TG: Adani Group abandons share offer as crisis triggered by fraud claims escalates

THE GUARDIAN reports:

The stock plunge engulfing Adani Group companies gathered pace on Thursday after the Indian conglomerate abandoned its share offer in an escalating crisis triggered by fraud claims that has cut more than US$100bn in value from the power-to-ports empire.

The conglomerate’s flagship listed company, Adani Enterprises, along with Adani Ports shed more than 10% before paring some losses in early trading in Mumbai. Some Adani bonds have plunged to distressed levels.

The relentless selling has triggered questions about how Adani, which runs Australia’s contentious Carmichael coalmine and rail project in Queensland, can stem the mounting losses and raised the prospect of forced asset sales…

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