Shares of India's Adani Group extended declines to take their market losses to $115 billion amid growing concern about any systemic impact from disarray triggered by a U.S. short-seller report.
Hindenburg in its report said key listed Adani companies had "substantial debt" and that shares in seven Adani listed firms have an 85% downside due to what it called sky-high valuations. It also alleged stock manipulation.
In an another blow, S&P Dow Jones Indices on Thursday said it would remove flagship firm Adani Enterprises Ltd In total, the seven listed Adani Group companies now have a market capitalisation of $102 billion, versus $217 billion before the Hindenberg report.
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India's Adani ditches $2.5 billion share sale after $86 billion routIndia's Adani Enterprises Ltd on Wednesday withdrew its $2.5 billion secondary share sale after Adani Group shares plummeted on concerns raised by a U.S. short-seller.
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Indian shares set to fall after Adani group calls off $2.5 bln share saleIndian shares are set to open lower on Thursday after a sustained selloff in Adani group stocks as the group cancelled the secondary share sale of its flagship company Adani Enterprises.
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