scorecardresearch
Sunday, March 26, 2023
HomeIndiaIndia's Adani shares see extended sell-off as credit warnings kick in

India’s Adani shares see extended sell-off as credit warnings kick in

Text Size:

BENGALURU (Reuters) – The sell-off in India’s Adani Group’s seven listed companies, where more than $110 billion in market value has already evaporated, continued on Monday as a U.S. short-seller’s report critical of the group’s finances now led to credit warnings.

Ratings agency Moody’s warned on Friday that the group may struggle to raise capital and S&P cut its outlook on two group companies, the latest fallout of Hindenburg Research’s Jan. 24 report that questioned the conglomerate’s debt levels and use of tax havens.

Shares of Adani Enterprises Ltd sank 9.6% on Monday, taking the group’s flagship company’s losses to nearly $28 billion since the report.

Adani Transmission Ltd dropped 10%, while Adani Green Energy Ltd, Adani Total Gas Ltd, Adani Power, and Adani Wilmar fell roughly 5%.

Adani Ports and Special Economic Zone was the only stock in green, with a 1.2% rise.

India’s market regulator moved to calm investor concerns on Saturday, saying that its financial markets remain stable and continue to function in a transparent and efficient manner, despite recent dramatic stock falls in Adani Group companies.

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Savio D’Souza)

Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.

Subscribe to our channels on YouTube & Telegram

Support Our Journalism

India needs fair, non-hyphenated and questioning journalism, packed with on-ground reporting. ThePrint – with exceptional reporters, columnists and editors – is doing just that.

Sustaining this needs support from wonderful readers like you.

Whether you live in India or overseas, you can take a paid subscription by clicking here.

Support Our Journalism

Most Popular