Indian shares fell more than 1% to an over three-month low on Friday as some Adani Group companies plunged 20% and hit their lower circuits in the wake of a short-seller attack on the conglomerate, which also dragged down financials.
were the worst performers on the Nifty 50, plunging more than 20% each.$2.45 billion follow-on public offering"The selloff is seriously extreme in the sense that day before yesterday Adani Group stocks saw a huge fall in market cap and today the same kind of episode is repeated," said Saurabh Jain, assistant vice-president, research, SMC Global Securities.
"It has clearly dented overall investor sentiment. The nervousness has led to a fall in stocks across the board. When a selloff of this kind of magnitude is seen in a very short span of time, investors sell other stocks where they are in the money."
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