• Home
    • Login
  • About Us
  • Latest
  • Register
Calabargistblog
Advertisement
  • Home
    • Login
  • About Us
  • Latest
  • Register
No Result
View All Result
  • Home
    • Login
  • About Us
  • Latest
  • Register
No Result
View All Result
Calabargistblog
No Result
View All Result
Home Latest

India’s Adani shares plunge again after stock sale cancelled

admin by admin
February 2, 2023
in Latest
0
India’s Adani shares plunge again after stock sale cancelled
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Gautam Adani has fallen out of the Forbes top 10 rich list after his empire’s market value collapsed.
Photo: INDRANIL MUKHERJEE / AFP/File
Source: AFP

Under-fire Indian tycoon Gautam Adani insisted Thursday that the fundamentals of his conglomerate were “strong” even as shares in its companies plunged again after the group cancelled a multi-billion-dollar stock sale.

Adani’s empire has lost more than $100 billion following explosive allegations of accounting fraud last week by US short-seller Hindenburg Research that the firm has rejected.

The sale of shares in Adani Enterprises had been intended to raise around $2.5 billion to help reduce debt levels — which have long been a concern — and broaden its shareholder base.

But small investors stayed away as the market price dropped below the offer range, and it was only fully subscribed after support from Abu Dhabi-based International Holding Company as well as, according to Bloomberg citing unidentified sources, fellow Indian tycoons Sajjan Jindal and Sunil Mittal.

Read also

Adani shares nosedive as Indian tycoon drops down rich list

Even so, Adani Enterprises’ share price plunged another 28.45 percent in Mumbai on Wednesday.

The trigger was news that Swiss banking giant Credit Suisse had stopped accepting Adani bonds as collateral for loans it advances to private banking clients, Bloomberg reported.

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!

Adani Enterprises lost another 10 percent, forcing trading to be suspended in its shares and several other Adani companies.

The Adani Enterprises board said in a late-night statement it had decided not to proceed with the share sale “in the interest of its subscribers” and all payments would be refunded.

The firm said that going ahead with the issue “would not be morally correct”.

Adani himself issued a video statement on Thursday in which he insisted that the “fundamentals of our company are very strong, our balance sheet is healthy and assets robust”.

Read also

Share sale fails to halt Adani market slide in India

The slide in Adani’s personal wealth has seen him fall out of the top 10 real-time Forbes rich list and overtaken as Asia’s richest man by fellow Indian Mukesh Ambani.

‘Serious investigation’

Publicity-shy Adani, 60, has seen his empire expand at breakneck speed, with shares in Adani Enterprises soaring more than a thousand percent over the past five years.

This helped him last week become the world’s third-richest man behind Elon Musk and France’s Bernard Arnault and family.

According to Hindenburg Research, Adani has artificially boosted the share prices of its units by funnelling money into the stocks through offshore tax havens.

This “brazen stock manipulation and accounting fraud scheme” is “the largest con in corporate history”, Hindenburg said in its report.

Adani said it was the victim of a “maliciously mischievous” reputational attack and issued a 413-page statement on Sunday that said Hindenburg’s claims were “nothing but a lie”.

Read also

A US corporate scourge deflates the empire of Indian tycoon Adani

Hindenburg, which makes money by betting on stocks falling, said in response that Adani’s statement failed to answer most of the questions raised in its report.

Critics say Adani’s close relationship with Prime Minister Narendra Modi has helped him win business and avoid proper regulatory oversight.

Modi, who like Adani is from Gujarat state, has not commented publicly since the Hindenburg claims, which analysts say has hurt India’s image just as it seeks to woo overseas investors away from China.

The firm’s many interests include ports — the firm took control of one of Israel’s biggest this week — telecoms, airports, media and coal, oil and solar power.

India’s opposition Congress party called this week for a “serious investigation” by the central bank and regulator into Adani’s firms following the Hindenburg allegations.

“For all its posturing about black money, has the Modi government chosen to turn a blind eye towards illicit activities by its favourite business group?” Congress said.

