Shares in Adani Group companies fell after well-known US activist investor Hindenburg Research LLC said it was shorting the empire’s stocks and accused firms owned by Asia’s richest man of “brazen” market manipulation and accounting fraud.

Billionaire Gautam Adani’s flagship firm Adani Enterprises Ltd. and Adani Ports and Special Economic Zone Ltd. dropped as much as 2.5% and 5% respectively on Tuesday after Hindenburg, an US-based investment research firm that specializes in activist short-selling, made wide-ranging allegations of corporate malpractice following a two-year investigation into the tycoon’s companies.

In the wake of multiple untoward incidents on its flights,Air India has modified its in-flight alcohol service policy wherein cabin crew have beentold to tactfully refuse further serving of alcohol if needed.

According to the revised policy, 'Alcoholic beverages must be served in an appropriate and safe manner. This also includes refusing to serve alcohol (further) to the guests." Air India said in a statement on Tuesday.

Shares of food aggregator platform Zomato plunged 15 per cent, hitting almost six-month low of Rs 44.35, on the BSE in Wednesday's intra-day trade amid heavy volumes. The stock was trading at its lowest level since July 28, 2022. It had hit all-time low of Rs 40.55 on July 27, 2022.

At 10:53 AM, Zomato was quoting 7 per cent lower at Rs 48.65, as compared to 1.04 per cent decline in the S&P BSE Sensex.

Short-seller Hindenburg Research said on Wednesday it holds short positions in India's Adani Group companies through U.S.-traded bonds and non-Indian-traded derivative instruments.

The seven listed companies of the Adani group, which is controlled by world's third richest man Gautam Adani, have an 85% downside on a fundamental basis due to sky-high valuations, Hindenburg said in the report.

Blackstone is in talks to sell around half of its stake in India's largest real estate investment trust Embassy Office Parks to private equity firm Bain Capital, two sources said, in a deal worth up to $480 million at current prices.

A deal would mark US-based Bain's first REIT investment in India where office space is drawing in investors as many workers have returned to offices with the waning of the COVID-19 pandemic.

India saw a single-day rise of 89 coronavirus infections, while the active case count came down by three to stand at 1,931, according to the Union Health Ministry data updated on Tuesday.

The total tally of Covid cases was recorded at 4.46 crore (4,46,82,104).

Landeed, a startup for property records in India, has raised $8.3 million in a funding round led by Draper Associates, Y Combinator, and Bayhouse Capital.

Landeed said it will use the funding to hire people and improve its technological infrastructure as it builds a comprehensive property title search engine and become a hub for real estate transactions.

Maruti Suzuki India is probing allegations of fraud and wrongdoing by some company executives in its purchase department, a report by The Economic Times said. It is being done based on a complaint filed by a whistleblower.

"After a thorough investigation, the company will take strict action if required," a person aware of developments told ET.

Officials from the top internal investigating agencies of India and the US, Central Bureau of Investigation (CBI) and Federal Bureau of Investigation (FBI), and those from the US Department of Justice met to discuss continued cooperation in addressing dynamic and evolving technology-based crimes.

The meeting between FBI and CBI officials were held in New Delhi last week, the Department of Justice said on Monday.

Google’s chief executive officer told employees on Monday that job cuts were made in a bid to act decisively as the company’s growth slowed.

In an internal meeting, Sundar Pichai, who is CEO of Google parent Alphabet Inc., said he had consulted with the company’s founders and board in making the decision for 6% cuts, according to remarks reviewed by Bloomberg.

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