Adani rout deepens despite soothing words from India's government and billionaires
Publishing timestamp: 2023-02-06 01:39:19
Summary
Adani Group companies' shares continued to fall on Monday as feud between conglomerate and short-seller firm Hindenburg deepened. Analysts warned of more volatility in India this year and advised investors to look for arbitrages in implied growth. Goldman Sachs echoed Nomura and HSBC in saying that latest developments are unlikely to result in spillover effect for wider Indian stock market. Reserve Bank of India and Security and Exchange Board of India defended Indian markets, saying they are stable and functioning in transparent, fair and efficient manner. Billionaires Anand Mahindra and Uday Kotak also defended India's economy, noting that large Indian companies rely more on global sources for debt and equity finance.
Sentiment: MIXED
Tickers: ADANIGREEN-IN, ADANIPOWER-IN, ADANIPORTS-IN, ADANITRANS-IN, ADANIENT-IN, ATGL-IN,
Keywords: stock markets, markets, business news, adani port and special economic zone ltd, investment strategy, bonds, adani green energy ltd, mumbai,
Source: https://www.cnbc.com/2023/02/06/adani-rout-deepens-efforts-to-defend-conglomerate.html