Adani Enterprises kicks off secondary share sale; stocks continue to fall after Hindenburg report
The Hindu
Shares of seven listed Adani group companies plunged, taking their cumulative market capitalisation loss since Wednesday to around $30 billion, as of Friday morning
Adani Enterprises Ltd began a record $2.45 billion secondary share sale for retail investors on Friday, as a heavy selloff in Adani group companies intensified after an attack by a U.S.-based short seller.
The Adani conglomerate — controlled by one of the world's richest men Gautam Adani — lost $11 billion in market capitalisation on Wednesday in India and saw falls in its U.S. bonds after Hindenburg Research flagged concerns in a report about debt levels and the use of tax havens.
Adani Group has dismissed the report as baseless.
Adani Enterprises aims to use the share sale proceeds for capital expenditure and to pay debt. The anchor portion of the sale saw participation from investors including the Abu Dhabi Investment Authority on Wednesday.
Bidding for the Adani Enterprises share sale for retail investors started on Friday and will close on January 31. The firm has set a floor price of ₹3,112 ($38.22) a share and a cap of ₹3,276.
But shares of seven listed group companies plunged on Friday, taking their cumulative market capitalisation loss since Wednesday to around $30 billion, as of Friday morning.
Adani Enterprises dropped up to 6.2% and was last down 3.4% at ₹3,271.
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