Adani market losses stretch to $100bn after share sale abandoned

BENGALURU — Adani Group stocks plummeted on Thursday after its flagship company scrapped a fully subscribed share sale the day before, deepening losses in the Indian conglomerate’s market value to over $100 billion in the wake of scathing short-seller allegations.

The secondary share issue, which was expected to be India’s largest-ever follow-on public offering, was seen as critical for the conglomerate and its abandonment has stoked swirling concerns over the group’s outlook.