Trading in shares in troubled Adani Enterprises have gyrated as the flagship company of India’s second-largest conglomerate tumbled 30% and then rebounded after more than a week of heavy losses.
The market watchdog, the Securities and Exchange Board of India, has not commented. The Economic Times newspaper reported, citing unnamed SEBI sources, that it had asked stock exchanges to check for any unusual activity in Adani stocks.
It could take time for problems to surface, Shilan Shah of Capital Economics said in a report. “From the macro perspective there are few signs of contagion,” he said. “But it is too early to sound the all clear.” By Friday, his net worth had halved to $61 billion, according to Bloomberg’s Billionaire Index, where he dropped to the 21st spot worldwide.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Adani Enterprises scraps $2.5 billion stock offering amid scrutiny from short sellerIndian billionaire Gautam Adani’s flagship company reversed course and canceled a share sale of up to $2.5 billion, as it continues to grapple with...
Read more »
S&P Dow Jones is knocking Adani Enterprises off its sustainability indexAdani Enterprises will be removed from the Dow Jones Sustainability Indices, effective Feb. 7, S&P said in an announcement.
Read more »
Adani vs Hindenburg: Adani's wealth tanked $52 billion in 6 daysGautam Adani lost $52 billion in 6 days. That's over 3 times what Sam Bankman-Fried lost in a similar timeframe.
Read more »
Adani vs Hindenburg: Adani's wealth tanked $52 billion in 6 daysGautam Adani lost $52 billion in 6 days. That's over 3 times what Sam Bankman-Fried lost in a similar timeframe.
Read more »
India's Adani ditches $2.5 billion share sale after $86 billion routIndia's Adani Enterprises Ltd on Wednesday withdrew its $2.5 billion secondary share sale after Adani Group shares plummeted on concerns raised by a U.S. short-seller.
Read more »
Indian shares set to fall after Adani group calls off $2.5 bln share saleIndian shares are set to open lower on Thursday after a sustained selloff in Adani group stocks as the group cancelled the secondary share sale of its flagship company Adani Enterprises.
Read more »