*ADANI ROUT HITS $72 BILLION AS FIGHT WITH HINDENBURG INTENSIFIES -
NEW DELHI - Adani group shares extended their sharp falls on Monday as the Indian conglomerate's rebuttal of a U.S. short-seller's criticism failed to pacify investors, driving stock market losses for the companies to almost $70 billion over three days.
Adani Transmission, Adani Total Gas, Adani Green Energy, Adani Power, Adani Wilmar and Adani Ports and Special Economic Zone fell between 4.2% and 20% on Monday. Initial data from stock exchanges on Monday showed Adani has now received bids for 687,840, or 1.5%, of the 45.5 million of shares on offer. The deal closes on Tuesday.
"While there is a risk that the share sale does not go through, it will be crucial today to wait and see how institutional investors participate." Maybank said in a statement"there is no financial impact" on it as the subscription to Adani's offer was fully funded by client funds.
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Adani's $2.5 billion share sale faces crucial day after routSeven 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.
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