Seven companies in the conglomerate, led by Asia's richest man, saw sharp falls in their values after a Hindenburg Research report flagged concerns about high debt levels and the use of tax havens.
late on Sunday, saying it complies with all local laws and had made necessary regulatory disclosures. It has called the report baseless and said it was considering taking action against Hindenburg., the stock market meltdown has been a dramatic setback for a school-dropout who rose swiftly in recent years to become the world's third richest man, before slipping to rank seventh on the Forbes list last week.
Adani Enterprises has set a floor price of 3,112 rupees per share and a cap of 3,276 rupees for the secondary share sale - well above their close of 2,761.45 rupees on Friday. "I expect that the free fall seen of Friday may abate but recovery back towards a level prior to this fall may be difficult," he added.
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.
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 »
Hindenburg report crushes Adani empire: $52 billion evaporate in a weekU.S. investor Hindenburg Research has released a report and a statement accusing Indian conglomerate Adani Group of being the “biggest con in corporate history.'
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 »
India's Gautam Adani: Asia's richest man in the eye of a stormIndia's Gautam Adani, the school drop-out turned billionaire who rose to become Asia's richest man, faces possibly the biggest challenge of his career after a U.S. short seller cast doubts on his business practices, hammering shares in his companies and his reputation.
Read more »
Adani's $2.5 billion share sale faces crucial day after Indian routSeven companies in the conglomerate, led by Asia's richest man, saw sharp falls in their values after a Hindenburg Research report flagged concerns about high debt levels and the use of tax havens.
Read more »