Adani Group's market losses hit Rs 8 lakh crore as stocks sink after botched share sale

News Network
February 2, 2023

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New Delhi, Feb 2: India's Adani group shares plunged on Thursday after the Gautam Adani-led conglomerate shelved a $2.5 billion share sale amid a turbulent market, bringing its cumulative market capitalisation losses to $100 billion since last week's short-seller attack.

The withdrawal of Adani Enterprises' share sale marks a dramatic setback for Adani, the school dropout-turned-billionaire whose fortunes rose rapidly in recent years in line with the stock values of his businesses.

Adani on Wednesday called off the share sale as a stocks rout sparked by US short-seller Hindenburg's criticisms deepened, despite the offer being fully subscribed on Tuesday. In the fallout of the short-seller's attack, Adani has also lost his title as Asia's richest man.

The group's flagship firm - Adani Enterprises - plunged 10 per cent after opening higher on Thursday. Other group companies - Adani Ports and Special Economic Zone, Adani Total Gas, Adani Green Energy and Adani Transmission - fell 10 per cent each, while Adani Power and Adani Wilmar dropped 5% each.

The stocks tumble and shelving of the share sale mark an embarrassing turn of events for the billionaire who has forged partnerships with foreign players in his global expansion of businesses that stretch from ports to mining to cement.

Adani is now the world's 16th richest, as per Forbes' list, down from third rank last week.

India's central bank has asked local banks for details of their exposure to the Adani group of companies, government and banking sources told Reuters on Thursday. CLSA estimates that Indian banks were exposed to about 40 per cent of the 2 trillion rupees ($24.53 billion) of Adani group's debt in the fiscal year to March 2022.

Earlier this week, the Adani group said it had the complete support of investors, but investor confidence has tapered in recent days.

Citigroup's wealth unit has stopped extending margin loans to its clients against securities of Adani group, a source with direct knowledge of the matter said on Thursday. Citi declined to comment.

Hindenburg's report last week alleged an improper use of offshore tax havens and stock manipulation by the Adani group. It also raised concerns about high debt and the valuations of seven listed Adani companies.

The Adani group has denied the accusations, saying the short-seller's allegation of stock manipulation has "no basis" and stems from an ignorance of Indian law. The group has always made the necessary regulatory disclosures, it added.

As shares plunged after the Hindenburg report, Adani managed to secure the share sale subscriptions on Tuesday even though the stock's market price was below the issue's offer price. But on Wednesday, stocks plunged again.

In a late night announcement on Wednesday, Adani said he was withdrawing the share sale as the company's "stock price has fluctuated over the course of the day. Given these extraordinary circumstances, the company’s board felt that going ahead with the issue will not be morally correct." 

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News Network
January 23,2026

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The Voice of Hind Rajab, inspired by the tragic final moments of a young Palestinian girl killed by Israeli fire in Gaza, has been nominated for an Academy Award in the Best International Feature Film category.

Directed by Tunisian filmmaker Kaouther Ben Hania, the film recounts the true story of five-year-old Hind Rajab, who lost her life in January 2024 while fleeing Israeli bombardment with her family.

The film features the real audio of Hind’s desperate call to the Palestinian Red Crescent Society, where she pleaded for help moments before the vehicle she was in was struck by 355 bullets.

The haunting narrative begins with a brief call made from the besieged Tel al-Hawa neighborhood of Gaza, where gunfire and armored vehicles drowned out every sound.

After witnessing the brutal killing of her family, she made a trembling call, her voice reduced to a whisper as she spoke of the massacre and her unbearable loneliness as the sole survivor.

Premiering at the Venice International Film Festival in September 2025, The Voice of Hind Rajab garnered widespread acclaim, receiving a record-setting 23-minute standing ovation and the Silver Lion Grand Jury Prize, the festival’s second-highest honor.

In her acceptance speech, Ben Hania dedicated the film to humanitarian workers and first responders in Gaza, emphasizing that Hind's voice symbolizes countless civilians affected by war.

She aims to give voice to victims often reduced to mere statistics, highlighting the broader suffering of civilians in war zones.

The film’s Oscar nomination underscores its powerful storytelling and ethical approach to depicting real-life tragedy, making it a crucial piece of contemporary cinema.

It serves not only as a narration of individual tragedy but also as an artistic and documentary response to the silence and censorship that often overshadow West Asian struggles and wars.

Using an innovative method she calls docufiction, Ben Hania bridges unvarnished reality and narrative structure, creating a work that is both artistically valuable and socially impactful.

Born in 1977 in Sidi Bouzid—later the epicenter of the Arab revolution—her background profoundly influenced her worldview and artistic approach.

She is a graduate of the Higher School of Audiovisual Arts of Tunis, Pantheon-Sorbonne University, and La Fémis in Paris, where her studies equipped her with the technical and theoretical tools needed to address complex subjects. 

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News Network
February 4,2026

Mangaluru: Urban local bodies and gram panchayats should make the use of Kannada on signboards mandatory while issuing trade licences to commercial establishments, Dakshina Kannada Deputy Commissioner Darshan HV said. He also called for regular inspections to ensure compliance.

Presiding over the District Kannada Awareness Committee meeting at the deputy commissioner’s office, Darshan said the city corporation would be directed to ensure that shops operating in malls prominently display their names in Kannada. “All commercial establishments, including shops, companies, offices and hotels, must mandatorily display their names in Kannada on signboards,” he said.

