BENGALURU — This week’s share sale by the flagship company of India’s Adani Group sailed through despite finding few takers among local retail investors and mutual funds, undercutting the conglomerate’s hopes of broadening its ownership and expanding its coverage by investment analysts.
The $2.5 billion secondary issue by Adani Enterprises came only days after short-seller Hindenburg Research alleged the group had engaged in “brazen stock manipulation and accounting fraud,” triggering a rout in the value of the conglomerate’s shares that deepened to around $85 billion on Wednesday. The Adani Group has dismissed the accusations as “baseless.”