Headlines: Adani Shares Nosedive Again, S&P Dow Jones Remove Adani Enterprises From Indices

Adani: Shares of Gautam Adani’s businesses plunged further on Thursday after an attempt by the Indian billionaire to reassure panicking investors failed to halt a stock market meltdown that has wiped $100 billion off the value of his conglomerate. S&P Dow Jones Indices said it would remove Adani Enterprises from widely used sustainability indices, effective February 7, 2023. In a note, S&P said Adani Enterprises would be removed from the indices. The news comes a day after the National Stock Exchange (NSE) put three Adani stocks — Adani Enterprises, Adani Ports, and Ambuja Cements — under the additional surveillance measure (ASM) framework from February 3, 2023. Investors will have to pay 50% or existing margin, whichever is higher, subject to cap of 100%, the exchange said. The unprecedented crash in the value of Adani Group shares started when an American short seller, Hindenburg Research, accused the conglomerate of fraud and manipulating stock markets.

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