India’s Adani group shares plunged on Thursday after the Gautam Adani-led conglomerate shelved a $2.5 billion share sale amid a turbulent market, bringing its cumulative market capitalisation losses to $100 billion since last week’s short-seller attack.
The withdrawal of Adani Enterprises’ share sale marks a dramatic setback for Adani, the school dropout-turned-billionaire whose fortunes rose rapidly in recent years in line with the stock values of his businesses.
Adani on Wednesday called off the share sale as a stocks rout sparked by U.S. short-seller Hindenburg’s criticisms deepened, despite the offer being fully subscribed on Tuesday. In the fallout of the short-seller’s attack, Adani has also lost his title as Asia’s richest man.
