Embattled Indian billionaire Gautam Adani said his conglomerate will review its plans for raising capital after calling off his flagship company’s $2.5 billion share offering following the loss of tens of billions of dollars in market value. Know more:
NEW DELHI—Embattled Indian billionaire Gautam Adani said Thursday his conglomerate will review its plans for raising capital after calling off his flagship company’s $2.5 billion share offering following the loss of tens of billions of dollars in market value due to claims of fraud by a US-based short-selling firm.
By the time trading closed Wednesday, Adani Enterprises was down by a whopping 28 percent in just one day. But the share offering had drawn nearly 51 million bids, exceeding the 45.5 million offered to the public. Stock in six of Adani’s other listed companies sank between 2 percent and 19 percent. Adani made a vast fortune mining coal as energy-hungry India grew swiftly after its economy was liberalized in the 1990s. Adani companies operate airports in major cities, build roads, generate electricity, manufacture defense equipment, develop agricultural drones, sell cooking oil and run a media outlet.
Adani Group dismissed Hindenburg’s allegations, and called its report a “calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India.” On Sunday, it issued a 413-page report that rejected its questions, saying none were “based on independent or journalistic fact finding.”
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