Adani group stocks surge after $113 billion market wipeout

📆 7/02/2023 11:55 PM
📰 Reuters

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Shares in India's Adani Group rallied on Tuesday a day after it prepaid some loans, bringing relief to investors that have seen $113.6 billion wiped off the conglomerate's market value since a U.S. short-seller published a critical report two weeks ago.

The group, led by billionaire Gautam Adani, has been roiled by days of market turmoil after Hindenburg Research on Jan. 24 alleged it had engaged in stock manipulation and used tax havens. It also said the group had unsustainable debt.

Adani Group has denied the allegations, saying it complies with all laws and has made necessary disclosures over time. Nonetheless, investors dumped its shares as concerns ofMoody's rating agency has warned the share-price plunge could hit the group's ability to raise capital, while India's central bank has started checking on lenders' exposure to it.

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Adani group shares rally after $113 billion market wipeoutAdani group shares surged on Tuesday, a day after it moved to prepay some loans, in a relief rally for the Indian conglomerate that lost more than $113 billion in market value in two weeks since a U.S. short-seller's critical report was published. 😃
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