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BENGALURU: 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.

The Nifty 50 index was down 1.61% at 17,604.35 at close, while the S&P BSE Sensex fell 1.45% to 59,330.90, trimming some losses in the last few minutes of trading after having hit over 2% lower earlier in the session. The indexes settled more than 2% lower each in the truncated week, their most in a month, after two straight weekly gains.

The sell-off in equities was triggered by US short-seller Hindenburg Research’s report on Wednesday that flagged concerns about the Adani Group’s debt levels and use of tax havens. Stocks of Adani Transmission and Adani Green Energy tumbled 20% each, while Adani Power dropped 5%, with all three hitting their lower circuit.

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SAMIR SARDANA Feb 05, 2023 12:40pm
AEL CANNOT BE USED TO RAISE DEBT IT HAD A 70000 CRORES TOPLINE IN FY 22 VERSUS 40000 CRORES IN FY 21. PBT WAS 1000 CRORES IN BOTH YEARS INTEREST INCOME WAS 1000 CRORES IN FY 22. SO 70000 CRORES TOPLINE, YIELDED NO PROFIT - & ACTUALLY HAD A LOSS ! NEIN - IT PROVES THAT WHATEVER AEL DOES, THE COMPANY CAN SHOW, WHATEVER PAT, IT WANTS ON TOP OF THAT,AEL HAS 70000 CRORES OF DEBT,& 24000 CRORES OF EQUITY THIS IS THE COMPANY WHICH NATHAN HAS TRIANGULATED ON. FOR ACCOUNTING JUGGLERY ! AGL & ATL ETC ARE ALL PASS THROUGH COMPANIES,SO COST ARE PASSED THROUGH, TO THE STATE, THUS, THE STATE WILL AUDIT & BENCHMARK THE COSTS AGL & ATL COSTS ARE OVER STATED FOR TARRIFF & GENERATING CASH. ALE HAS 196 STEP DOWN & INDIRECT SUBSIDIARIES, DO THE CLOWNS OF SBI, RBI, SEBI ,NSE & LIC HAVE THE KEN,TO APPRAISE 196 COMPANIES, IN 1 ANNUAL REPORT ? SAMIR SARDANA CAN AN INDIAN COW PISS DRINKER APPRAISE 196 COMPANIES - EVERY YEAR ? BEAUTY OF INFRA FINANCING & ACCOUNTING MODEL IN CHAIWALA'S INDIA !.
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