Indian tycoon Adani hit by more losses, calls for probe
NEW DELHI (AP) — Shares in troubled Adani Enterprises gyrated Friday, tumbling 30% and then rebounding after more than a week of heavy losses that have cost it tens of billions of dollars in market value.
The company, the flagship of India’s second-largest conglomerate, canceled a share offering meant to raise $2.5 billion earlier this week after U.S. short-selling firm Hindenburg Research issued a report accusing it of market manipulation and other fraudulent practices. Adani denies the allegations.