Gautam Adani, the Indian tycoon, is facing a deepening crisis of confidence as his stocks continue to plunge following fraud allegations made by Hindenburg Research. Adani’s $2.5 billion follow-on stock sale was fully subscribed on the final day, but the shares of all 10 stocks tied to the Adani Group dropped in Mumbai trading, with Adani Total Gas Ltd. leading the declines with a 10% plunge. Despite the success of the stock sale, investor confidence is yet to be restored and the prolonged weakness in the shares may also undermine broader sentiment toward India. The credit market has welcomed the fundraising success, with nearly all the dollar bonds issued by the Adani group of companies extending gains into a second day.
Gautam Adani’s Crisis of Confidence Deepens
The crisis of confidence plaguing Gautam Adani is deepening, as a worsening rout in stocks shows the Indian tycoon’s ability to pull off a key share sale has failed to lessen wider concerns about Hindenburg Research’s fraud allegations. All of the 10 stocks tied to the billionaire’s Adani Group dropped in Mumbai trading, with Adani Total Gas Ltd. leading the declines with a 10% plunge.
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