Adani Group Value Half as BSE Suspends Its Shares
- In the last 24 hours, $108 billion have been erased in terms of market value
- Gautum Adani denied PM Modi’s support to become the richest Asian
- Parliament was adjourned after opposition demanded a debate on Adani and Indian financial institutions' exposure to the group.
New Delhi: A day after Billionaire Gautum Adani denied PM Modi’s support to become the richest Asian, the shares of Adani Enterprises were repeatedly suspended on Bombay Stock Exchange. In the last 24 hours as the crisis shockwaves spread, $108 billion have been erased from the market in terms of market value. Adani Power, Adani Green Energy, Adani Total Gas, and Adani Transmission were suspended from BSE when they hit their limits.
Adani Enterprises has been accused of accounting fraud and artificially boosting its share prices. So far, the group has fended off allegations that Mr. Adani’s close relationship with PM Modi. Moreover, the Parliament was adjourned for a second straight day on Friday after opposition lawmakers demanded a debate on Adani and Indian financial institutions’ exposure to the group.
Earlier on Thursday, Global Index S&P Dow Jones Indices said that it would remove shares of Adani Enterprises from widely used sustainability indices from February 7. This would make the shares less appealing for sustainability-minded funds.