Newscasts - Asia Markets Briefing: Adani Group shares lose $9 bln after Hindenburg accusations

Kaisa group

12/08/2024 10:01

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Source: 'Reuters - Business videos'

Description: Shares of Adani Group companies fell on Monday after U.S.
short-seller Hindenburg Research alleged that the head of India's market
regulator previously held investments in offshore funds also used by the Adani
group.
Short Link: https://refini.tv/46FCdMR

Video Transcript:

Adani Group shares lose $9 billion after Hindenburg accusations against the
regulator. Welcome to Asia Markets Briefing. I’m Ludovica Brignola.
Shares of Adani Group companies fell on Monday after US short seller
Hindenburg Research alleged that the head of India's market regulator
previously held investments in offshore funds also used by the Adani Group.
Billionaire Gautam Adani's flagship company, Adani Enterprises fell nearly 5%,
while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar,
and Adani Energy Solutions all fell between 3% and 8%. Treasury yields are
little changed in India Today as investors look ahead to crucial economy data.
Economists polled by Reuters expect India's year-on-year CPI inflation to fall
sharply to 3.65% in July from 5.08% in the previous month. Meanwhile, India's
industrial output for June is expected to come in at 5.5% that's slightly down
from 5.9% in May. In India, stocks are higher overall, led higher by
heavyweight financial stocks despite the slump in Adani stocks. Overall share
markets were broadly firmer across Asia on Monday as a holiday in Japan
removed one source of recent volatility and investors looked ahead to major US
and Chinese economic data for an update on global growth prospects. Let's stay
in China, where the bond market is on edge, following a turbulent week in
which the central bank started intervening heavily to stem a plunge in yields,
even as the economy is struggling. The PBOC has warned of potential bubbles as
investors buy government bonds and shy away from volatile stocks. Falling
yields also complicate the bank's efforts to stabilize the weakening Yuan. A
Hong Kong court has postponed a hearing into a petition seeking liquidation of
Kaisa Group until September 9. Thus, giving the embattled Chinese developer
more time to reach an agreement with some bondholders on its debt
restructuring plan. The Shenzhen-based developer has been working to
restructure its $12 billion offshore debt for two years after defaulting in
late 2021. India's Bharti Enterprises said it would acquire a 24.5% stake in
BT Group, buying out the British company’s top shareholder Altice UK.
Bharti said in a statement on Monday that it had no intention of making an
offer to acquire the whole of BT, the former state monopoly in Britain's
biggest broadband and mobile company. Oil prices rose for a fifth consecutive
session on Monday, extending gains from last week's more than 3% rise as US
recession fears eased, while geopolitical tensions in the Middle East
supported prices. That's it from your Asia Markets Briefing