Mutual funds have low exposure to listed Adani Group companies, whose shares have dropped since publication of a report into the group by Hindenburg Research on Jan. 24. On Wednesday, Adani Group stocks extended their losses since the appearance of the report to $72 billion. Hindenburg criticised the conglomerate for improper use of offshore tax … Read more
Adani group’s ₹20,000-crore FPO might have sailed through, but the worst of the Adani-Hindenburg saga may not be over yet. The Adani Enterprises share price hit a 15% lower circuit at ₹2,528 versus the previous close of ₹2,975. The stock opened higher at ₹3,030, but could not sustain the morning and continued to lose through … Read more
At least two of India’s biggest business families participated in Adani Enterprises’ $2.5-billion share sale, according to people familiar with the matter, in a sign of solidarity with Gautam Adani as the tycoon fights short seller allegations that sent the value of his empire plummeting. Tycoons Sajjan Jindal and Sunil Mittal subscribed to the follow-on … Read more
Adani-Hindenburg research row: Despite Adani Enterprises FPO (follow-on public offer) getting subscribed over 100 per cent, all 7 Adani group stocks witness sell off pressure in early morning deals. Out of the seven Adani group stocks two shares — Adani Power and Adani Total Gas hit lower circuit within few minutes of market opening. Adani … Read more
Here are the top 10 stocks that could be in focus in today’s trade: Coal India: State-owned Coal India has reported a consolidated net profit of ₹7,755.55 crore for the third quarter (Q3FY23), up 70% from ₹4,558.39 crore in the corresponding quarter of last year, as production at the company increased due to higher power … Read more
India is set to unveil a budget that will chart a path for sustained robust growth and fiscal prudence although the fallout from Hindenburg Research’s allegations on the Adani Group poses an overhang on the presentation. Finance Minister Nirmala Sitharaman will announce the last full-year budget before Prime Minister Narendra Modi seeks a third term … Read more
Just about a week ago, the Street was awaiting India’s largest follow-on-public offer (worth ₹20,000 crore) which was about to be floated by one of the India’s biggest conglomerates. Investors – retail and institutional – were waiting for the issue to open to buy shares of Adani Enterprises at a bit of a discount from … Read more
A rout in shares of Adani conglomerate has cost India its spot among the world’s five biggest equity markets, as the south Asian country’s market capitalization dropped below France’s on Monday to $3.2 trillion. India’s slide to the sixth puts the gap with the UK, at seventh, at a little over $100 billion, according to … Read more
Despite US short-selling firm Hindenburg Research accused Gautam Adani of “pulling the largest con in corporate history, the country’s largest follow-on share sale by Adani Enterprises was over-subscribed on the final day of the ₹20,000 crore issue. Out of the 4,55,06,791 fresh shares on offer under the follow-on public offering (FPO), bids were received for … Read more
US short seller Hindenburg Research in a report on January 24 had publsihed a report on Adani Group accusing it of improper use of offshore tax havens and flagging concerns about high debt that sent the Group stocks to crash. The group holds short positions in Adani group companies. Hindenburg Research said evidence that the … Read more