A strange news report briefly rattles the Adani Group

THE ADANI GROUP underpins swathes of India’s financial system. The family-controlled conglomerate’s companies embrace airports, power and pure sources, amongst different important infrastructure. Its founder, Gautam Adani, is the world’s 14th richest man, value some $72bn, in keeping with Bloomberg. In phrases of perceived skill to navigate India’s treacherous authorized panorama and impenetrable purple tape, he’s in the similar league as a fellow (barely wealthier) billionaire, Mukesh Ambani.
So when the share costs of the Adani Group’s six listed entities plunged on June 14th, heads spun. That day the Economic Times, an Indian newspaper, reported that the National Securities Depository, which clears stockmarket trades, had frozen the shares held by three funds primarily based in Mauritius owing to inadequate details about their underlying buyers. All three funds had been registered at the similar tackle and seem to have a mixed $6bn or so in Adani Group belongings. The news {that a} substantial chunk of the free float in Adani Group firms may now not be traded triggered wild buying and selling in the portion that also might be. Share costs of the firms fell by between 5% and 25%.

The Adani Group instantly issued an announcement calling the story “blatantly erroneous”. It was vindicated after the clearing home cleared…
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