Asia's richest person doubles down on defence against fraud allegations ahead of a massive share sale
, is currently underway. The sale plans to raise up to 200 billion Indian rupees, or $2.5 billion.
Bidding for the shares is open from Friday to next Tuesday for retail investors. But the anchor book has already been oversubscribed by up to two times,On Wednesday, the Adani Group issued aagainst Hindenburg's allegation, saying its report was"maliciously mischievous" and"unresearched." The conglomerate also said the timing of the report's publication"clearly betrays a brazen, mala fide intention to undermine the Adani Group's reputation with the principal objective of damaging the upcoming Follow-on Public Offering from Adani Enterprises, the biggest FPO ever in India."
Hindenburg's allegations would likely have"little impact" on the share sale"as the anchor book was already oversubscribed," wrote Leonard Law, a senior credit analyst at Lucror Analytics, in a Thursday note seen by Insider.
On Friday, shares of Adani Enterprises were 15.4% lower at 3.42 a.m. ET, while shares of Adani Ports and Special Economic Zone were down 16%. Adani Green Energy and Adani Transmission shares both crashed to their daily lower limits of 20%.
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