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Adani Stock Wipeout Deepens to $104 Billion After Flagship Firm Pulls Share Sale

As what I have predicted since last week in my previous thread, this event will pressure Indian Rupee

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INDIA RUPEE-Rupee weakens past 82/USD hit by equity market turbulence​


MUMBAI, Feb 2 (Reuters) - The Indian rupee closed at a more than three-week low on Thursday, shrugging off weakness in the dollar index, as concerns over a rout in local equities seeped into the currency markets.

The partially convertible rupee INR=IN fell to 82.1725 per dollar, compared with its previous close of 81.92.

The currency had briefly flirted with 82-levels in the past two sessions but was unable to sustain its post-budget gains on Wednesday, mirroring the volatility in equities.

The mood on Thursday was dominated by turbulence in the equities as the selloff Adani Group shares persisted, dragging the benchmark stock index down after the conglomerate shelved its fully-subscribed secondary share offering overnight.

The rupee's marginal strength earlier in the session was not going to last as heavy dollar buying was expected, three traders said.

Foreign banks have been bidding all through this week for USD/INR, they said, pointing to the chances of custodial banks among them as overseas investors sought to withdraw money from Indian markets.

Foreign institutional investors have withdrawn around $3.5 billion from stock markets in January alone.

The rupee, which has already been underperforming its Asian peers, will likely stay under pressure from these developments, said Alvin Tan, head of Asia FX strategy, RBC Capital Markets.

Meanwhile, Asian currencies and stocks nudged up as Fed Chair Jerome Powell acknowledged that U.S. inflation had started to cool after the central bank raised rates by an expected 25 basis points.

However, he did signal that interest rates would rise further and that cuts were not in the offing, but markets continued to cheer the likelihood of the Fed rate peaking soon, with the dollar index USD= plunging more than 1% overnight.

nvestors will now be on the lookout for the central bank meetings in Europe an England later in the day, when both are expected to hike rates by 50 bps.

(Reporting by Anushka Trivedi;Editing by Dhanya Ann Thoppil)


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Why should the short seller be the only one to profit from this report ?

Two can play that game.

In fact, the very fact that the UAE royals invested funds to stabilize the market via FPO before Adani magnanimously pulled out the FPO shows collusion, but without proof that is just speculation.

Adani pulling out of FPO would have definitely precipitate a fall and commonsense tells me that this would be the best way to recover some of the money you lost in value. Only this time the gain will be in actual cash :P

But can you prove the "fraud" ? There has to be some strong proof of insider trading. Without proof, its just an allegation and speculation.

You used the word "insider trading". Try looking it up

since it seems that our bob don't like me no more, is there any other genuine businessman here who can tell me?

errr .... I cannot be on this forum 24/7. I have a working class stiff :(
 
Fall of Adani will be actually amazing news for Indian economy, there will be short term pain, but in the long run, it will provide a level playing field with lots of competition and jobs, right now its just Adani Ambani in every field and no jobs, thats a recipe for disaster, you are looking at Russia type oligarchy.

This guy has a chokehold on not only FMCG sold in India but also Malaysia and Bangladesh (Palm Oil derived cooking oil being the main item).

He also has Coal power plants in WB supplying power to Bangladesh.

His exit from these businesses were projected by some thinktanks in Bangladesh.

So - is Adani FMCG and Power also finished ?


Some bhakts are positing that Adani has trillions in assets and will sail over this in nonchalant manner.
 
I don’t think it’s likely but having Adani fail wouldn’t be the worst thing to happen in India. I remember when GMR group successfully bid for two airport projects they were asked to choose just one — because the “government doesn’t want to promote monopolisation and wants to diversify risks”.

I wonder where such foresight went when letting Adani set up companies in response to government schemes and then successfully bid for all associates projects.

Playing field needs to be levelled. Corporations must run ethically and work to provide benefits to all stakeholders across the business value chain. Adani failing would compel Indian regulatory systems to move in the right direction.
 
Believing in the Indian financial reporting is like believing in the IAF's communique - a shot down Mig21 with all missiles intact shooting down an F16, a Su-30 dodging an exploded AMRAAM etc....

Even Robert Clive had to commit suicide for he failed to show the East India Company shareholders the money he had promised, thanks to the Marwaris......

No "surprise" here.....

By the by, the Indian balloon is goanna burst out - like all other balloons - sooner than later....

 
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Adani PR team are reaching out and making offers to YouTubers and Instagram influencers to put their ad LMAO.


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Whenever you notice the word "revert" used in that sense, you know it's an Indian. Indians have changed the meaning of the word. "Revert" doesn't mean to reply.
 
Whenever you notice the word "revert" used in that sense, you know it's an Indian. Indians have changed the meaning of the word. "Revert" doesn't mean to reply.
did not know this, thought it meant "go back to the original state"

""Revert" doesn't mean to reply."
still do not understand what it means in indian English
 

Chairman Gautam Adani's address to investors after withdrawal of the fully subscribed AEL FPO​

 
LOL. Adani just RETURNED back 2.5 Billion $ it collected via FPO. Remind me again how, much is pakistan asking from world bank ?
This is a Pakistani forum - your Indian section is a guest section which ANY Pakistani can comment on to their hearts content. If you don’t understand your guest status here - lets throw your arse out for a month and let you decide if making comments on who should or should not comment on what is a wise choice for you
 
This is a Pakistani forum - your Indian section is a guest section which ANY Pakistani can comment on to their hearts content. If you don’t understand your guest status here - lets throw your arse out for a month and let you decide if making comments on who should or should not comment on what is a wise choice for you
This loser I think was already posting under a fake ID, being an Indian he will habitually adopt another ID and return to have any voice which this forum provides them.
 

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