Most Adani group shares extended their sharp falls to Monday as a detailed rebuttal of a U.S. short-seller’s criticisms by the Indian conglomerate failed to pacify investors whose market losses have now risen to $65 billion over three days.
Flagship Adani Enterprises (ADEL.NS), which is facing a crucial test this week with a follow-on share offering, rose 3%, but was off initial gains of as much as 10% and significantly below the offer price.
Adani, led by Asia’s richest man Gautam Adani, has locked horns with Hindenburg Research and on Sunday hit back at the short-seller’s report of last week that flagged concerns about its debt levels and the use of tax havens. Adani said it complies with all local laws and had made the necessary regulatory disclosures.
Adani Transmission (ADAI.NS) and Adani Total Gas (ADAG.NS) plunged 20% each on Monday, while Adani Green Energy (ADNA.NS) was down 16%. Adani Ports and Special Economic Zone (APSE.NS) slipped 1.1%.
Adani Enterprises’ $2.5 billion secondary share sale entered its second day amid weak investor sentiment. The stock was trading at 2,848 rupees in early trade, far below the price band for the share sale of 3,112-3,276 rupees per share.
This report’s information was first seen on REUTERS; to read more, click this link.
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