Inside the 19-Hour Meltdown That Junked Adani’s Share Sale
- Royal Group, IHC’s parent, queried offer’s rationale amid rout
- Group has lost over $110 billion market value in the past week
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A beaming Gautam Adani stood beside Israeli Prime Minister Benjamin Netanyahu on Tuesday, looking relaxed as hundreds of people gathered for the ceremonial signing at the Haifa Port, which the Indian billionaire is co-developing.
The 60-year-old tycoon had reason to be buoyant: last-minute bids had helped the flagship of his ports-to-power empire close a record $2.5 billion share sale despite a searing short seller attack that triggered a stock rout. As he headed home from Tel Aviv at 6:13 p.m. local time in his Bombardier Global 6500 private jet — a relatively-new acquisition with super-speedy wireless connectivity — the industrialist spent a lot of time in the quietest part of the flight cabin on marathon calls.