From Breakingviews - Adani re-ups India’s emerging market risk
For those who passively track stock market indexes, the controversy engulfing Adani, briefly the world’s third richest man, may act as a deterrent from an already expensive market. Companies in the MSCI India Index, where the tycoon’s companies have an almost 5% weighting, trade on an average multiple of 21 times forecast earnings for the year ahead, compared to 12 times for MSCI’s broader emerging markets benchmark.
at credit rating agencies to instil better market discipline. How the former banker handles Adani will make a big impact. In the meantime, the turmoil is a reminder to investors of the danger of investing blindly in emerging markets.Follow @ugalani and @ShritamaBose on TwitterShares of the Adani group companies have lost $65 billion since Jan. 25 after U.S. short-seller Hindenburg Research published a research note on the group.
Adani on Jan. 29 published a 413-page response to Hindenburg’s report, which alleged the Indian group was “pulling the largest con in corporate history” including “brazen stock manipulation and accounting fraud”.
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Breakingviews - Breakingviews: Adani’s financing safety-net rests on Indian banksGautam Adani’s financing options are narrowing fast. Investors wiped $48 billion off the Indian tycoon’s listed companies in just two days last week; his flagship Adani Enterprises lost 19% of its value on Friday alone. While the nationally important ports-to-power-to-roads group should be able to manage its interest bill, the selloff blows apart Adani’s plans to tap global capital markets. That leaves it dependent on a safety net provided by Indian banks.
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Breakingviews - Adani’s financing safety-net rests on Indian banksGautam Adani’s financing options are narrowing fast. Investors wiped $48 billion off the Indian tycoon’s listed companies in just two days last week; his flagship Adani Enterprises lost 19% of its value on Friday alone. While the nationally important ports-to-power-to-roads group should be able to manage its interest bill, the selloff blows apart Adani’s plans to tap global capital markets. That leaves it dependent on a safety net provided by Indian banks.
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Breakingviews - Breakingviews: TikTok’s trust-me tour will need at least 50 stopsTikTok wants a fair shake. The social media company run by Chief Executive Shou Zi Chew will appear in front of a U.S. House of Representatives committee in March. But Chew, a Harvard University alumnus, will have to travel far beyond Washington to make America comfortable.
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Exclusive: India's LIC reviewing Adani response to short seller's allegationIndia's Life Insurance Corporation (LIC) said on Monday it was reviewing the Adani Group's response to scathing criticism by a U.S. short-seller and would hold talks with the group's management within days.
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India's Adani Group CFO says stocks rout similar to colonial-era massacreIndia's Adani Group has said a U.S. short-seller's report on the business house was a 'calculated attack' on the country and its institutions while a senior executive has compared a rout of its stocks with a colonial-era massacre.
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'Attack on India:' Adani slams US short seller over fraud allegations | CNN BusinessAdani Group has published a detailed rebuttal running to more than 400 pages against allegations of fraud made by a US investment firm, calling the short seller's investigation of the ports-to-power conglomerate 'a calculated attack on India.'
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