Reuters
Indian watchdog tells investors markets stable despite Adani rout
MUMBAI (Reuters) -India’s market regulator moved to calm investor concerns on Saturday, saying that its financial markets remain stable and continue to function in a transparent and efficient manner, despite recent dramatic stock falls in Adani Group companies. Shares in Adani Group firms, controlled by billionaire tycoon Gautam Adani, have dropped by $100 billion, or half their market value, since U.S-based short-seller Hindenburg Research made allegations of stock manipulation and unsustainable debt. “During the past week, unusual price movement in the stocks of a business conglomerate has been observed,” the Securities and Exchange Board of India (SEBI) said in a statement, without naming any specific entity.