NEW DELHI : Gautam Adani faces a critical day on Monday with his flagship company's $2.5 billion share sale's second day of bidding overshadowed by a $48 billion rout in the Indian billionaire's stocks which was sparked by a U.S. short seller's report.Seven listed companies belonging to the Adani conglome
NEW DELHI : Gautam Adani faces a critical day on Monday with his flagship company's $2.5 billion share sale's second day of bidding overshadowed by a $48 billion rout in the Indian billionaire's stocks which was sparked by a U.S. short seller's report.
For 60-year-old Adani, 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. "It is important for the Adani Group to ensure the share sale goes through - If they stick to the price and don't reduce it, and the stock doesn't bounce back, nobody will be keen to apply," said Mumbai-based market analyst, Ambareesh Baliga, who advises various family offices.Some Adani Group stocks have surged more than 1,500 per cent in the last three years amid aggressive expansion in businesses that include ports, power generation, airports and mining.
"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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