Adani Shares Drop as Group Said to Halve Revenue Growth Target
- Group has lowered revenue target by half to about 15%-20%
- Aim to save cash, repay debt and restore investor confidence
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Adani Group stocks declined after people familiar with the matter said the conglomerate has cut its revenue growth target in half and plans to postpone new capital expenditure in the aftermath of a bruising short seller attack.
All six stocks that have the 5% daily limit, including Adani Green Energy Ltd., Adani Total Gas Ltd., and Adani Transmission Ltd., fell by that magnitude. Flagship Adani Enterprises Ltd. ended the day lower by 7%. The declines contributed to a $127 billion wipeout in the group’s market value since Hindenburg Research published its report Jan. 24.