Adani's market losses top $100 bln as shelved share sale spooks investors

Since Hindenburg's report on Jan. 24, group companies have lost nearly half their combined market value. Adani Enterprises - described as an incubator of Adani's businesses - has lost $26 billion in market capitalisation.

"We see the market is losing confidence on how to gauge where the bottom can be and although there will be short-covering rebounds, we expect more fundamental downside risks given more private banks likely to cut or reduce margin," said Monica Hsiao, chief investment officer of Hong Kong-based credit fund Triada Capital.

The cancelled fundraising was critical for Adani, which had said it would use $1.33 billion to fund green hydrogen projects, airports facilities and greenfield expressways, and $508 million to repay debt at some units.

GautamAdani when u r cancelling FPO means u all of sudden come to know that money not needed then why initiated FPO? What was to be done with Crores or rupees? Smelling stale? ZeeBusiness CNBC_Awaaz ETNowSwadesh scammers AdaniGroup AdaniEnterprises HindenburgReport

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Adani market losses snowball to $100 bln on shelved share saleIndia's Adani group shares sank on Thursday after market turmoil forced the conglomerate to axe a crucial $2.5 billion stock offer, deepening its market losses to more than $100 billion and sparking worries about the potential systemic impact.
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Adani Group market cap losses reach $105 billion after share sale cancellation from flagship companyCompanies of Indian conglomerate Adani Group have now seen $105 billion wiped off their market capitalization, extending a slide after a critical report from...
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