It seems Gautam Adani is not finding anyway out of the debacle any soon. Adani group’s 10 stocks all fell in early Mumbai trading, with $120 billion, or more than half of their combined value.
The Hindenburg report has impacted the Adani Group of companies adversely. Gautam Adani’s public statement did no help in reviving the conglomerate. Flagship Adani Enterprises Ltd. sank as much as 25%, taking its decline to 66% in seven trading sessions.
The crisis of confidence in Adani has become a national issue with opposition lawmakers disrupting parliament on Thursday to demand answers from Prime Minister Narendra Modi’s government, given how closely his interests are intertwined with the nation’s growth plans. Government officials have sought to downplay the impact.