Adani Enterprises Enters Final Day Of Crucial $2.5 Billion Share Sale
NDTV
Adani Enterprises stock opened at 2,932 rupees, still below the lower end of the share sale's price band of 3,112 rupees.
Adani Enterprises climbed 2% in early trade on Tuesday, the last day for its $2.5 billion secondary share sale, with all eyes on whether the company can secure enough backing for the offering after a U.S. short-seller's scathing attack.
Billionaire Gautam Adani's group firms have lost $65 billion in stock market value since Hindenburg Research's Jan. 24 report flagged concerns about the group's high debt levels and its suspected improper use of tax havens. Adani has called the report baseless.
A successful completion of the share sale will show investors still believe in the group's prospects and that it can weather the unprecedented short-seller challenge and its aftermath.
Adani Enterprises stock opened at 2,932 rupees, still below the lower end of the share sale's price band of 3,112 rupees.
