Shares in Gautam Adani’s businesses plunged further on Thursday after an attempt by the Indian billionaire to reassure panicking investors failed to halt a stock market meltdown that has wiped $100 billion off the value of his conglomerate.
“For me, the interest of my investors is paramount and everything is secondary,” the 60-year-old businessman said in a recorded video address posted after he abruptly abandoned a $2.5 billion deal to sell new shares in his flagship company, Adani Enterprises, just 24 hours after it was sealed.
Chowdhury said that investors would now be “skeptical” about accounting practices at all Indian firms, while Mukherjea said his clients are already asking more questions. “Naturally … they are requesting us to do a bit of hand holding with regards to how accounting and corporate governance works in India,” Mukherjea told CNN. Adani is seen as a close ally of India’s prime minister. And opposition lawmakers have begun asking for a probe into the Hindenburg report.
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