Adani Stocks’ Kitty Erodes by $100 Bn As Deadly Rout Enters 6th Day
By Malvika Gurung
Investing.com -- The incessant rout in Adani Group stocks continued for the sixth consecutive session on Thursday, with the market capitalization of all the listed companies of the ports-to-power conglomerate eroding by almost $100 billion.
Over the past six sessions starting from Wednesday last week, the market valuation of all the ten Adani Group listed companies have tumbled by around $100 billion or approximately Rs 8.3 lakh crore, aggregating to 43% of the wealth of all the 10 group stocks.
Last week, the US investment research firm Hindenburg Research LLC published a 106-page report, alleging India’s second-largest conglomerate, Adani Group, to be engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.
Consequently, a non-stop bloodbath across Adani Group stocks has been in action for the past six sessions, moving the beleaguered empire’s chairperson Gautam Adani from the top 3 richest people in the world to now the 16th position over the period.
To worsen the already dark situation, the Switzerland-based global investment bank Credit Suisse (SIX: CSGN ) Group AG stopped accepting Adani Group companies’ bonds as collateral for margin loans to its private banking clients.
On Thursday, the American multinational investment bank Citigroup’s wealth unit stopped accepting securities of the conglomerate’s companies as collateral for margin loans offered to its clients.
Read Also: Citigroup (NYSE: C ) Wealth Unit Stops Accepting Adani Securities, LTV Ratio Cut to Zero
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International investment bankers how organised strategiest! No mercy in front of wealth and money!! Great world !!!Lehman brothers fraud ! World is punishedLike 5
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