The Adani Group’s decision to abandon its $2.5-billion share sale has worsened the Indian conglomerate’s market rout. Over $100 billion has now been wiped off stock values of its seven listed companies over the past week.
The group’s flagship, Adani Enterprises, plummeted 25% again on Thursday after the Adani board called off the share offer late on Wednesday.
And its six other entities also sank, with Adani Ports and SEZ, Adani Total Gas, Adani Green Energy and Adani Transmission falling 10% each, while Adani Power and Adani Wilmar both dropped 5%.
The plunge in company share prices on Wednesday had meant participating investors would be sitting on immediate and large losses.
The group said investors’ money would be refunded, however the move also undermined Adani’s ability to reduce its debt level.