India’s Adani Group's market losses swelled to more than $100 billion, sparking worries about their potential systemic impact, a day after its flagship company abandoned a $2.5 billion stock offering
on outstanding U.S. dollar-denominated bonds on Thursday, Reuters reported citing sources.
In New Delhi, opposition lawmakers submitted notices in parliament demanding discussion of the short-seller's report. The cancelled fundraising was critical for Adani, which had said it would use $1.33 billion to fund green hydrogen projects, airports facilities and greenfield expressways, and $508 million to repay debt at some units.
The Adani Group has denied the accusations, saying the allegation of stock manipulation had "no basis" and stemmed from an ignorance of Indian law. It said it has always made the necessary regulatory disclosures.
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