Shares in India's Adani Enterprises rose as much as 9.5% on Monday but those of several other group companies plunged for the third straight day, extending their losses after a U.S. short-seller's report that criticised the group.
rose as much as 9.5% on Monday but those of several other group companies plunged for the third straight day, extending their losses after a U.S. short-seller's report that criticised the group.flagged concerns
about debt levels and the use of tax havens. Adani said it complies with all local laws and had made the necessary regulatory disclosures.Hindenburg, in response, said Adani's "response largely confirmed our findings and ignored our key questions." On Monday, Adani Enterprises was trading at 2,962 rupees in early trade, paring some of its initial gains, as its critical $2.5 billion secondary share sale entered its second day.
That's below the price band for the share sale - Adani has set a floor price of 3,112 rupees per share and a cap of 3,276 rupees. On Friday, the first day of the offer, the issue was subscribed 1% amid a broader fall in shares.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Indian shares set to rise after a rout set off by Adani stocksIndian shares are set to open higher on Monday tracking gains in global equities on hopes of the U.S. Federal Reserve easing its aggressive monetary policy stance, erasing some of the losses over the previous two sessions due to a sell off in Adani Group stocks.
Read more »
Exclusive: India's Adani says $2.5 billion share sale on track even as bankers mull changesBankers may extend the sale or cut the issue price, sources said. Seven Adani companies have lost a combined $48 billion in market value since a research report flagged concerns about debt levels and their use of tax havens.
Read more »
Breakingviews - Breakingviews: Adani’s financing safety-net rests on Indian banksGautam Adani’s financing options are narrowing fast. Investors wiped $48 billion off the Indian tycoon’s listed companies in just two days last week; his flagship Adani Enterprises lost 19% of its value on Friday alone. While the nationally important ports-to-power-to-roads group should be able to manage its interest bill, the selloff blows apart Adani’s plans to tap global capital markets. That leaves it dependent on a safety net provided by Indian banks.
Read more »
MSCI seeks feedback on Adani Group over Hindenburg reportIndex provider MSCI said on Saturday it was seeking feedback on Adani Group and associated securities and was aware of a report issued by short-seller Hindenburg Research.
Read more »
Adani Group: Hindenburg report intended to create false marketIndia's Adani Group said on Sunday that a Jan. 24 report by short seller Hindenburg Research that led to a $48 billion rout in its stock was intended to create a false market to enable the short seller to book gains.
Read more »
Growth trajectory of Adani Group's underlying businesses not affected - CFOThe growth trajectory of the underlying businesses of Adani Group has not been affected by the Hindenburg Research report that sparked a $48 billion rout in its stocks, Chief Financial Officer Jugeshinder Singh said on Monday.
Read more »