Shares of India's Adani Group extended declines to take their market losses to $115 billion amid growing concern about any systemic impact from disarray triggered by a U.S. short-seller report.
Hindenburg in its report said key listed Adani companies had "substantial debt" and that shares in seven Adani listed firms have an 85% downside due to what it called sky-high valuations. It also alleged stock manipulation.
In an another blow, S&P Dow Jones Indices on Thursday said it would remove flagship firm Adani Enterprises Ltd In total, the seven listed Adani Group companies now have a market capitalisation of $102 billion, versus $217 billion before the Hindenberg report.
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