Indian shares fell more than 1% to a three-month low on Friday, as banks continued to lead the market lower along with Adani Group companies in the wake of a short-seller attack on the conglomerate.
The indexes have slid more than 1.7% each in the truncated week, with most of it caused by U.S. short-seller Hindenburg Research's report on Wednesday that flagged concerns about theStocks of the seven listed Adani companies tumbled between 2% and 17% on the day, adding to their 1.5%-9% drop on Wednesday after Hindenburg also said it held short positions in the group.
"The particular situation is alarming and proves that derivatives are indeed weapons of mass destruction in financial markets," said Deven Choksey. He said the hammering of Adani Group stocks has upset investor sentiment and created a crisis of confidence.
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