A round-up of the biggest articles from newspapers
A round-up of the biggest articles from newspapers
Adani stocks continue to hemorrhage, widening losses to Rs 8.79 lakh crore in six sessions
The sharp decline in most Adani Group stocks continued, wiping out a further Rs 1.34 lakh crore off their market capitalization on Thursday. The losses now total Rs 8.79 lakh crore, or $ 110 billion, taken in just six trading sessions. Flagship Adani Enterprises plunged more than 26 per cent after the company unexpectedly scrapped its Rs 20,000 crore follow-on public offer. While trading in six other stocks stopped after hitting lower circuits, recent acquisitions ACC and Ambuja Cements bucked the weak trend.
Why it’s important: This is the most spectacular crash of a conglomerate’s share prices in India’s stock market history. At some point, there will questions on regulatory oversight as well.
Public financial institutions on solid ground despite Adani exposure, finance secretary says
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