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Adani market losses snowball to $100 bln on shelved share sale

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India's Adani group shares sank 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

extending margin loans to its clients against securities of Adani group and decided to cut the loan-to-value ratio for credit against Adani securities to zero on Thursday, said a source.

The Adani group has denied the accusations, saying the short-seller's allegation of stock manipulation has "no basis" and stems from an ignorance of Indian law. The group has always made the necessary regulatory disclosures, it added. As shares plunged after the Hindenburg report, Adani managed to secure the share sale subscriptions on Tuesday even though the stock's market price was below the issue's offer price. But on Wednesday, stocks plunged again.

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