Sell-off in India's Adani deepens to $48bn after short-seller report

Conglomerate pushes ahead with secondary share sale to retail investors

20230127 Adani branding logo in Mumbai, India - 23 Nov 2022

The Adani Group has dismissed a short-seller report against it as "baseless." © AP

SAYAN CHAKRABORTY, Nikkei staff writer

BENGALURU -- A sell-off in shares of companies that are part of India's Adani Group deepened on Friday, with the stock losing a total of around $48 billion in value in the wake of an attack this week by a prominent U.S. short-seller.

That comes as Adani Enterprises -- the flagship company in the conglomerate controlled by Gautam Adani, one of the world's richest people -- pushes ahead with a secondary share sale that kicked off to retail investors on Friday.

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