top of page

India's Adani Squished by $48 billion stock rout

Shares of India's Adani Enterprises fell by 20% on Friday, following a report by U.S. short seller Hindenburg Research which raised concerns about debt levels and the use of tax havens in the conglomerate.



Seven listed companies of the Adani conglomerate lost a combined $48 billion in market capitalisation, and the U.S. bonds of Adani firms also fell.The report resulted in a $48 billion loss in combined market capitalization for seven listed companies of the Adani conglomerate, and a fall in the value of U.S. bonds for Adani firms. This news led to a near 20% decline in shares of Adani Enterprises, the group's flagship company, which is notably below the offer price of its recent secondary share sale. The news led to a near 20% fall in shares of Adani Enterprises, the group's flagship company, well below the offer price of its secondary share sale. The share sale, which began on Friday, was only subscribed around 1%, raising concerns over whether it would be able to proceed.



Stay updated with all new updates and news on #9BullsFX.




2 views0 comments

Comments


bottom of page