Total m-cap lowest since March 2022 after 2-day decline
The last time a bear attack was launched on a businessman gaining prominence rapidly was in the early 1980s when a cabal of brokers took on "an over-priced Reliance share", recalls T N Ninan
Closing Bell: Adani Enterprises and Adani Ports were the leading Nifty losers, which ended 18 and 15 per cent lower, respectively. SBI, ICICI Bank, IndusInd Bank were next in line sinking up to 5%
If Adani's companies can deliver a fraction of what he has pledged, then perhaps, in time, they might even grow into the valuations they have already achieved on paper
Shares of the group's flagship company Adani Enterprises tumbled 6.2 per cent, while those of Adani Green and Adani Total Gas declined 15.5 per cent and 19.6 per cent, respectively
Adani Group firms lost $11 billion in market capitalisation on Wednesday after New York-based Hindenburg Research flagged concerns in a report about debt levels and the use of tax havens
Stocks to Watch: Adani Enterprises FPO and Earthstahl & Alloys IPO opens for subscription on Friday. Shares of Adani Group companies also likely to be in focus amid the Hindenburg controversy.
Hindenburg Research: The name is based on the Hindenburg disaster of 1937, when a German passenger airship caught fire, killing 35 people
Adani group questions report's timing, calls it malicious
The Hindenburg report comes on the heels of Adani Enterprises' (AEL) plans of Rs 20,000 crore follow-on public offer (FPO) announced a few days ago
Hindenburg Research said that it was shorting Adani group's stocks and accused the firms of 'brazen' market manipulation and accounting fraud
Closing Bell: Sectorally, Nifty IT clocked around a 2 per cent gain, followed by nearly 1 per cent upmove in bank, auto, FMCG and pharma indices. Metals and realty were the only pockets to close lower
AEL will be investing $70 billion in incubating new businesses and at the group level we will be investing close to $107 billion in the next decade, Singh says
Bankers see excess demand in Rs 6,000-cr anchor book
Pricing at a discount but shorting the stock ahead of the FPO won't be as straightforward
Will the IBC overhaul make it more effective? Is the ASER report a wake-up call for the govt? Should you subscribe to Adani Enterprises' Rs 20K-cr FPO? What is the World Economic Forum? Answers here
Issuance of partly paid shares, however, will queer the pitch for arbitrage traders
As per analysts, electrolyser manufacturers, fuel cell makers for non-emission vehicles, traditional players engaged in energy storage solutions or batter makers are among key beneficiaries
No interest to enter telecom sector, says Group CFO
The FPO will open for subscription on January 27 and close on January 31, while the anchor investor's portion will be open a day earlier, the company said