Adani rout erases half of group value since Hindenburg report
The brutal stock rout in Gautam Adani’s companies continued Friday, an indication that the billionaire needs to do more to restore confidence in his conglomerate’s financial health after accusations of fraud by a short-seller erased half of the group’s market value.
The group’s 10 stocks all fell in early Mumbai trading. Flagship Adani Enterprises Ltd. dropped as much as 10%, adding to a nearly 50% plunge in the last two sessions. The losses for the Adani group companies since the short-seller report have extended to $118 billion, one of the worst in India’s history.