Pressure mounted for Indian billionaire Gautam Adani to quickly address concerns over his conglomerate’s financial health as a brutal stock rout wiped out more than half of the value of his companies.
About $125 billion (Rs 10.28 lakh crore) evaporated in the market capitalization of his group’s 10 stocks since the US-based Hindenburg Research last week claimed that offshore shell entities were used to inflate Adani Group’s revenues and manipulate stock prices. Flagship Adani Enterprises Ltd. sank a record 35 per cent intraday, taking its decline to 70 per cent in seven trading sessions.
