Involved of India’s Adani Group companies fell sharply on Fri in the form of ripples from a market Defeat disrupts Parliament for a second Today, fueling fears of regularity risk after critical research Report by a US short seller.
Seven Adani listed companies lost more from half they market The capital, which shrank to less than $100 billion after the Hindenburg Research report raised questions about the conglomerate debt levels and use of tax havens.
Investor sentiment was affected more after group He put $2.5 billion on the shelf share sale on Wednesday, one of biggest setbacks for Its billionaire boss, Gautam Adani, whose fortunes are skyrocketing in Last few years.
Lawmakers called for wider investigation of The matter, sources told Reuters Central bank he asked the lenders for details of exposure to group.
Some politicians chanted against Adani, assistant of Prime Minister Narendra Modi, in Parliament on Friday.
“we want “A joint parliamentary committee (to investigate). Stop looting the poor,” they said.
Adani described Hindenburg’s report as unfounded and said its financial statements remain Strong, but investor sentiment faded, leading to a sustained decline in Stock prices.
Involved of The flagship company, Adair Enterprises Ltd, was down 16% on Friday after earlier losing 35% to its lowest level since March 2021.
Stock new a little took Its losses have reached nearly $33.6 billion since then last week, for a decline of 70%.
Adani Ports and Special Economic Zone Ltd. was established down 2%, while Adani Transmission Ltd and Adani Green Energy Ltd fell 10% each.
Adani Total Gas Co., Ltd. is a joint venture venture with France’s TotalEnergies fell 5%.
TotalEnergies said in a statement that it had limited exposure to risk from bets in Count me in and never re-evaluate the bets.
Charo Chanana A. said: market strategic with Saxo Markets in Singapore. “the focus remains on More risks of Index exclusions. “
On Thursday, the S&P Dow Jones Indexes said it would drop Adani Enterprises is a widely used sustainability indicator on February 7, which would weaken its appeal to environment- conscious investors.
“One of the big risk Factors to watch for Now if more Indices are removing Adani shares,” Chanana said. This can result in Outflows as funds sell Adani shares exacerbate trust issues.”
Many foreign investors already weight loss on India as they consider its stock market Exaggerated, underestimate exposure. Adani’s survey can spread if it leads to a larger shift in mood.
Hindenburg said in its report key Adani listed companies have a “significant debt” while shares in Seven listed companies had a downside of 85% because of what it was called skyHigh ratings. He. She also Alleged stock manipulation.
mineralogist group Prosecution said of Stock manipulation is “baseless” and arose out of ignorance of Indian law. He. She added that over the past a contract, group Companies are “constantly de-leveraging”.
The seven companies listed in Adani together have market Capitalization of $113 billion, compared to $218 billion before the Hindenburg Report.
Adani, A.; former School dropout from Gujarat, Modi West home State, the crisis represents the reputation’s largest business challenge of his life.
the share The crash is a dramatic turn of luck for Adani, 60 years old who in Recent years forged partnerships withAnd attracted from foreign investment giants as sought global expansion in industries from ports to power.
Adani abdicated the crown of Richest person in Asia to his Indian rival Mukesh Ambani of Reliance Industries Ltd. slid to 17th place in Forbes ranking of The world is richer people. He was in third place after Elon Musk and Bernard Arnault.
the prices of we dollar bonds issued by group members rose higher on Friday after diving the day before.
Adani Green bond maturity in September 2024 gained about 7 cents to 69.69 cents, off Thursday record a little of 60.56 cents.