Source: AFP

Post Views: 42
Previous Post

Niphkeys x Zinoleesky – “Blessings”

Next Post

Barry Jhay – “Kabiyesi” | Mp3 (Song)

admin

admin

Next Post
Barry Jhay – “Kabiyesi” | Mp3 (Song)

Barry Jhay - "Kabiyesi" | Mp3 (Song)

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
BREAKING: Ex-Northern Governor, Supporters Officially Dump APC

BREAKING: Ex-Northern Governor, Supporters Officially Dump APC

January 24, 2023
Unical Student allowed to die in campus clinic because of 200 medical card

Unical Student allowed to die in campus clinic because of 200 medical card

January 28, 2023
Wike Endorsed Tinubu? Rivers Governor Approves Stadium for APC Presidential Rally Free of Charge

Wike Endorsed Tinubu? Rivers Governor Approves Stadium for APC Presidential Rally Free of Charge

February 9, 2023
Just In: After Losing Senatorial Election, Popular PDP Gov Orders Mass Promotion of Civil Servants

Just In: After Losing Senatorial Election, Popular PDP Gov Orders Mass Promotion of Civil Servants

March 9, 2023
Alex Ekubo in yet another relationship drama

Alex Ekubo in yet another relationship drama

0
Moment Gov Ayade Removes His Eyeglasses After Seeing Naked Women With Dangling Bo*bs Perform Cultural Dance

Moment Gov Ayade Removes His Eyeglasses After Seeing Naked Women With Dangling Bo*bs Perform Cultural Dance

0
See How Alex Ekubo forced His Fiancee` to Have Sex with other Men.

See How Alex Ekubo forced His Fiancee` to Have Sex with other Men.

0
calabargistblog.com.ng Weekly Price Check: Lagos Trader Reacts as Bag of Egusi Sells for N220,000 in Popular Market

calabargistblog.com.ng Weekly Price Check: Lagos Trader Reacts as Bag of Egusi Sells for N220,000 in Popular Market

0
2023 Governorship Election Results: Updated List of States Won by APC, PDP, NNPP, LP So Far

2023 Governorship Election Results: Updated List of States Won by APC, PDP, NNPP, LP So Far

March 26, 2023
Unpaid ₦30k sparked my 17-year feud with Basketmouth

Unpaid ₦30k sparked my 17-year feud with Basketmouth

March 25, 2023
HurriKane – “OMELEME (Goosebumps)”  ft. K33Tay

HurriKane – “OMELEME (Goosebumps)”  ft. K33Tay

March 25, 2023
INEC Reacts to Viral Video of Property Attacked by Youths Allegedly Owned by Prof Yakubu

INEC Reacts to Viral Video of Property Attacked by Youths Allegedly Owned by Prof Yakubu

March 25, 2023

Recent News

2023 Governorship Election Results: Updated List of States Won by APC, PDP, NNPP, LP So Far

2023 Governorship Election Results: Updated List of States Won by APC, PDP, NNPP, LP So Far

March 26, 2023
Unpaid ₦30k sparked my 17-year feud with Basketmouth

Unpaid ₦30k sparked my 17-year feud with Basketmouth

March 25, 2023
HurriKane – “OMELEME (Goosebumps)”  ft. K33Tay

HurriKane – “OMELEME (Goosebumps)”  ft. K33Tay

March 25, 2023
INEC Reacts to Viral Video of Property Attacked by Youths Allegedly Owned by Prof Yakubu

INEC Reacts to Viral Video of Property Attacked by Youths Allegedly Owned by Prof Yakubu

March 25, 2023

Navigation

  • Home
  • About Us
  • Register
  • Login
  • Tech
  • Entertainment
  • Lifestyle
  • Review
Calabargistblog

We are your premium lifestyle blog for everything Calabar and the South-South region of the Country.

Follow Us

Recent News

2023 Governorship Election Results: Updated List of States Won by APC, PDP, NNPP, LP So Far

2023 Governorship Election Results: Updated List of States Won by APC, PDP, NNPP, LP So Far

March 26, 2023
Unpaid ₦30k sparked my 17-year feud with Basketmouth

Unpaid ₦30k sparked my 17-year feud with Basketmouth

March 25, 2023
  • Home
  • About Us
  • Latest
  • Register

© 2022 Calabargistblog | Designed with ❤️ By Fortmich

No Result
View All Result
  • Home
    • Login
  • About Us
  • Latest
  • Register

© 2022 Calabargistblog | Designed with ❤️ By Fortmich

Loading