The deputy commissioner added that the National Highways Authority of India (NHAI) would be instructed to include Kannada on signboards along national highways. Banks, he said, would be directed through committee meetings to provide application forms in Kannada.

“Even if English-medium schools and colleges impart education in English, their signboards must display the institution’s name in Kannada. Steps will also be taken to ensure that private buses display place names in Kannada,” Darshan said.

During the meeting, committee members raised concerns over the closure of Kannada-medium schools in rural areas due to a shortage of teachers and stressed the need for immediate corrective measures. They also pointed out that several industries employ workers from other states while overlooking local candidates.

Members further demanded that nationalised banks provide deposit and withdrawal slips in Kannada. It was brought to the deputy commissioner’s notice that the presence of staff without knowledge of Kannada in rural branches of nationalised banks is causing hardship to local customers.

Meanwhile, MP Srinath, president of the District Kannada Sahitya Parishat, urged the district administration to allot land for the construction of a district Kannada Bhavana in Mangaluru.

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News Network
January 28,2026

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Mumbai: The sudden death of Maharashtra Deputy Chief Minister Ajit Pawar in a plane crash in his hometown of Baramati has plunged the state into political uncertainty, raising a pressing question for both the Nationalist Congress Party (NCP) and its rival faction, the Nationalist Congress Party (Sharadchandra Pawar): what next?

For the two factions that emerged after the dramatic split of June–July 2023, the moment marks their gravest challenge yet. Many believe the answer now rests with party founder Sharad Pawar.

Sharad Pawar, who founded the NCP in 1999 after parting ways with the Congress over Sonia Gandhi’s foreign origin, has already indicated his intention to step away from electoral politics once his Rajya Sabha term ends in April 2026.

Speaking at a public event in Baramati ahead of his 85th birthday on December 12, 2025, Pawar said he would not contest any further elections. “I have contested 14 elections. The younger generation needs to be given an opportunity,” he said, adding that he would decide later whether to seek another Rajya Sabha term.

Often described as the Bhishma Pitamah of Indian politics, Pawar also spoke of his gradual withdrawal from active leadership. “For the first 30 years, I handled everything. For the next 25–30 years, Ajit Dada handled responsibilities. Now, arrangements must be made for new leadership,” he said.

Ajit Pawar’s death has dramatically altered that transition, especially as he was working towards reunifying the two NCP factions.

“After the developments of June–July 2023 and the 2024 Lok Sabha and Vidhan Sabha elections, there were deep changes within the family and the party. In the last six months, serious efforts were made to reunite. Even workers from both sides wanted unity. This is a massive blow,” a Pawar family insider told DH over phone from Baramati.

Electoral outcomes over the past year reflected the split. In the 2024 Lok Sabha elections, NCP (SP) recorded the best strike rate in Maharashtra, winning eight of the 10 seats it contested. The NCP, by contrast, won just one seat out of four.

However, the trend reversed in the subsequent Vidhan Sabha elections, where the NCP emerged stronger, securing 41 of the 288 seats, while NCP (SP) managed only 10.

Within NCP (SP), Sharad Pawar’s daughter Supriya Sule serves as Working President, followed by leaders such as Rohit Pawar, state president Shashikant Shinde and former state chief Jayant Patil.

In the NCP, Praful Patel is the Working President and Raigad MP Sunil Tatkare heads the state unit. Ajit Pawar’s wife, Sunetra Pawar, is a Rajya Sabha MP, while their sons Parth and Jay are not actively involved in day-to-day politics. Parth Pawar briefly entered electoral politics in 2019 but lost the Lok Sabha election from Maval. Jay Pawar’s political debut was under consideration.

With Ajit Pawar gone, speculation has intensified that a member of the family may be asked to assume a larger role. For now, Sunetra Pawar is expected to play a key coordinating role in party affairs, alongside Patel and Tatkare.

The NCP continues to have several heavyweight leaders, including Chhagan Bhujbal, Hasan Mushrif, Dattatreya Bharne, Manikrao Kokate and Dhananjay Munde.

Ajit Pawar had already begun steps towards reconciliation between the two factions. While they contested the Pune and Pimpri-Chinchwad municipal elections separately, they later decided to fight the zilla parishad elections together under the ‘clock’ symbol—seen as the first formal step towards reunification.

Nagpur meet and party roadmap

Both NCP factions claim adherence to the ideology of ‘Shiv–Shahu–Phule–Ambedkar’. At the Rashtravadi Chintan Shivir held in Nagpur on September 19, 2025, the NCP reaffirmed its commitment to sarva dharma sambhav and discussed strengthening ties with the BJP “for the welfare and development of Maharashtra”.

In recent days, reports had suggested Ajit Pawar might return to the Maha Vikas Aghadi following the party’s poor performance in Pune municipal elections, but these claims were denied.

Big question for Maha Yuti

Ajit Pawar’s death also presents an immediate challenge for the Devendra Fadnavis-led Maha Yuti government. Pawar held crucial portfolios, including Finance, Planning and Excise. With the Budget Session approaching, appointing a new Finance Minister has become urgent.

Beyond numbers and portfolios, Maha Yuti has lost a swift decision-maker known for his administrative grip and political finesse—leaving a vacuum that will not be easy to fill.

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