Rout wipes out more than half the value of Adani firms after Hindenburg rpt
The pressure on Gautam Adani to swiftly address concerns over his conglomerate’s financial health intensified as a brutal rout wiped out more than half the value of his companies following a report by short-seller Hindenburg Research.
More than $118 billion was erased from the market capitalization of his 10 stocks since US-based Hindenburg claimed last week that offshore shell entities were used to inflate revenues and manipulate stock prices. Flagship Adani Enterprises Ltd. sank a record 35% intraday, before losses narrowed amid a series of big trades.
The continued slump reflects worries about Adani’s access to funding after the tycoon scrapped a key stock offering this week, and as long-held concerns about the group’s debt were propelled onto the global stage by Hindenburg.
