Adani group market value drops below $100 billion as stock rout widens
MUMBAI: The combined market value of Adani group’s shares fell below $100 billion on Tuesday, a reflection that attempts to reassure investors following a scathing report by a US short seller are falling short.
The ports-to-power conglomerate has lost more than $135 billion in market capitalization since January 24 when US-based Hindenburg Research published a report alleging accounting fraud and stock manipulation —- allegations that Adani Group has denied repeatedly.
Billionaire Gautam Adani and his companies have hired legal and communication teams, cut expenses and repaid debt as they sought to calm traders spooked by concerns over the group’s access to financing.
