Adani Group stock crash pushes Indian index lower

2:08 PM January 27, 2023

The scandal regarding the conglomerate belonging to the Indian billionaire Gautam Adani takes its toll and drags the IND50 index down. In just two days, the Adani Group's capitalization fell by almost USD 50 billion in connection with the report of the American investment fund Hindenburg Research, which accused the corporation of fraud and market manipulation. Moreover, the fund itself, which produced a comprehensive report to support its  observations, went a step further and decided to short sell Adani Group's debt instruments and other assets. More details and the report itself can be found here.

Only during today's session, Adani Enterprises stock fell nearly 19%... Source: Bloomberg

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...which caused negative sentiment around the Indian stock market and pushed the IND50 index to nearly 3 months lows. Source: xStation5

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