Adani stock rout pauses as investors await raft of earnings
Most Adani Group stocks climbed, paring losses after an eight-day rout sparked by a short-seller report, as news of the early repayment of some borrowings aided sentiment. A raft of earnings from group companies are due.
Eight of the conglomerate’s 10 stocks advanced, with three rising by their 5% limit. That helped trim the slump in market capitalization to $113 billion since US-based Hindenburg Research released a report on Jan. 24 alleging market manipulation and accounting fraud. The group has repeatedly denied the claims.
Billionaire Gautam Adani and his family prepaid $1.11 billion worth of debt in a bid to calm a selloff that sparked fears of a contagion across India’s economy and markets. Four firms are expected to announce results on Tuesday: Adani Ports & Special Economic Zone, Adani Green Energy Ltd., Ambuja Cements Ltd. and New Delhi Television Ltd.
