Mr Adani, who last year became the world’s second-richest man with a US$147 billion fortune, has seen his own personal wealth plummet by around US$57 billion since Hindenburg accused his companies of fraud to inflate revenue and stock prices. After drawing money from the Middle East and other Indian billionaires to shore up a US$2.4 billion share sale, he then abruptly pulled it late Wednesday to protect investors.
The tumult has become a national issue with lawmakers disrupting Parliament to demand answers from Prime Minister Narendra Modi’s government, given how closely Mr Adani’s interests from ports to energy are intertwined with the nation’s growth plans.
The big worry looming over the conglomerate is that lenders and other counterparties will start to pare their exposure, while contagion fears spread to other parts of the markets.
While Mr Adani’s company has rebutted the claims and the billionaire himself said in a video speech on Thursday that the scrapped equity offering will have no impact on operations, the selloff shows no signs of abating. Flagship Adani Enterprises plunged as much as 30 per cent on Thursday, adding to a 28 per cent tumble in the previous session.
هذه القصة مأخوذة من طبعة February 03, 2023 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة February 03, 2023 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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