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Adani Rout Has Room to Run as Charts Show 85% Call Still Valid

  • Group’s market capitalization has slumped below $100 billion
  • Technical charts no barrier to Hindenburg’s 85% downside call
A news broadcast on the Adani Group inside the Bombay Stock Exchange.

A news broadcast on the Adani Group inside the Bombay Stock Exchange.

Photographer: Indranil Aditya/Bloomberg
Updated on

The rout in Adani Group shares has room to run based on charts that show key stocks in Gautam Adani’s empire may still extend declines to the 85% downside flagged by Hindenburg Research.

The combined market value of the 10 listed companies in the group has slumped by $146 billion, or about 60%, since the US-based short seller released its report a month ago, alleging accounting fraud and stock manipulation. Adani has denied the allegations.