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    Home ยป Adani’s market losses top US$100 billion as crisis shockwaves spread

    Adani’s market losses top US$100 billion as crisis shockwaves spread

    February 2, 20232 Mins Read Asia
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    NEW DELHI: Adani’s market losses swelled above US$100 billion on Thursday (Feb 2), sparking worries about a potential systemic impact a day after the Indian group’s flagship firm abandoned its US$2.5 billion stock offering.

    The shock withdrawal of Adani Enterprises’ share sale marks a dramatic setback for founder Gautam Adani, the school dropout-turned-billionaire whose fortunes rose rapidly in recent years but have plunged in just a week after a critical research report by US-based short-seller Hindenburg Research.

    Aborting the share sale sent shockwaves across markets, politics and business. Adani stocks plunged, opposition lawmakers called for a wider probe and India’s central bank sprang into action to check on the exposure of banks to the group. Meanwhile, Citigroup’s wealth unit stopped making margin loans to clients against Adani Group securities.

    The crisis marks an dramatic turn of fortune for Adani, who has in recent years forged partnerships with foreign giants such as France’s TotalEnergies and attracted investors such as Abu Dhabi’s International Holding Company as he pursues a global expansion stretching from ports to the power sector.

    In a shock move late on Wednesday, Adani called off the share sale as a stocks rout sparked by Hindenburg’s criticisms intensified, despite it being fully subscribed a day earlier.

    “Adani may have started a confidence crisis in Indian shares and that could have broader market implications,” said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank.

    Adani Enterprises shares tumbled 27 per cent on Thursday, closing at their lowest level since March 2022.

    Other group companies also lost further ground, with 10 per cent losses at Adani Total Gas, Adani Green Energy and Adani Transmission, while Adani Ports and Special Economic Zone shed nearly 7 per cent.

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