All of the 10 stocks tied to the billionaire dropped in Mumbai trading, with Adani Total Gas Ltd. leading the declines with a 10% plunge, a daily limit. Adani Enterprises Ltd., the flagship firm that completed a $ 2.5 billion follow-on stock sale Tuesday, lost as much as 6.3%.
February 01, 2023 / 01:46 PM IST
Adani group
The crisis of confidence plaguing Gautam Adani is deepening, with the stock rout triggered by Hindenburg Research’s fraud allegations erasing a third of the market value in his group’s companies despite the completion of a key share sale.
All of the 10 stocks tied to the billionaire dropped in Mumbai trading, with Adani Total Gas Ltd. leading the declines with a 10% plunge, a daily limit. Adani Enterprises Ltd., the flagship firm that completed a $ 2.5 billion follow-on stock sale Tuesday, lost as much as 6.3%.
The turmoil indicates heightened concern over the debt load incurred by the conglomerate after a rapid expansion into industries from green energy to media, with short seller Hindenburg accusing it of inflating revenue. The $ 79 billion selloff across the group had led to banks asking for more stock collateral on a loan, illustrating the importance of Adani Group stabilizing share prices.
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