India's Adani slammed by $48 bln stock rout
STORY: Shares associated with Indian conglomerate Adani plunged on Friday (January 27).
That after a scathing report by U.S. short seller Hindenburg Research
It flagged concerns about the firm’s debt levels and its use of tax havens.
That sent shares in group companies tumbling, with Adani Enterprises, the flagship, down almost 20%.
The slide wiped about $48 billion off the total market value of seven of its listed companies.
Market watcher Sunil Shah said the Hindenburg report had sparked alarm:
“So there is a mood of…little bit of fear and panic in the market as of now and that is the reason that markets are tanking and they have gone down."
Adani dismissed the report as baseless, and said it was considering taking legal action against Hindenburg.
But sources said Indian watchdogs were studying the short seller’s analysis, as it could help their own probe into the group’s financial affairs.
Adani was established in 1988 as a commodities trader.
Its business interests now extend from ports and airports to mining and renewable power.
It is controlled by Gautam Adani - one of the world’s wealthiest people.
His net worth took a hit due to Friday’s stock rout though.
It fell to just under $97 billion - making him the world’s seventh richest man, down from third.
The stock tumble also casts doubt on a record $2.45 billion share sale being conducted by the firm.
Sources said the company was concerned, but prepared to wait out the storm.
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