Adani scraps $2.5 billion share sale as value of his empire collapses | CNN Business

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Billionaire Gautam Adani abandoned a deal to raise $2.5 billion from investors after a week-long meltdown in the value of his logistics and energy business empire that started when an American short seller accused the conglomerate of fraud

The share sale — the largest offering by a company already listed on India’s stock market — had closed successfully just 24 hours earlier. His flagship company, Adani Enterprises, had found enough willing backers despite days of market turmoil following the publication of a scathing analysis by Hindenburg Research. But a brutal day of trading Wednesday wiped billions more off the value of his companies, including Adani Enterprises.

Adani is one of the largest coal producers in India, and operates the controversial Carmichael Coal Mine in Australia. He has also been investing billions of dollars in clean energy, an ambition that aligns with India’s long term climate goals, and has recently expanded into media, data centers, cement production and airports.

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Adani group in great peril with self imposed shady practices

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