Trading in shares in troubled Adani Enterprises gyrated Friday as the flagship company of India's second-largest conglomerate tumbled 30 per cent and then rebounded after more than a week of heavy losses that have cost it tens of billions of dollars in market value.
NEW DELHI -
"We have no connection with the Adani controversy, Parliamentary Affairs Minister Pralhad Joshi told reporters outside Parliament on Friday. The market watchdog, the Securities and Exchange Board of India, has not commented. The Economic Times newspaper reported, citing unnamed SEBI sources, that it had asked stock exchanges to check for any unusual activity in Adani stocks.
It could take time for problems to surface, Shilan Shah of Capital Economics said in a report. "From the macro perspective there are few signs of contagion," he said. "But it is too early to sound the all clear." By Friday, his net worth had halved to $61 billion, according to Bloomberg's Billionaire Index, where he dropped to the 21st spot worldwide.
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