Adani Enterprises enters final day of crucial $2.5 bn share sale

Adani Enterprises climbed 2 per cent in early trade on Tuesday, the last day for its $2.5 billion secondary share sale, with all eyes on whether the company can secure enough backing for the offering after a US short-seller’s scathing attack.

Gautam Adani’s group firms have lost over Rs 5 lakh crore in stock market value since Hindenburg Research’s Jan. 24 report flagged concerns about the group’s high debt levels and its suspected improper use of tax havens. Adani has called the report baseless.

A successful completion of the share sale will show investors still believe in the group’s prospects and that it can weather the unprecedented short-seller challenge and its aftermath.