Adani Rout Crosses $51 Billion as Stocks Plunge by Daily Limits
- Some Adani stocks tumbled 20% on Friday as selloff extended
- Concerns are rising about Adani Enterprises’ big share sale
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The selloff in Gautam Adani’s corporate empire accelerated on Friday, erasing more than $51 billion of market value in two sessions as Asia’s richest man struggles to contain the fallout from a scathing report by US short seller Hindenburg Research.
The rout is piling pressure on the Indian tycoon as it erodes his net worth and threatens to sour investor sentiment toward the $2.5 billion share sale by his flagship firm Adani Enterprises Ltd. Losses deepened even after the Adani Group disputed Hindenburg’s allegations in a Thursday call with bondholders and pledged to release a detailed rebuttal on Friday.