The sell-off in India's Adani Group's seven listed companies, where more than $110 billion in market value has already evaporated, continued on Monday as a US short-seller's report critical of the group's finances now led to credit warnings.
Ratings agency Moody's warned on Friday that the group may struggle to raise capital and S&P cut its outlook on two group companies, the latest fallout of Hindenburg Research's January 24 report that questioned the conglomerate's debt levels and use of tax havens.
Shares of Adani Enterprises Ltd sank 9.6 per cent on Monday, taking the group's flagship company's losses to nearly $28 billion since the report.
Adani Transmission Ltd dropped 10 per cent, while Adani Green Energy Ltd, Adani Total Gas Ltd, Adani Power, and Adani Wilmar fell roughly 5 per cent.
Adani Ports and Special Economic Zone was the only stock in green, with a 1.2 per cent rise.
India's market regulator moved to calm investor concerns on Saturday, saying that its financial markets remain stable and continue to function in a transparent and efficient manner, despite recent dramatic stock falls in Adani Group companies.
Dubai has launched a programme for first-time home buyers, aiming to make homeownership more accessible and affordable by facilitating priority access to new launches, preferential pricing, and tailored mortgage solutions.
Archer Aviation has conducted test flights of its Midnight electric vertical take-off and landing (eVTOL) air taxi services at Al Bateen Executive Airport in Abu Dhabi, marking a key milestone for its planned commercial deployment in the UAE and the expansion of its operations in the region.
US and India trade negotiators are pushing to try to land a tariff-reducing deal ahead of President Donald Trump's July 9 negotiating deadline, but disagreements over US dairy and agriculture remained unresolved, sources familiar with the talks said.
A cyber hacker broke into a database containing the personal information of millions of customers, Qantas said, in Australia's biggest breach in years and a setback for an airline rebuilding trust after a reputational crisis.
Emirates has officially launched its daily services to Shenzhen, marking the airline’s fourth gateway in the Chinese mainland after Beijing, Shanghai and Guangzhou.
Every weekday afternoon, Helen Farmer will help you to navigate the highs and lows of life in the UAE. Stay up to date with what’s happening and where to go.
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