Most shares of India’s Adani Group tumbled on Wednesday, adding to losses after Hindenburg criticized the group despite the latter completing a $2.5 billion share sale the day before.
The Hindenburg report last week claimed the group was misusing offshore tax havens and highlighted concerns about rising debt.
The group, which is led by Gautam Adani, one of the world’s richest men, dismissed the allegations as unfounded, adding that they have always made the necessary disclosures to regulators.
However, investors dumped around $68 billion worth of stock after the report was released.
Today, Wednesday, shares of Adani and Adani Transmission lost about 1.3%. Adani Power fell 4.6% and Adani Total Gas fell 10%, below the daily limit.
Adani Total Gas, a joint venture between French energy giant Total and the Adani Group, was the biggest casualty of the Hindenburg brief, losing about $27 billion in market value since last Wednesday.
Shares of Adani Enterprises have rebounded over the past two sessions as the group secured investor support to sell the company’s core shares on the last day of the sale. The company’s losses still exceed $7 billion.
