Rout of Adani stocks continues. Over US $100 billion lost by Adani companies. Share offer cancelled a day after being ‘fully subscribed’. Indian Parliament suspended amid uproar. International bankers deprecate Adani stocks. Regulators finally pay heed to Hindenburg allegations.
A damning report into the Adani Group by US-based short-selling firm Hindenburg Research has snowballed into an unprecedented stock market rout. Over US $70 billion has been wiped off the market value of the Adani Group’s listed companies. Calls for investigations by Indian regulatory authorities are growing ever louder.
India’s biggest ever rights issues of shares by the country’s single largest private corporate entity, Reliance Industries Limited, is under way at a time when the economy is in terrible shape. Is the fund raising effort being conducted in a manner that could end up with the company’s shareholders paying more than what they should for discounted shares?
