Shares of companies linked to Indian billionaire Gautam Adani plunged after short seller Hindenburg Research published a scathing report accusing his company of wide-ranging fraud. WSJ’s Ben Foldy explains what to know. Illustration: Ryan Trefes
Two companies in India’s Adani Group are planning to raise as much as $2.6 billion from share sales, months after a scathing short-seller report led to a sharp loss in the conglomerate’s market value.
Adani Enterprises, the group’s flagship company, wants to raise $1.6 billion through a secondary share sale while electricity generator Adani Transmission is planning a $1 billion deal, they said through separate filings on Saturday. The two companies will need shareholder approval for the deals to go ahead.
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