Post #150483

India's Adani slammed by $48 bln stock rout, putting share sale at risk Shares of India's Adani Enterprises (ADEL.NS) plunged on Friday after a scathing report by a U.S. short seller triggered a selloff in the conglomerate's listed firms, casting doubts on the success of the company's record $2.45 billion secondary share sale. Seven listed companies of the Adani conglomerate - controlled by one of the world's richest men Gautam Adani - lost a combined $48 billion in market capitalisation, with U.S. bonds of Adani firms also falling after Hindenburg Research flagged concerns in a Jan. 24 report about debt levels and the use of tax havens. The rout led to a near 20% fall in shares of Adani Enterprises, the group's flagship company, well below the offer price of its secondary sale. As bidding started on Friday, the issue was subscribed around 1%, raising concerns over whether it would be able to proceed. read more