Gautam Adani-Owned Companies Lose Almost $45 Billion in Market Value After Selloff Sparked by Hindenburg Report on Adani Group
Shares of Adani Group’s companies have taken a massive hit as they lost almost $45 billion in market value in less than two sessions after a selloff sparked by Hindenburg Research’s report on Friday, reported Bloomberg. Adani stocks had lost $12 billion in market value on Wednesday and Indian markets were shut Thursday. Hindenburg, a well-known US short-seller, said key listed companies in the group controlled by billionaire Gautam Adani had substantial debt, which has put the entire group on a ‘precarious financial footing.’ The Adani group has however denied such charges. Hidenburg Report on Adani Group: Congress Demands Probe by SEBI.
Adani Group Companies Hit by Hindenburg Report:
LATEST: Billionaire Gautam Adani’s companies erased almost $45 billion in market value in less than two sessions, as the selloff triggered by a US short seller’s report deepens https://t.co/qcV8T7AMu1pic.twitter.com/rCxAs7hDN7
— Bloomberg (@business) January 27, 2023
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