India's Adani ditches $2.5 billion share sale after $86 billion rout
NEW DELHI, Feb 1 (Reuters) - India's Adani Enterprises Ltd (ADEL.NS) on Wednesday withdrew its $2.5 billion secondary share sale after Adani Group shares plummeted on concerns raised by a U.S. short-seller.
Here is a timeline of recent events that have wiped $86 billion off the market value of Adani Group companies.
* Hindenburg says it holds short positions in Adani Group companies through U.S.-traded bonds and non-Indian-traded derivative instruments.
* Adani Group calls Hindenburg report "a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India's highest courts".
* Anchor investors Maybank Securities and Abu Dhabi Investment Authority pick up stake in Adani Enterprises' share sale, India's largest follow-on public offering (FPO).
* Indian shares fell to their lowest level in more than a week, dragged lower by Adani Group stocks.
* Adani Group says it is evaluating "remedial and punitive action" against Hindenburg under U.S. and Indian laws.
* Hindenburg says it fully stood by its report and "believe any legal action taken against us would be meritless".
* Billionaire investor William Ackman says he finds Hindenburg report "highly credible and extremely well researched".
* Adani Enterprises, the flagship company of the group founded by billionaire Gautam Adani, begins its $2.5 billion FPO for retail investors.
* India’s market regulator increases scrutiny of deals by the Adani Group over the past year, according to two sources aware of the matter.
* Gautam Adani slips four places to become the world's seventh-richest person.
* Index provider MSCI says it is seeking feedback on Adani Group and associated securities and aware of the Hindenburg report.
* The $2.5 billion share sale remains on schedule at the planned issue price, the company tells Reuters, while sources say bankers were considering changes due to a rout in the group's shares.
* Adani Group issues a detailed riposte to Hindenburg report, saying it complies with all local laws and had made the necessary regulatory disclosures. Stock losses top $65 billion.
* One of Adani Group's biggest shareholders, state-run Life Insurance Corporation (LIFI.NS), says it is reviewing the group's response to concerns raised by Hindenburg.
* Abu Dhabi conglomerate International Holding Company (IHC.AD) says it will invest 1.4 billion dirhams ($381 million) in Adani Enterprises' FPO.
* Adani Enterprises' FPO fully subscribed as investors pumped funds into the share sale, despite the rout in the group's stocks. The 30% anchor portion attracted investors including Maybank Securities and Abu Dhabi Investment Authority, as well as India's HDFC Life Insurance and Life Insurance Corp.
* Australia's corporate regulator says it will review Hindenburg report on Adani Group.
* Total losses in stocks of seven listed Adani Group companies since Hindenburg report swell to $86 billion.
* Reuters reports India's market regulator is examining the crash in shares of Adani Group and looking into any possible irregularities in the share sale by its flagship company.
* Adani Enterprises calls off FPO citing an "unprecedented situation and the current market volatility". It says it is working with its FPO banks to refund the proceeds.
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