Adani scraps $2.5B share sale after fraud claims hit stock

Citing a volatile market and an unprecedented situation, the Adani Group said in a statement it decided not to go ahead with its share sale — which was preliminarily sold out as of Tuesday — and will return the proceeds from the offering.

Adani-related shares plunged in recent days after Hindenburg Research, a financial research firm with a track record of sending the stock prices of its targets tumbling, accused the group of “brazen” stock market manipulation and accounting fraud, among other financial abuses, according to AP

Embattled Indian billionaire Gautam Adani called off his flagship company's $2.5 billion share share late Wednesday after a tumultuous week saw his conglomerate shed tens of billions of dollars in market value after claims of fraud from a U. (LaPresse)

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