Shares of India's Adani Enterprises 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.
Seven listed companies of the Adani conglomerate - controlled by one of the world's richest men Gautam Adani - have lost a combined $48 billion in market capitalisation since Wednesday, with U.S. bonds of Adani firms also falling after Hindenburg Research flagged concerns in a Jan. 24 report about debt levels and the use of tax havens.
"We think the underlying assets at the bond level are quite adequately leveraged while the promoter-level is an unknown and is something that can be mitigated only through an equity raise, such as the ongoing Adani Enterprises FPO.""These short-seller reports usually cause a dramatic impact in the short term and the medium-term impact is driven more by the fundamentals and how the company responds to the allegations.
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