Seven companies in the conglomerate, led by Asia's richest man, saw sharp falls in their values after a Hindenburg Research report flagged concerns about high debt levels and the use of tax havens.
Adani Group has called the report baseless and said it was considering taking action against Hindenburg., the stock market meltdown has been a dramatic setback for a school-dropout who rose swiftly in recent years to become the world's third richest man, before slipping to rank seventh on the Forbes list last week.opened for retail and institutional investors on Friday, but saw only 1% subscriptions as the company's stock fell 11% below the minimum offer price.
Adani Enterprises has set a floor price of 3,112 rupees per share and a cap of 3,276 rupees for the secondary share sale - well above their close of 2,761.45 rupees on Friday. "I expect that the free fall seen of Friday may abate but recovery back towards a level prior to this fall may be difficult," he added.
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