Adani fails to soothe investors

Published January 31, 2023

MUMBAI: Gautam Adani’s vast Indian business empire lost billions more dollars in value on Monday after its rejection of claims of widespread fraud failed to reassure investors.

The slump was sparked by a report by US investment group Hindenburg Research that last week alleged a “brazen stock manipulation and accounting fraud scheme over the course of decades”.

The three-day selloff has now erased a total of about $68 billion in the conglomerate’s market value, according to Bloomberg News.

Adani Total Gas and Adani Green Energy both plunged another 20 percent on Monday and saw trading halted, after suffering the same fate Friday.

Adani Transmission ended 14.91 per cent lower, although the group’s flagship Adani Enterprises was 4.21pc higher.

Published in Dawn, January 31st, 2023

Opinion

Editorial

Iran stalemate
02 May, 2026

Iran stalemate

THE US and Iran are currently somewhere between war and peace. While a tenuous ceasefire — extended largely due to...
Tax shortfall
02 May, 2026

Tax shortfall

THE Rs684bn shortfall in tax collection during the first 10 months of the fiscal year is a continuation of a...
Teaching inclusion
02 May, 2026

Teaching inclusion

DISCRIMINATORY and exclusionary content in Punjab’s textbooks has been flagged in Inclusive Education for a United...
Water vision
01 May, 2026

Water vision

WATER insecurity in Pakistan has been building up for decades as per capita water availability has declined from...
Vaccine policy
01 May, 2026

Vaccine policy

PAKISTAN has finally approved its first National Vaccine Policy; a step the health ministry has rightly described as...
Labour rights
Updated 01 May, 2026

Labour rights

THE annual observance of May Day should move beyond statements about the state’s commitment to the rights of...