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India’s Adani calls off $2.5bn share sale in big setback

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India’s Adani Enterprises has called off its $2.5bn share sale in a dramatic reversal, the company said on Wednesday, days after a rout in its stocks following criticism by a United States short seller.
The withdrawal marks a stunning setback for Gautam Adani, the school dropout-turned-billionaire whose fortunes rose rapidly in recent years in line with the stock values of his businesses.
Adani, whose business interests span ports, airports, mining, cement and power is battling to stabilise his companies and defend his reputation.
Shares in the billionaire’s conglomerate have plunged since the US-based short-seller, Hindenburg Research, raised debt and accounting concerns last week, driving the value of Adani’s companies $86bn lower, with the tycoon also losing his crown as Asia’s richest person.

Al Jazeera’s Pavni Mittal joins us now live from New Delhi to discuss the latest updates.

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#GautamAdani #Adani #AdaniGroup #AdaniCrisis #AdaniEnterprises #Adaniscam #HindenburgReport
Category
World
Tags
Adani, Adani Group, Adani enterprise
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