- China opens $71 bn 'swap facility' to boost markets
- Asian markets track Wall St record as Hong Kong, Shanghai stabilise
- 'Denying my potential': women at Japan's top university call out gender imbalance
- China's central bank says opens up $70.6 bn in liquidity to boost market
- Youth facing unprecedented wave of violence, UN envoy warns
- 'A casino in every kitchen': Brazil's online gambling craze
- Nobel chemistry winner sees engineered proteins solving tough problems
- Discord seen as online home for renegades
- US forecasts severe solar storm starting Thursday
- Ratan Tata: Indian mogul who built a global powerhouse
- One dead as storm Kirk tears through Spain, Portugal, France
- Indian business titan Ratan Tata dead at 86
- Fed minutes highlight divisions over rate cut decision
- Steve McQueen debuts new WWII film at London festival
- Nobel winners hope protein work will spur 'incredible' breakthroughs
- What are proteins again? Nobel-winning chemistry explained
- AI steps into science limelight with Nobel wins
- Overshooting 1.5C risks 'irreversible' climate impact: study
- Demis Hassabis, from chess prodigy to Nobel-winning AI pioneer
- Global stocks diverge as Chinese shares tumble
- Time runs out in Florida to flee Hurricane Milton
- Chad issues warning ahead of more devastating floods
- Creator's death no bar to new 'Dragon Ball' products
- Chinese stocks tumble on lack of fresh stimulus
- Trio wins chemistry Nobel for protein design, prediction
- Braving war: Lebanon's 'badass' airline defies odds
- US weighs Google breakup in landmark trial
- Chinese stocks tumble on stimulus upset, Asia tracks Wall St higher
- 7-Eleven owner confirms new takeover offer from Couche-Tard
- A US climate scientist sees hurricane Helene's devastation firsthand
- Can carbon credits help close coal plants?
- Boeing suspends negotiations with striking workers
- 7-Eleven owner's shares spike on report of new buyout offer
- Your 'local everything': what 7-Eleven buyout battle means for Japan
- AI-aided research, new materials eyed for Nobel Chemistry Prize
- The US economy is solid: Why are voters gloomy?
- Scientists sound AI alarm after winning physics Nobel
- Nobel-winning physicist 'unnerved' by AI technology he helped create
- Trump secretly sent Covid tests to Putin: Bob Woodward book
- Neural networks, machine learning? Nobel-winning AI science explained
- Boeing delivers 27 MAX jets in September despite strike
- Stock markets diverge as Hong Kong sinks, oil prices fall
- US trade gap narrowest in five months as imports slip
- Stay and 'you are going to die': Florida braces for next hurricane
- Geoffrey Hinton, soft-spoken godfather of AI
- Duo wins Physics Nobel for 'foundational' AI breakthroughs
- German 'Maddie' suspect could be free in 2025 after cleared of separate sex crimes
- China slaps provisional tariffs on EU brandy imports
- Duo wins Physics Nobel for key breakthroughs in AI
- German 'Maddie' suspect could be free soon after cleared of separate sex crimes
Large investors pull Adani's $2.5 bn share sale through after stock rout
Adani Group's ambitious share sale exceeded its subscription targets Tuesday in a relief for the Indian conglomerate, which is reeling from allegations of "brazen" corporate fraud that wiped more than $65 billion off its value.
The success of India's biggest follow-on public offer (FPO) is the first reprieve in a horror week for the sprawling business empire of Gautam Adani -- still Asia's richest man despite a bruising $36 billion hit to his personal fortune.
Large institutional investors swooped in on the offer's final day, even as some of the firm's listed companies were hammered in trade and smaller retail investors steered clear.
"Thank you for the support provided in making the Adani FPO a success during the most unprecedented and challenging times," a public relations representative for the conglomerate said in a statement.
The $2.5 billion share offer was 112 percent subscribed by Tuesday afternoon, driven by corporate institutions, foreign funds and other large investors.
But retail investors bid for only 12 percent of their category, despite additional discounts, impeding Adani's plans to expand his shareholder base and invite "the average, normal Indian mom and dad as shareholders".
Shares in flagship Adani Enterprises closed 3.35 percent higher on Tuesday but remained well below the 3,112-3,276 rupees price range set for the FPO, making them cheaper to buy on the open market.
Adani Transmission, Adani Green Energy and Adani Ports closed 3.73, 3.06 and 2.67 percent higher respectively.
But Adani Total Gas saw another day of dramatic falls with trading halted for another session after diving 10 percent in the morning.
The natural gas distribution company -- of which France's TotalEnergies owns 37.4 percent -- has lost 45 percent in market value over the past week.
Adani Power and Adani Wilmar also hit their circuit breakers after falling five percent each.
Founder Adani, 60, was the world's third-richest person last week but has now slipped to eighth place on Forbes' real-time global rich list.
- 'Brazen manipulation' -
The slump in Adani stocks began after US investment group Hindenburg Research last week alleged a "brazen stock manipulation and accounting fraud scheme over the course of decades".
Adani said it was the victim of a "maliciously mischievous" reputational attack and on Sunday issued a 413-page statement that it said rebutted Hindenburg's claims.
Dubbing Hindenburg the "Madoffs of Manhattan" -- a reference to crooked financier Bernie Madoff -- the statement said the researchers' allegations were "nothing but a lie".
"This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," Adani said.
Hindenburg said in response that "India's future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation".
It added that Adani's response only included about 30 pages focused on issues related to its report.
A.Agostinelli--CPN