Adani's market loss swells to $70 bln as its fight with short-seller escalates
Adani, led by Asia’s richest man Gautam Adani, has locked horns with Hindenburg Research and on Sunday hit back at the short-seller’s report of last week that flagged concerns about its debt levels and the use of tax havens.
Adani group shares extended their sharp falls on Monday as the Indian conglomerate's rebuttal of a U.S. short-seller's criticism failed to pacify investors, driving stock market losses for the companies to almost $70 billion over three days.
Flagship Adani Enterprises ADEL.NS, which is facing a crucial test this week with a follow-on share offering, fell 2.5%, reversing its initial gains of as much as 10% and staying significantly below the offer price.
Adani, led by Asia's richest man Gautam Adani, has locked horns with Hindenburg Research and on Sunday hit back at the short-seller's report of last week that flagged concerns about its debt levels and the use of tax havens. Adani said it complies with all local laws and had made the necessary regulatory disclosures.
Adani Transmission ADAI.NS, Adani Total Gas ADAG.NS, Adani Green Energy ADNA.NS, Adani Power ADAN.NS, Adani Wilmar ADAW.NS and Adani Ports and Special Economic Zone APSE.NS fell between 4.2% and 20% on Monday.
Adani Enterprises' $2.5 billion secondary share sale entered its second day amid weak investor sentiment. The stock was trading at 2,686 rupees, 13.6% below the 3,112 rupees lower end of the offer price band. The upper band is 3,276 rupees.
Initial data from stock exchanges on Monday showed Adani has now received bids for 687,840, or 1.5%, of the 45.5 million of shares on offer. The deal closes on Tuesday.
Foreign and domestic institutional investors, as well as mutual funds, have made no bids so far, according to the data.
"Retail participation is likely to have a shortfall with current market prices still trailing the offer price and sentiment taking a hit due to the Hindenburg controversy," said Hemang Jani, equity strategist at Motilal Oswal Financial Services.
"While there is a risk that the share sale does not go through, it will be crucial today to wait and see how institutional investors participate."
Adani Group told Reuters in a statement on Saturday that the sale remains on schedule at the planned issue price, even as sources said bankers of the country's largest secondary share sale were considering extending the timeline beyond Jan. 31, or tweaking the price due to the fall in its share price.
Indian regulations say the share offering must receive a minimum subscription of 90%, and if it does not the issuer must refund the entire amount. Maybank Securities and Abu Dhabi Investment Authority are among the investors who bid for the anchor portion of the issue.
Maybank said in a statement "there is no financial impact" on it as the subscription to Adani's offer was fully funded by client funds.
State-run insurance behemoth Life Insurance Corporation (LIC) LIFI.NS told Reuters on Monday it was reviewing the Adani group's response to Hindenburg's report and would hold talks with the management within days.
LIC took 5% of the anchor portion, worth around $734 million. It already holds a 4.23% stake in the flagship Adani firm, while its other exposures include a 9.14% stake in Adani Ports and 5.96% in Adani Total Gas.
"Since we are a large investor we have the right to ask relevant questions," LIC Managing Director Raj Kumar said.
DEBT, DE-LEVERAGING
Index provider MSCI has said it was seeking feedback from market participants on Adani and was monitoring the factors that "may impact the eligibility of those relevant securities" in MSCI indexes.
In its response on Sunday, Adani highlighted its relationships with local and international banks and touted its access to diverse funding sources and structures, listing U.S. banks Citigroup C.N and JPMorgan Chase & Co JPM.N and European lenders such as BNP Paribas BNPP.PA, Credit Suisse CSGN.S and Deutsche Bank DBKGn.DE.
Responding to Adani's rebuttal, Hindenburg said the "response largely confirmed our findings and ignored our key questions."
The stock market meltdown is a dramatic setback for 60-year-old Adani. The school-dropout's stunning rise came with over 1,500% gains in some of his group stocks over three years, making him the world's third richest man before he slipped to rank eighth on the Forbes list on Monday.
Hindenburg said that Adani companies had "substantial debt" and that shares in seven Adani-listed companies have an 85% downside due to what it called "sky-high valuations".
Adani's response stated that over the past decade, its group companies have "consistently de-levered".
Police officers stand guard between an anti fascist group and Tommy Robinson supporters during an anti-immigration rally organised by British anti-immigration activist Stephen Yaxley-Lennon, also known as Tommy Robinson, in London, Britain, September 13, 2025.
THE British government has defended its new migrant returns deal with France after a High Court ruling temporarily blocked the deportation of an Eritrean asylum seeker, marking an early legal setback to the scheme.
The 25-year-old man, who arrived in Britain on a small boat from France on August 12, was due to be placed on an Air France flight from Heathrow to Paris on Wednesday (17) morning. But on Tuesday (16), Judge Clive Sheldon granted an interim injunction, saying there was a “serious issue to be tried” over his claim to be a victim of trafficking.
The ruling gives the asylum seeker 14 days to provide more evidence before a full legal hearing.
Government minister Liz Kendall acknowledged the court’s decision was a setback but insisted it would not derail the wider “one-in, one-out” pilot deal with France.
“This is one person, it is not going to undermine the fundamental basis of this deal,” she told Times Radio. “This decision is disappointing but it won’t prevent the rest of that deal going ahead.”
Under the agreement, signed in July and launched in August, Britain can return migrants who arrive by small boats and are judged ineligible for asylum, including those who passed through a safe country. In exchange, the UK will accept an equal number of migrants from France who apply for visas through an online platform. The pilot scheme will run until June 2026.
