Adani Companies Report Profits, Easing Market Rout

Shares of companies linked to Indian billionaire Gautam Adani plunged after short seller Hindenburg Research published a scathing report accusing his company of wide-ranging fraud. WSJ’s Ben Foldy explains what to know. Illustration: Ryan TrefesThe shares of some companies owned by India’s Adani Group rallied Tuesday, showing investors had a mixed view of the embattled conglomerate near the start of a crowded week of earnings releases from its subsidiaries.

Adani Enterprises Ltd., the flagship part of the group of companies owned by billionaire Gautam Adani, closed the day 14.6% higher, reversingit sustained in the wake of a scathing report by U.S. short seller Hindenburg Research. Adani Ports & Special Economic Zone Ltd. and Adani Wilmar Ltd. also ended the day higher, but four other companies bearing the Adani name continued to fall.

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Adani group shares rally after $113 billion market wipeoutAdani group shares surged on Tuesday, a day after it moved to prepay some loans, in a relief rally for the Indian conglomerate that lost more than $113 billion in market value in two weeks since a U.S. short-seller's critical report was published. 😃
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Adani group stocks surge after $113 billion market wipeoutShares in India's Adani Group rallied on Tuesday a day after it prepaid some loans, bringing relief to investors that have seen $113.6 billion wiped off the conglomerate's market value since a U.S. short-seller published a critical report two weeks ago. HindutvaTerrorism
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