By Yi Wei Wong
Shares in Adani Group companies are trading lower on Friday, extending a week-long selloff that has wiped out more than $100 billion in market value and forced its flagship business to cancel a share sale that would have raised more than $2.0 billion.
Adani Enterprises Ltd. fell 15% in early trading, taking its losses this week to 52%. Adani Transmission Ltd. and Adani Green Energy Ltd. both lost 10%, while Adani Power Ltd., Adani Total Gas Ltd. and Adani Wilmar Ltd. all dropped 5.0% and Adani Ports & Special Economic Zone Ltd. fell 9.7%.
The company’s shares have been under pressure since the release of a report by U.S.-based short seller Hindenburg Research last week alleging that Adani Group engaged in stock manipulation and fraud. Adani has denied the allegations.
Adani Enterprises this week won bids for a share sale of about $2.4 billion, but reversed course and said it would return the funds to investors given the prevailing market volatility.
Write to Yi Wei Wong at email@example.com