Indian shares ended more than 1% lower to hit a three-month low on Friday as a short-seller attack on Adani Group companies triggered a selloff in its shares and of the banks, wiping off a combined $48 billion in the conglomerate's market value over two days.
Adani Enterprises closed at 2,761.45 rupees, well below the lower end of the price band for its"It has clearly dented overall investor sentiment. The nervousness has led to a fall in stocks across the board. When a selloff of this kind of magnitude is seen in a very short span of time, investors sell other stocks where they are in the money," said Saurabh Jain, assistant vice-president, research, SMC Global Securities.
Meanwhile, India's market regulator will study the Hindenburg Research report to add to its own ongoing preliminary investigation into the group's foreign portfolio investors,
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