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NEW DELHI, Jan 30 (Reuters) – Shares in India’s Adani Enterprises rose as much as 9.5% on Monday but those of several other group companies plunged for the third straight day, extending their losses after a U.S. short-seller’s report that criticised the group.
Adani Enterprises shares rise but other group stocks plunge after short-seller attack
NEW DELHI, Jan 30 (Reuters) – Shares in India’s Adani
Enterprises rose as much as 9.5% on Monday but those
of several other group companies plunged for the third straight
day, extending their losses after a U.S. short-seller’s report
that criticised the group.
Adani has locked horns with U.S.-based Hindenburg Research
and on Sunday rebutted its report that flagged concerns about
debt levels and the use of tax havens. Adani said it complies
with all local laws and had made the necessary regulatory
disclosures.
The report led to a $48 billion wipe-out in seven listed
companies of the Adani group last week.
Hindenburg, in response, said Adani’s “response largely
confirmed our findings and ignored our key questions.”
