The Adani Group was concerned but prepared to wait it out for now as the share sale continues until Jan. 31, two people with direct knowledge of the situation said
India’s capital markets regulator is studying the Hindenburg report as it may help its own probe into offshore fund holdings of Adani Group, two other sources said. Spokespersons for the regulator and Adani had no immediate comment.
The Adani Group was established in 1988, beginning with commodities trading. The conglomerate’s business interests now extend from ports and airports to mining and renewable power. The firm has set a floor price of 3,112 rupees a share and a cap of 3,276 rupees. But on Friday the stock ended at 2,761.45 rupees – well below the lower end of the range.
“There is nothing alarming about Adani exposure and we don’t have any concerns as of now,” Dinesh Kumar Khara, chairman of the country’s largest lender State Bank of India, told Reuters, adding that Adani hasn’t raised any recent funds from the bank.
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