Adani companies’ decent earnings offer only moderate relief

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The Indian conglomerate is still reeling from a short-seller’s attack

Adani Enterprises reported robust earnings. Its ports-to-power parent conglomerate had a solid 2022.

Not solid enough to reassure investors: the Indian group’s market value is down by $130bn since a short-seller accused it of fraud last month . Its rebuttal of the charges has slowed but not arrested the slide. To preserve cash, Adani will reportedly halt some capital spending.

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