Indian tycoon Gautam Adani has abandoned a $2.5 billion fundraising effort in his latest setback following a short seller attack on his business empire
Shares of Adani Enterprises, the conglomerate's flagship, lost 28% in one day on Wednesday and are down 43.5% in market value this year.but Hindenburg has also doubled down on its initial report.
The fallout has rattled the market. The Securities and Exchange Board of India, the country's market regulator, is looking into the massive selloff, as well as any irregularities in the secondary share sale,Adani himself has lost nearly $50 billion in net worth from the stock rout this year so far, costing him the crown as Asia's richest person, per the
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Breakingviews - Gautam Adani’s next hurdles may be harder to clearIt helps to have friendly investors and rich families on hand when finalising a tricky share sale. These groups dragged Gautam Adani’s $2.4 billion capital call across the finish line on Tuesday, despite a selloff triggered by Hindenburg Research’s short attack.
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Breakingviews - Breakingviews: Gautam Adani’s next hurdles may be harder to clearIt helps to have friendly investors and rich families on hand when finalising a tricky share sale. These groups dragged Gautam Adani’s $2.4 billion capital call across the finish line on Tuesday, despite a selloff triggered by Hindenburg Research’s short attack.
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Controversy Embroiled Gautam Adani Loses Asia’s Richest Title To Mukesh AmbaniGautam Adani on Wednesday slipped to the 10th spot of Forbes’ real-time billionaire’s list, falling behind fellow Indian billionaire Mukesh Ambani.
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Gautam Adani no longer Asia's richest person as stock rout deepens to $74 billionIndia's Gautam Adani lost his title of Asia's richest person on Wednesday as a rout in his conglomerate's stocks deepened to $74 billion after a short-seller report.
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How Gautam Adani Lost $50 Billion In A Week—And His Ranking As Asia's RichestA timeline of how Adani’s publicly listed companies have lost $92 billion in a stock market rout.
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