NEW DELHI :Most Adani group shares extended their sharp falls to Monday as a detailed rebuttal of a U.S. short-seller's criticisms by the Indian conglomerate failed to pacify investors whose market losses have now risen to $65 billion over three days.
Adani Transmission and Adani Total Gas plunged 20 per cent each on Monday, while Adani Green Energy was down 16 per cent. Adani Ports and Special Economic Zone slipped 1.1 per cent. Indian regulations say the share offering must receive minimum subscription of 90 per cent, and if it does not the issuer must refund the entire amount. Maybank Securities and Abu Dhabi Investment Authority are among investors who bid for the anchor portion of the issue.
On Monday, responding to Adani's rebuttal, Hindenburg said the"response largely confirmed our findings and ignored our key questions."
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