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
December 2,2025

A major upgrade in safety and monitoring is planned for Haj 2026, with every Indian pilgrim set to receive a Haj Suvidha smart wristband linked to the official Haj Suvidha mobile app. The initiative aims to support pilgrims—especially senior citizens—who may struggle with smartphones during the 45-day journey.

What the Smart Wristband Will Do

Officials said the device will come with:
•    Location tracking
•    Pedometer
•    SOS emergency button
•    Qibla compass
•    Prayer timings
•    Basic health monitoring

SP Tiwari, secretary of the UP State Haj Committee, said the goal is to make the pilgrimage safer and more comfortable.

“Most Hajis are elderly and not comfortable with mobile apps,” he said. “The smartwatch will help locate pilgrims who forget their way or cannot communicate their location.”

The wristbands will be monitored by the Consulate General of India in Saudi Arabia, similar to mobile tracking via the Haj Suvidha App.

Free Distribution and Training

•    Smart wristbands will be given free of cost.
•    Training for pilgrims will be conducted between January and February 2026.
•    Sample units will reach state Haj committees soon.
•    Final devices will be distributed as pilgrims begin their journey.

New Rules for Accommodation

Two major decisions have also been finalised for Haj 2026:
1.    Separate rooms for men and women – including married couples. They may stay on the same floor but must occupy different rooms, following stricter Saudi guidelines.
2.    Cooking banned – gas cylinders will not be allowed; all meals will be provided through official catering services arranged by the Haj Committee of India.

These decisions were finalised during a meeting of the Haj Committee of India and state representatives in Mumbai.

Haj Suvidha App Launched Earlier

The government launched the Haj Suvidha App in 2024, offering:

•    Training modules
•    Accommodation and flight details
•    Baggage information
•    SOS and translation tools
•    Grievance redressal

Haj 2026 Quota and Key States

•    India’s total Haj quota for 2026: 1,75,025 pilgrims
•    70% (1,25,000) allotted to the Haj Committee of India
•    30% (around 50,000) reserved for Haj Group Organisers

Uttar Pradesh has the largest allocation (around 30,000 seats), though approximately 18,000 pilgrims are expected to go this year. States with high pilgrim numbers include Kerala, Maharashtra and Gujarat.

Dates of Haj 2026

The pilgrimage is scheduled to take place from 24 May to 29 May, 2026 (tentative).
Haj is one of the five pillars of Islam and is mandatory for Muslims who meet the required conditions.

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coastaldigest.com news network
November 28,2025

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Udupi district transformed into a sea of saffron and celebration on Friday, November 28, as Prime Minister Narendra Modi’s roadshow swept through the coastal temple town. Thousands of residents lined the streets, turning the event into a vibrant public spectacle filled with cheers, flags, and festive energy.

The procession route—from the helipad to the historic Sri Krishna Math—was decked with buntings, saffron flags, and multilayered security barricades. One of the district’s largest-ever security deployments was put in place for the high-profile visit, with over 3,000 police personnel on duty. The arrangement included ten SPs, 27 DSPs, 49 inspectors, 127 sub-inspectors, 232 assistant sub-inspectors, 1,608 constables, and 39 women staff.

Six platoons of the Karnataka State Reserve Police, six Quick Response Teams, bomb detection units, and dog squads were stationed across Udupi. Enhanced surveillance covered Adi Udupi, Bannanje bus stand, and the Sri Krishna Math parking zone, with combing operations carried out along the roadshow corridor.

At the 800-year-old Sri Krishna Math, preparations reached a ceremonial peak. Paryaya Puttige Math seer Sugunendra Teertha Swamiji said the Prime Minister would take part in the Laksha Kantha Geetha Parayana, a mass chanting of the Bhagavad Gita by one lakh devotees, and inaugurate the new Suvarna Teertha Mantapa.

“He will first offer floral tributes to saint-poet Kanakadasa and then unveil the golden covering over the Kanakana Kindi,” the seer said.

The Prime Minister will also receive a Poorna Kumbha welcome and have darshan of Lord Sri Krishna, Mukhyaprana Devaru, and the Suvarna Paduke. Union Minister Pralhad Joshi, Karnataka Governor Thaawarchand Gehlot, Minister Bairathi Suresh, Dharmadhikari D. Veerendra Heggade, and seers from the Ashta Maths are expected to join the ceremony.

Ahead of his arrival, the Prime Minister posted on X that he felt “honoured” to attend the spiritually significant gathering. “This is a special occasion that brings together people from different sections of society for a recital of the Gita. This Matha has a very special significance in our cultural life,” he wrote, noting the institution’s long-standing legacy rooted in the teachings of Sri Madhvacharya.

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News Network
December 4,2025

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Angry outbursts, long queues, and desperate appeals filled airports across India today as IndiGo grappled with a severe operational breakdown. Hundreds of flights have been cancelled or delayed, leaving thousands of passengers stranded through the night and forcing many to spend long hours at helpdesks.

