Adani expects its second day of share sales to go better than the first, with analysts describing it as 'critical' and saying recovery from a sharp drop in prices may be difficult.
Adani said on Thursday that it is considering taking action against Hindenburg, which responded on the same day by saying it would welcome such a move.
Adani's response stated that over the past decade, its group companies have "consistently de-levered". Hindenburg, known for having shorted electric truck maker Nikola Corp NKLA.O and Twitter, said it holds short positions in Adani companies through U.S.-traded bonds and non-Indian-traded derivative instruments.For 60-year-old Mr Adani, the stock market meltdown has been a dramatic setback for a school dropout who rose swiftly in recent years to become the world's third-richest man, before slipping to rank seventh on the Forbes list last week.
Adani Enterprises has set a floor price of 3,112 rupees per share and a cap of 3,276 rupees for the secondary share sale — well above their close of 2,761.45 rupees on Friday. Indian regulations say the share offering must receive minimum subscription of 90 per cent, and if it does not the issuer must refund the entire amount.
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