Shares in India's Adani Group rallied on Tuesday a day after it prepaid some loans, bringing relief to investors that have seen $113.6 billion wiped off the conglomerate's market value since a U.S. short-seller published a critical report two weeks ago.
The group, led by billionaire Gautam Adani, has been roiled by days of market turmoil after Hindenburg Research on Jan. 24 alleged it had engaged in stock manipulation and used tax havens. It also said the group had unsustainable debt.
Adani Group has denied the allegations, saying it complies with all laws and has made necessary disclosures over time. Nonetheless, investors dumped its shares as concerns ofMoody's rating agency has warned the share-price plunge could hit the group's ability to raise capital, while India's central bank has started checking on lenders' exposure to it.
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.
Adani group shares rally after $113 billion market wipeoutAdani group shares surged on Tuesday, a day after it moved to prepay some loans, in a relief rally for the Indian conglomerate that lost more than $113 billion in market value in two weeks since a U.S. short-seller's critical report was published.
Read more »
Adani vs Hindenburg: Adani shares fall despite regulator interventionIndia's stock regulator tried to calm jittery investors fleeing the stock market — but even that's not helped Gautam Adani, whose companies' shares continue to take a beating
Read more »
India's Adani shares see extended sell-off as credit warnings kick inThe sell-off in India's Adani Group's seven listed companies, where more than $110 billion in market value has already evaporated, continued on Monday as a U.S. short-seller's report critical of the group's finances now led to credit warnings.
Read more »
Adani Hindenburg: Adani Group selloff eclipses Enron, WirecardThe massive selloff in Adani shares eclipses those of other short-seller targets like Enron and Wirecard
Read more »
Adani Group’s troubles spur protests in India as stock turmoil turns politicalDemonstrators from the opposition Congress party demanded an investigation into allegations of fraud and stock price manipulation by India’s second-biggest business group.
Read more »
Indian shares set for muted start on rate fears, Adani uncertaintyIndian shares are set to open lower on Monday on a strong U.S. jobs report which renewed fears that the Federal Reserve could continue with its aggressive rate hikes to tame inflation, while the ongoing uncertainty in Adani stocks remained an overhang.
Read more »