India’s Adani shares see extended sell-off as credit warnings kick in

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BENGALURU (Reuters) – 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 U.S. 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 Jan. 24 report that questioned the conglomerate’s debt levels and use of tax havens. Shares of Adani Enterprises Ltd sank 9.6% on Monday, taking the group’s …

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