MUMBAI: The selloff in Adani Group’s stocks intensified on Wednesday, as the completion of a closely watched share sale by the Indian conglomerate’s flagship firm failed to offset wider concerns arising from Hindenburg Research’s fraud allegations.
Nine of the 10 stocks tied to billionaire Gautam Adani dropped in early Mumbai trading, with Adani Total Gas Ltd leading the declines with a 10% plunge, a daily limit. Adani Enterprises Ltd, which completed a $2.5 billion follow-on stock sale Tuesday, lost 3.2%.
