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Reuters
Adani’s market loss swells to $70 billion as its fight with short-seller escalates
Adani group shares extended their sharp falls on Monday as the Indian conglomerate’s rebuttal of a U.S. short-seller’s criticism failed to pacify investors, driving stock market losses for the companies to almost $70 billion over three days. Flagship Adani Enterprises, which is facing a crucial test this week with a follow-on share offering, fell 2.5%, reversing its initial gains of as much as 10% and staying significantly below the offer price. Adani, led by Asia’s richest man Gautam Adani, has locked horns with Hindenburg Research and on Sunday hit back at the short-seller’s report of last week that flagged concerns about its debt levels and the use of tax havens.
