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Adani bulls cut positions before US indictment
Hindustan Times
|November 25, 2024
Two days before a US court indicted senior officials of Adani Green Energy for allegedly bribing Indian state government officials to secure lucrative power contracts, bulls on two of the group companies' derivatives counters slashed their long positions, saving them from massive losses that hit the group shares after the news broke.
A report of the allegations, dismissed as "baseless" by the Adani Group, surfaced early on Thursday morning, leaving investors with a ₹2.24-trillion hole in their pockets at the end of the day.
Interestingly, certain traders holding futures positions of Adani Enterprises and Adani Ports, squared off or closed out a substantial part of these on Tuesday, two days ahead of the carnage. Wednesday was a holiday for assembly elections in Maharashtra.
Cette histoire est tirée de l'édition November 25, 2024 de Hindustan Times.
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