Adani rout eases, some relief after companies' market value almost halves

Friday was a relatively less damaging day in the stock rout that's wiped out about $112 billion from 10 Adani Group firms since US-based Hindenburg report

The pressure on Gautam Adani’s indebted conglomerate eased a little on Friday after two global rating firms stuck with their calls on its credit profile, capping a tumultuous seven days that saw the market value of his companies plunge by almost half since short-seller Hindenburg Research’s scathing report.
 

Friday was a relatively less damaging day in the stock rout that’s wiped out about $112 billion from 10 Adani Group firms since US-based Hindenburg claimed last week that offshore shell entities were used to inflate revenues and manipulate stock prices. Shares of flagship Adani Enterprises Ltd. erased an intraday loss of