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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