A round-up of the biggest articles from newspapers
A round-up of the biggest articles from newspapers
1. Adani stocks continue to be pounded for third straight session, flagship firm rises
The hammering of several Adani group stocks continued for the third consecutive day, with trading in some scrips halted as they hit circuit breakers, although investors managed to recoup some losses in Adani Enterprises, the flagship company running India’s largest follow-on public offering (FPO). Investors in Adani group stocks have now lost approximately Rs 5.7 lakh crore ($ 70 billion) after the damaging report of Hindenburg Research report alleging accounting fraud and stock manipulation. The rise in Adani Enterprises partly contributed to the benchmark Nifty and Sensex indices closing in the green after a turbulent session.
Why it’s important: The constant pounding of Adani stocks for the third trading session indicated that investors did not pay much heed to the group’s rebuttal to the Hindenburg report. Whether this will continue remains to be seen.
2. Abu Dhabi’s ruling family writes $ 400 million cheque to shore up FPO of Adani Enterprises
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