Adani rout eases, some relief after companies’ market value almost halves
The pressure on Gautam Adani’s indebted conglomerate eased a little on Friday after two global rating firms stuck with their calls on its credit profile, capping a tumultuous seven days that saw the market value of his companies plunge by almost half since short-seller Hindenburg Research’s scathing report.
Friday was a relatively less damaging day in the stock rout that’s wiped out about $112 billion from 10 Adani Group firms since US-based Hindenburg claimed last week that offshore shell entities were used to inflate revenues and manipulate stock prices. Shares of flagship Adani Enterprises Ltd. erased an intraday loss of 35% to end 1.4% higher amid a series of big trades. Six of the other nine stocks finished lower.
