the tree trimming, maintaining flowerbeds and all these other jobs. The mowing is table stakes, though, for them to get the business. It’s the thing they have to do in order to get the higher value work.”
The John Deere autonomous commercial mower (there’s no snazzy alphanumeric, yet) leverages the same camera technology as other Deere autonomous machines, but on a smaller scale (since the machine has a smaller footprint). With two cameras each on the front, left, right, and rear sides of the little guy, he has a 360-degree view of the world and enough AI to lay down a pattern, avoid an obstacle, and shut off if it thinks it’s about to mow down something (read: someone) it shouldn’t.
John Deere will have Howard on display through tomorrow at CES in the LVCC’s West Hall. If you’re in town, be sure to go say hi.
Despite big discounts and 0% financing, Tesla sales are down for the first time in a decade … but there’s even bigger robot news with the return of Honda ASIMO, a flying car from China, and a whole lot more from today’s episode of Quick Charge!
CES2025 was all about AI – and not just what AI could do, but what AI could do for you. That’s where ASIMO comes in, helping everyone have a better time in there car and not at all just a modern day version of KITT dreamed up by a bunch of Gen X executives (wink, wink). We also cover some neat stuff from Suzuki, Aptera, Volvo, and more. Enjoy!
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