Adani shares lost over $100 billion in market value as a failed share sale led to problems.

  • Adani Group lost over $100 billion in market value as its shares were hit by the Hindenburg report.
  • Shares in flagship business Adani Enterprises fell more than 25% on Thursday.
  • Adani stock volatility forced founder Gautam Adani to back out of selling $2.5 billion worth of shares in Adani Enterprises on Wednesday.

Shares in Adani Group have now lost more than $100 billion in market value, according to Reuters, and the troubled Indian conglomerate has canceled the sale of its shares after attacking short sellers.

Shares in its flagship company, Adani Enterprises, fell 26.7% on Thursday and are down nearly 60% this year.

The Adani group, led by Indian tycoon Gautam Adani, descended into chaos last month after U.S. short seller Hindenburg Research released a scathing report alleging “brazen stock fraud and accounting fraud” at the conglomerate.

This set off a verbal altercation between Adani and Hindenburg: the former called the report “maliciously mischievous” and “unexamined”, while the short seller pressed on with the accusations, stating that “fraud is fraud”.

With the conglomerate hit hard in the market after the report, it was forced to cancel a $2.5 billion share sale even after Adani Enterprises’ offer was fully signed on Tuesday with the help of institutional investors.

Meanwhile, Adani’s personal fortune plummeted after the Hindenburg report. The billionaire has lost nearly $50 billion of net worth this year, costing him the title of Asia’s richest man. He is now worth about $72 billion, trailing Indian billionaire Mukesh Ambani.

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