Adani Group Rout has room to run as charts show 85% call still valid

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 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 per cent 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 per cent, since the US-based short seller released its report almost a month ago, alleging accounting fraud and stock manipulation. Adani has denied the allegations.

Hindenburg identified seven of the stocks as having potential to drop by 85 per cent, based “purely on a fundamental basis