India's top court, hearing two petitions related to large investor losses following a report by a U.S. short seller on the Adani conglomerate, said on Friday that investor interests need to be protected.
"Now the stock market is not a place where only high-value investors invest. It is also a place where ... investment is made by a wide spectrum of middle class," Chief Justice D.Y. Chandrachud said.The petitions were filed days after the Jan.
24 report by New York-based Hindenburg Research, which accused the Adani group of improper use of offshore tax havens and stock manipulation., one of the world's richest people, has seen shares in its seven companies lose more than $100 billion in market value since the report was made public. Adani has denied the charges.
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India's Modi lashes opposition as Adani allegations persistThe prime minister spent a nearly 90-minute speech mainly listing his government's achievements and without naming the under-fire Adani Group as opposition lawmakers demanded a probe.
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India's Adani faced margin call on $1.1 bln loan before repaying in full - FTAdani Group Chairman Gautam Adani faced a margin call of more than $500 million on a $1.1 billion share-backed loan, prompting him to repay the whole debt, the Financial Times reported, citing four people with direct knowledge of the matter.
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Breakingviews - MSCI’s Adani cut signals fat tail risks for IndiaIt’s hard to shrug off a big mess, and that’s an awkward lesson India is learning. The latest vote of no confidence in Gautam Adani’s eponymous infrastructure empire comes from a global index provider. MSCI has cut the free-float status of four Adani stocks which will reduce their combined weighting down from 0.4% of the MSCI Emerging Markets Index. It’s another win for U.S. fund Hindenburg Research whose short attack two weeks ago obliterated some $110 billion of equity value, and it follows a decision to remove the tycoon’s flagship Adani Enterprises from S&P Dow Jones' sustainbility indices. The rising tide of foreign scrutiny undermines local efforts to downplay concerns about the group’s governance.
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Sustainalytics downgrades three Adani companies' governance scoresSustainalytics downgraded corporate governance-related scores for three of India's Adani Group companies on ethics concerns, the sustainability ratings company said on Wednesday, citing questions a short-seller raised last month.
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MSCI to announce changes to free float status of some Adani securitiesIndex provider MSCI said on Thursday it had determined that some Adani securities should no longer be designated as free float after market participants raised concerns about the eligibility of the Indian conglomerate's companies for some of its indexes.
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Indian shares muted on Fed rate-hike concerns; Adani stocks tumbleIndian shares struggled for direction on Thursday, on concerns over the U.S. Federal Reserve's rate-hike trajectory, while a drop in Adani Group company stocks also dampened sentiment.
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