India's Adani Enterprises began a record $2.45 billion secondary share sale for retail investors, as a heavy selloff in Adani group companies intensified after an attack by a U.S.-based short seller
In its report, Hindenburg said key listed Adani Group companies had "substantial debt", putting the conglomerate on a "precarious financial footing", and that "sky-high valuations" had pushed the share prices of seven listed Adani companies as much as 85% beyond actual value.that he found the Hindenburg report "highly credible and extremely well researched."
Adani Group has repeatedly faced and dismissed concern about debt levels. It defended itself in a presentation titled "Myths of Short Seller" on Thursday, saying deleveraging by promoters - or key shareholders - was "in a high growth phase". Jefferies in a client note said Adani Group had shared details of debt and leverage levels, and that it does not "see material risk arising to the Indian banking sector".Adani has said its debt is at a manageable level and thatAdani Enterprises' net profit for the period ended Sept. 30, 2022 doubled to 9 billion Indian rupees while its total income nearly tripled to 795 billion Indian rupees, according to its share sale prospectus.
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