India: Adani Group halts share sale, $100 billion loss


Adani Group office, file photo

India’s Adani Group halted the sale of $2.5 billion worth of shares, resulting in a total loss of $100 billion to the group.

Gautam Adani has also lost the title of being Asia’s richest man.

According to the Forbes list, Gautam Adani was on the third place in the list of the richest people in the world last week, now he has come to the 16th place.

Gautam Adani had halted the sale of shares following the report of short seller Hindenburg.

The Reserve Bank of India has asked local banks for details of their transactions with the Adani Group of Companies.

It may be recalled that a Hindenburg report last week accused the Adani Group of misusing offshore tax havens and stock manipulation.

The report also raised concerns over the debt and valuation of 7 Adani Group companies, but the Adani Group denied these allegations.


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