Things with India’s Adani Enterprises Get Spicy – IOTW Report

Things with India’s Adani Enterprises Get Spicy

Associated Press

The closely watched $2.5 billion share sale launched by Asia’s richest man, Gautam Adani, was fully subscribed on Tuesday, bucking expectations after a turbulent week in which the conglomerate’s shares plunged in a tussle with a U.S. short seller. By the time trading closed on Tuesday, the Indian group’s flagship Adani Enterprises share sale drew nearly 51 million bids, going beyond the 45.5 million on offer to the public, according to the Bombay Stock Exchange. While the shares of some Adani-linked companies went up, three were still down between 5% and 10%. The share sale and its success were seen as a crucial test of investor confidence in Adani, whose sprawling empire shed tens of billions of dollars within a week after Hindenburg Research accused the conglomerate of stock market manipulation and fraud. More. Details on Hindenburg Research’s accusations in the WSJ Here