Shares of India's Adani Enterprises sank 15% as a scathing report by a U.S. short seller triggered a rout in the conglomerate's listed firms, casting doubts on how investors will respond to the company's record $2.45 billion secondary sale
sank nearly 20% on Friday as a scathing report by a U.S. short seller triggered a rout in the conglomerate's listed firms, casting doubts on how investors will respond to the company's record $2.45 billion secondary sale.
The rout took shares of Adani Enterprises, the group's flagship company, well below the offer price of its secondary sale which kicked off on Friday. With a net worth of $97.6 billion, billionaire Gautam Adani is now the world's seventh richest man, according to Forbes, slipping from the third position he held before the Hindenburg report.
The billionaire hails from the western state of Gujarat, the home state of Prime Minister Narendra Modi. India's main opposition Congress party has often accused Adani and other billionaires of getting favourable policy treatment from Modi's federal administration.
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