Some of Wall Street's biggest names are exposed to the Adani Enterprises plunge
Publishing timestamp: 2023-02-03 09:47:01
Summary
Adani Enterprises has lost more than 60% of its market cap, or more than $30 billion, since the publication of a critical report from U.S. short-seller Hindenburg Research. The report accused the Adani Group of "brazen stock manipulation and accounting fraud scheme over course of decades." Big international players such as Vanguard and BlackRock have exposure to Adani Enterprises. Indian opposition leaders have called for an investigation into the allegations against Adani, who is close associate of Prime Minister Narendra Modi. Elara Capital, which was the largest institutional shareholder until February 2022, has disposed of 72% of its shares in the company. Jo Johnson, brother of former British Prime Minister Boris Johnson, has resigned from his role as director of Elara.
Sentiment: NEGATIVE
Tickers: ADANIENT-IN,
Keywords: business news, wall street, markets, investment strategy, transportation, energy,