The combined equity market value of Adani Group’s 10 companies slipped below $100 billion on Tuesday, as the embattled conglomerate struggles to reassure investors following a scathing report by a US short seller. The ports-to-power group has now lost more than $136 billion in market capitalization since Jan. 24, when US-based Hindenburg Research published a report alleging accounting fraud and stock manipulation — accusations 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 seek to calm traders concerned about the group’s access to financing. While the campaign brought the conglomerate’s dollar bonds back from distressed territory, the continued equity selloff is an indication that more is needed.
