India’s “Adani” loses $50 billion of market value in two days

Shares of Adani Group continue to decline for the second day in a row, wiping out about $50 billion from the market value in less than two sessions, affected by the recent Hindenburg Research report, in which it indicated that the group suffers from indebtedness problems, and that some subsidiaries It was overvalued by about 85%, as Hindenburg took short positions on the shares of these companies.

According to Al-Arabiya, the Indian group is going to sue Hindenburg Research, following the latter’s issuance of this report, which coincides with the opening of the subscription door for Adani Enterprises shares. Sources indicate that the Abu Dhabi Investment Authority obtained a 2.56% stake out of the 18 million shares allocated to the institutional segment.

It is noteworthy that the offering price was set at the upper end of the price range, i.e. at 3,276 rupees (about $40) per share.