Social media was flooded with videos of fliers pleading for assistance, accusing the airline of misleading updates, and demanding accommodation after being stuck for 10 to 12 hours at airports such as Hyderabad and Bengaluru.

What Triggered the Meltdown?

IndiGo has attributed the widespread disruption to “a multitude of unforeseen operational challenges.” These include:

•    Minor technology glitches
•    Winter-season schedule adjustments
•    Bad weather
•    Congestion in the aviation network
•    New crew rostering rules (Flight Duty Time Limitations or FDTL)

Among these, the most disruptive has been the implementation of the updated FDTL norms introduced by the Directorate General of Civil Aviation (DGCA) in January 2024.

These rules were designed to reduce pilot fatigue and improve passenger safety. Key changes include:

•    Longer weekly rest periods for flight crew
•    A revised definition of “night,” extending it by an extra hour
•    Tighter caps on flight duty timing and night landings
•    Cutting night shifts for pilots and crew from six per roster cycle to just two

Once these norms became fully enforceable, airlines were required to overhaul rosters well in advance. For IndiGo, this triggered a sudden shortage of crew available for duty, leading to cascading delays and cancellations.

Why IndiGo Was Hit the Hardest

IndiGo is India’s largest airline by a wide margin, operating over 2,200 flights daily. That’s roughly double the number operated by Air India.

When an airline of this size experiences even a 10–20% disruption, it translates to 200–400 flights being delayed or grounded — producing massive spillover effects across the country.

IndiGo also relies heavily on high-frequency overnight operations, a model typical of low-cost carriers that aim to maximise aircraft utilisation and reduce downtime. The stricter FDTL norms clash with these overnight-heavy schedules, forcing the airline to pull back services.

Aviation bodies have also criticised IndiGo’s preparedness. The Airline Pilots' Association of India (ALPA) said airlines were given a two-year window to plan for the new rules but “started preparing rather late.” IndiGo, it said, failed to rebuild crew rosters 15 days in advance as required.

The Federation of Indian Pilots (FIP) went further, calling the crisis the result of IndiGo’s “prolonged and unorthodox lean manpower strategy,” and alleging that the airline adopted a hiring freeze even as it knew the new rules would require more careful staffing.

How Many Flights Are Affected?

In the past 48 hours, over 300 flights have been cancelled. At least 100 more are expected to be cancelled today.

City-wise impact:

•    Hyderabad: 33 expected cancellations; several fliers stranded overnight
•    Bengaluru: over 70 expected cancellations
•    Delhi, Mumbai, Chennai, Kolkata: widespread delays and missed connections

Passengers shared distressing accounts online.

One customer at Hyderabad airport said they waited from 6 PM to 9 AM with “no action taken” regarding their delayed Pune flight. Another said IndiGo repeatedly told them the crew was “arriving soon,” only for the delay to stretch over 12 hours.

IndiGo has apologised for the disruption and promised that operations will stabilise within 48 hours, adding that “calibrated adjustments” are being made to contain the chaos.

What Should Passengers Do Now?

For those flying in the next few days, especially with IndiGo, here are key precautions:

1. Keep Checking Flight Status
Monitor your flight closely before leaving for the airport, as delays may be announced last-minute.

2. Arrive Early
Expect long queues at counters and security due to crowding and rescheduling.

3. Carry Essentials
Pack snacks, water, basic medicines, chargers, and items for children or senior citizens. Extended waiting times should be anticipated.

4. Use Flexible Booking Options
If you booked tickets with a free-date-change or cancellation option, consider using them.
If you haven’t booked yet, prefer refundable or flexible fares, or even consider alternate airlines.

5. Follow IndiGo’s Updates
Keep an eye on IndiGo’s official social media channels and contact customer support for rebooking and refund queries.

What Needs to Change?

Pilot groups have raised concerns not just about staffing but also the planning practices behind it.
The Federation of Indian Pilots accused IndiGo of:

•    Imposing an unexplained hiring freeze despite knowing the FDTL changes were coming
•    Entering non-poaching agreements that limited talent movement
•    Keeping pilot pay frozen
•    Underestimating the need to restructure operations in advance

They have urged DGCA to approve seasonal schedules only after airlines prove they have adequate pilot strength under the new norms.

ALPA also warned that some airlines might be using the delays as an “immature pressure tactic” to push DGCA for relaxations in the new rules — which, if granted, could compromise the very safety standards the norms were meant to protect.

Both pilot bodies stressed that no exemption should dilute safety, and any deviations should be based solely on scientific risk assessment.

Is a Solution in Sight?

While IndiGo says normalcy will return within two days, aviation experts believe that fully stabilising operations could take longer, depending on how quickly the airline can:
•    Re-align rosters
•    Mobilise rested crew
•    Boost staffing
•    Adjust its winter schedule to match regulatory requirements
Passengers are advised to remain prepared for continued delays over the next few days as the airline works through its backlog. 

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