The billionaire’s move to abort the share sale had an impact across markets, politics, and business. Adani stocks plunged, opposition lawmakers called for a wider probe, and the central bank sprang into action to check on banks’ exposure.
“Adani may have started a confidence crisis in Indian shares and that could have broader market implications,” said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank.Other group companies also lost further ground, with 10% losses at Adani Total Gas, Adani Green Energy, and Adani Transmission, while Adani Ports and Special Economic Zone shed nearly 7%.
India’s central bank has asked local banks for details of their exposure to the Adani Group, government and banking sources told Reuters on Thursday. In New Delhi, opposition lawmakers submitted notices in parliament demanding discussion of the short seller’s report.