India: Adani scraps $2.5 billion share sale as value of his empire collapses by Sudipta Das
A person checking the Adani website on his mobile in Kolkata. Adani group companies have lost market capitalization of over Rs 7 lakh crore after a US-based Hindenburg Research report accused the group of “brazen stock manipulation and accounting fraud.” Bank stocks were also hit following the plunge in Adani stocks.
Indian billionaire Gautam Adani on Wednesday abandoned a deal to raise $2.5 billion from investors after a week-long meltdown in the value of his logistics and energy business empire that started when an American short seller accused the conglomerate of fraud.
The share sale — the largest offering by a company already listed on India’s stock market — had closed successfully just 24 hours earlier. His flagship company, Adani Enterprises, had found enough willing backers despite days of market turmoil following the publication of a scathing analysis by Hindenburg Research.
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