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Adani’s market losses top $100 billion as shelved share sale spooks investors

February 2, 2023

Adani Group’s market losses swelled to more than $100 billion on Thursday, sparking worries about their potential systemic impact, a day after its flagship company abandoned a $2.5 billion stock offering.

The withdrawal of Adani Enterprises’ share sale marks a dramatic setback for founder Gautam Adani, the school dropout-turned-billionaire whose fortunes rose rapidly in recent years but have dwindled in just a week after U.S.-based short-seller Hindenburg published a critical research report.