Shares in Gautam Adani’s businesses plunged further on Thursday after an attempt by the Indian billionaire to reassure panicking investors failed to halt a stock market meltdown that has wiped $100 billion off the value of his conglomerate.
The unprecedented crash in the value of Adani Group shares started when an American short seller, Hindenburg Research, accused the conglomerate of fraud and manipulating stock markets. The Adani Group has blasted the accusations, calling them “a malicious combination of selective misinformation and stale, baseless and discredited allegations” stemming from an ignorance of Indian law.
Adani, who lost his crown as Asia’s richest man, said in a statement Thursday that the “interest of my investors is paramount” after abruptly scrapping a Rs 20,000 crore deal to sell new shares in his flagship company, Adani Enterprises, just 24 hours after it was sealed.
Amidst this, the Securities and Exchange Board of India (Sebi) is examining the stock price falls and also looking into any possible irregularities in the abortive share sale, Reuters reported. The Reserve Bank of India has asked lenders for details on their debt exposure to the Adani Group.
Here are the latest developments in the Adani stock market setback: