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The Hindenburg-Adani fight will take some more time before one can say who won and who lost. The Adani group stocks fell steeply immediately after the Hindenburg report became public. But after that, there are indications that Adani group bulls are fighting a fierce battle against the bears in the Indian stock markets. Its follow-up public offering (FPO) too has managed to scrape through on the final day as expected, despite the lacklustre showing of the first two days.
I would have been surprised if the Adani FPO had not closed successfully. The Adani group has not grown this big without mastering the ability to muster funds and investors when needed. On the other hand, the pressure on equities has ensured that Gautam Adani dropped several rungs in the global rich hierarchy and lost a significant chunk of his notional wealth.
The long-term effect of the Hindenburg report could potentially raise the cost of funds when the Adani group next raises ov
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