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NEW DELHI : Recruiters serving Adani group companies said many senior candidates expressed apprehension about their future roles in the embattled group, but recruitment firms’ specializing in junior and mid-level managers reported hiring operations were proceeding as normal.

Prospective candidates have been ruffled by the fraud and stock manipulation allegations made by US-based short seller Hindenburg Research that triggered a $100 billion sell-off in Adani stocks and forced the group to pull the 20,000 crore follow-on public offering (FPO) of Adani Enterprises Ltd.

The diversified conglomerate runs businesses ranging from green energy to airports and ports and is a large recruiter.

“During our meetings with the client firms, we were told that it is business as usual and there has been no impact on the ground. We are conveying the same to the candidates who are in the crore-plus salary bracket," said the head of an executive search firm.

However, Adani group said there is no impact on “senior-level hiring".

“All our ongoing projects continue according to the plan. Adani Group’s core fundamentals remain unchanged, and our robust systems, which are focused on creating a healthy work ecosystem, ensured that there is no impact on any senior-level hiring," a spokesperson for Adani group said in response to Mint’s queries.

Recruiters said while the senior candidates are on the edge, there is no impact so far on the junior and middle order.

“Valuation of companies and trading prices do not have any impact on hiring mandates. These are very early days still, and the group, which has companies across businesses including solar power, has manpower needs which span over many years," said Lohit Bhatia, president of workforce management at Quess Corp.

Bhatia said that unless cash flows get impacted, it will be business as usual for the group and its hiring targets.

The outlook of some Adani group companies were downgraded to negative by S&P Global Ratings on Friday. Although lenders and the Reserve Bank of India allayed fears of any stress on banks’ books because of the Adani stock rout, India’s top three state-run banks—State Bank of India, Punjab National Bank, and Bank of Baroda—have an aggregate exposure of around 40,000 crore to various entities of the Adani group.

“The Adani Group also relies heavily on its internal hiring team, and right now, if there is an impact on hiring, it is because of the sentiments and market perception," said another senior headhunter of a Mumbai-based search firm, seeking anonymity.

On Monday, promoter Gautam Adani prepaid $1.11 billion in loans ahead of maturity and release pledged shares in Adani Transmission Ltd, Adani Ports and Special Economic Zone Ltd and Adani Green Energy Ltd. The move is aimed at restoring investor confidence and easing the selling pressure in group stocks.

The promoter’s early payment will result in the release of 168.27 million shares of Adani Ports, 11.77 million shares of Adani Transmission, and 27.56 million shares of Adani Green, according to a statement issued by the group on Monday.

ABOUT THE AUTHOR
Devina Sengupta
Devina Sengupta reports on the shifts in India Inc’s workplaces, HR policies and writes about the developments at India’s biggest conglomerates. Her stories over the last decade have been picked up and followed by Indian and international news outlets. She joined Mint in 2022 and previously worked with The Economic Times and DNA-Money.
Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
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