Shares of Adani Group companies extended declines in Mumbai, with their market value now more than halved to less than $100 billion after a critical report by a U.S. short-seller last week sparked a market rout
"Contagion concerns are widening, but still limited to the banking sector. Focus remains on further risks of index exclusions," said Charu Chanana from Saxo Markets in Singapore.from widely used sustainability indices on Feb. 7, making the shares less appealing to environment-conscious investors.
Hindenburg in its report said key listed Adani companies had "substantial debt" and that shares in seven Adani listed firms have an 85% downside due to what it called sky-high valuations. It also alleged stock manipulation. In total, the seven listed Adani Group companies now have a market capitalisation of $99 billion, versus $218 billion before the Hindenberg report.
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