Bengaluru: Shares of Adani GroupListed companies fell on Friday, adding to their losses from Wednesday after US short-seller Hindenburg Research launched a scathing attack on the group.
Adani Transmission Ltd fell 19.2% and Adani Total Gas Shares sank 19.1% in their biggest daily decline since mid-March 2020, while Adani Green Energy sank 15.8%.
Adani Enterprises, which launched a $2.45 billion secondary share sale on Friday, fell 6.2% before paring some losses. The stock was last down 2.2%.
Shares of Adani’s seven listed group companies lost $10.73 billion in market capitalization in India on Wednesday after Hindenburg said it held short positions in the Adani group and expressed concerns about debt levels and use of tax havens.
Adani Group termed the report as baseless.
Meanwhile, billionaire American investor Bill Ackman expressed confidence in the Hindenburg Report, saying he found it “highly credible and very well researched”.
Adani Transmission Ltd fell 19.2% and Adani Total Gas Shares sank 19.1% in their biggest daily decline since mid-March 2020, while Adani Green Energy sank 15.8%.
Adani Enterprises, which launched a $2.45 billion secondary share sale on Friday, fell 6.2% before paring some losses. The stock was last down 2.2%.
Shares of Adani’s seven listed group companies lost $10.73 billion in market capitalization in India on Wednesday after Hindenburg said it held short positions in the Adani group and expressed concerns about debt levels and use of tax havens.
Adani Group termed the report as baseless.
Meanwhile, billionaire American investor Bill Ackman expressed confidence in the Hindenburg Report, saying he found it “highly credible and very well researched”.