India’s Adani calls off $2.5bn share sale in big setback
1 year, 10 months ago

India’s Adani calls off $2.5bn share sale in big setback

Al Jazeera  

The group’s stocks were hammered in the past week after a US short seller raised debt and accounting concerns. India’s Adani Enterprises has called off its $2.5bn share sale in a dramatic reversal, the company said on Wednesday, days after a rout in its stocks following criticism by a United States short seller. “The pain hitting Adani companies was crippling, so the news that share sale is called off is troubling, as this was supposed to show the company is still believed in by its high net-worth investors,” said Edward Moya, a New York-based senior market analyst at broker OANDA. “To go through this exercise of a share sale and to call it off raises more questions.” Reuters reported earlier on Wednesday, citing a person with direct knowledge, that India’s market regulator is examining the rout in the shares of Adani Group, looking into several of the allegations made by Hindenburg Research and into any potential irregularities in a share sale by Adani Enterprises. On Tuesday, Adani Group mustered support from investors for the share sale for Adani Enterprises, in what some saw as a stamp of investor confidence at a time of crisis.

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