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Adani Group

Adani market losses stretch to $100bn after share sale abandoned

Indian conglomerate called off secondary sale following short-seller turmoil

A report by a U.S. short-seller last week has taken a huge toll on stocks of companies in billionaire Gautam Adani's sprawling conglomerate. (Source photos by Reuters)

BENGALURU -- Adani Group stocks plummeted on Thursday after its flagship company scrapped a fully subscribed share sale the day before, deepening losses in the Indian conglomerate's market value to over $100 billion in the wake of scathing short-seller allegations.

The secondary share issue, which was expected to be India's largest-ever follow-on public offering, was seen as critical for the conglomerate and its abandonment has stoked swirling concerns over the group's outlook.

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