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Adani flagship rises but some other group stocks dive in short-seller attack aftermath

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NEW DELHI :Shares in India's Adani Enterprises climbed 6 per cent on Monday, paring some initial gains, but several other Adani group companies plunged for the third straight day despite a detailed rebuttal by the group of a U.S. short-seller's criticisms.Adani, led by Asia's richest man Gautam Adani, has loc

NEW DELHI :Shares in India's Adani Enterprises climbed 6 per cent on Monday, paring some initial gains, but several other Adani group companies plunged for the third straight day despite a detailed rebuttal by the group of a U.S. short-seller's criticisms.

That's still below the price band for the share sale - Adani has set a floor price of 3,112 rupees per share and a cap of 3,276 rupees. On Friday, the first day of the offer, the issue was subscribed 1 per cent amid a broader fall in shares. Adani Ports and Special Economic Zone was up 5 per cent, but other Adani stocks remained under pressure. Adani Transmission tumbled 17 per cent, Adani Total Gas plunged 20 per cent and Adani Green Energy was down 13 per cent.

 

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