MUMBAI: India's securities regulator said Saturday (Feb 4) that markets were stable and protected from further volatility, following a phenomenal share rout that hit the business empire of tycoon Gautam Adani. The combined market cap of Adani Group's listed companies has collapsed by around
Adani dismissed the allegations in the Hindenburg report as a"maliciously mischievous" reputational attack and issued a 413-page statement asserting its claims were"nothing but a lie".The group's founder has seen his fortune plummet sharply, dumping him from third to 17th on the real-time Forbes rich list.
His operations have expanded at breakneck speed, with Adani Enterprises shares soaring more than 1,000 percent over the past five years. Finance Minister Nirmala Sitharaman on Friday insisted Indian markets were well regulated and that the controversy would not affect investor confidence. Earlier this week Adani cancelled a US$2.5 billion stock sale meant to help reduce debt levels - long a concern - restore confidence and broaden its shareholder base.
Big banks including Credit Suisse and Citigroup have stopped accepting Adani bonds as collateral for loans to private clients, according to Bloomberg News, fuelling worries about how the conglomerate will raise fresh funds.
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