So far this year more than 31,000 people have crossed the Channel in small boats, adding to political pressure on prime minister Keir Starmer. Immigration has become a dominant issue in Britain, often eclipsing concerns over the economy, as the government struggles to deter irregular crossings.
The returns were expected to begin this week, but several deportation attempts have already been delayed after migrants lodged last-minute legal challenges. More than 90 people detained for removal have pending cases, according to charities. France is due to begin its first repatriations under the deal on Saturday (20), its home ministry confirmed.
Lawyers for the Eritrean man argued that sending him back to France would expose him to “a real risk of destitution” and that his trafficking claim should be resolved before any removal. Sonali Naik, representing the asylum seeker, said the government had acted prematurely.
The Home Office, however, argued in court that the UK-France scheme was essential to “disincentivise illegal and dangerous crossings and favour legal migration routes.” Kate Grange, counsel for the government, warned that delays in one case could encourage others to file similar claims, undermining the agreement’s deterrent effect.
Charities have also raised concerns that the deal will face “all sorts of challenges”. Pierre Makhlouf, from Bail for Immigration Detainees, said: “If the government presumed that the removals would actually take place this week, then they might be premature. Those who are here will fight very hard.”
The Starmer government regards the deal as a central part of its efforts to control migration and to blunt the rise of Nigel Farage’s Reform UK party, which has made gains in opinion polls with its anti-immigration message.
Despite the court ruling, ministers stressed the government remained committed to the returns policy. “Playing in the subcontinent always presents a challenge and we have selected a team to be competitive in these conditions,” said Kendall. “We will continue to pursue this agreement because it is in the interests of both countries and of the migrants themselves.”
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AN ASIAN senior heart surgeon, who abused his position to sexually assault female members of staff, has been jailed for six years.
Dr Amal Bose, from Lancaster, was convicted of 12 counts of sexual assault against five colleagues at Blackpool Victoria Hospital between 2017 and 2022. He was cleared of two other charges.
According to Lancashire Police, the jury heard during the trial earlier this year that Bose was “the root cause of a toxic and sexualised culture” at the hospital. His behaviour included inappropriately touching women and making sexualised comments.
Despite claiming his actions were “only flirting” and “banter”, Bose was found guilty by a jury in June. He appeared at Preston Crown Court on Monday (15), where he was sentenced to six years in prison.
In personal statements read to the court, the victims said Bose’s behaviour had left them feeling unsafe at work and less able to trust male colleagues. Some changed their working patterns to avoid him, called in sick, or were even forced to leave the profession.
One victim said Bose had not only violated her body but also the trust and respect that should exist in any professional workplace. Others described experiencing anxiety, panic attacks and a loss of confidence.
Detective chief inspector (temporary) Kirsty Wyatt said: “Everyone should feel able to go to work and feel safe, confident and secure. Bose has undermined that by abusing his position of power to sexually assault female members of staff, and in doing so he has caused enormous damage.”
She added: “I would like to thank the victims for having the courage to come forward and speak about what happened to them – that cannot have been easy. While he may have considered his behaviour as merely flirting, his actions have clearly had a deep and lasting impact on his victims, and in some cases have caused them to abandon the profession they loved.”
Wyatt also praised the jury and the Crown Prosecution Service for their handling of the case. “I hope the guilty verdicts give others who may have suffered similar ordeals the confidence to report it to us, safe in the knowledge we will investigate professionally and sensitively,” she said.
(PTI)
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Donald Trump and Narendra Modi shake hands as they attend a joint press conference at the White House on February 13, 2025.
Both leaders reaffirm commitment to India-US partnership
Trade talks resume in New Delhi amid tariff tensions
India defends purchase of discounted Russian oil
US PRESIDENT Donald Trump on Tuesday called Indian prime minister Narendra Modi and greeted him ahead of his 75th birthday. The phone call sparked hopes of a reset in India-US ties, which had been under strain after Washington doubled tariffs on Indian goods to 50 per cent.
In a social media post, Modi said that like Trump, he is also "fully" committed to taking the India-US comprehensive and global partnership to "new heights."
"Thank you, my friend, President Trump, for your phone call and warm greetings on my 75th birthday," Modi wrote on X. "Like you, I am also fully committed to taking the India-US Comprehensive and Global Partnership to new heights. We support your initiatives towards a peaceful resolution of the Ukraine conflict."
Thank you, my friend, President Trump, for your phone call and warm greetings on my 75th birthday. Like you, I am also fully committed to taking the India-US Comprehensive and Global Partnership to new heights. We support your initiatives towards a peaceful resolution of the… — Narendra Modi (@narendramodi) September 16, 2025
Trump praises Modi
Trump said Modi is "doing a tremendous job" and thanked him for supporting his efforts to end the war in Ukraine.
"Just had a wonderful phone call with my friend, Prime Minister Narendra Modi. I wished him a very Happy Birthday! He is doing a tremendous job," Trump said on Truth Social. "Narendra: Thank you for your support on ending the war between Russia and Ukraine."
The call came a day before Modi’s 75th birthday and was the first since the US imposed 50 per cent tariffs on India.
Trade talks in New Delhi
The call coincided with a new round of India-US talks in New Delhi on a proposed bilateral trade agreement.
A spokesperson at the US embassy said: "Assistant US Trade Representative Brendan Lynch had a positive meeting in Delhi with his counterpart Ministry of Commerce and Industry special secretary Rajesh Agrawal on September 16 to discuss next steps in bilateral trade negotiations."
Tariffs and tensions
The phone call followed social media exchanges between the two leaders in recent days, which indicated intent to rebuild ties.
Relations had been strained after the Trump administration doubled tariffs on Indian goods to 50 per cent, including a 25 per cent additional duty on India’s purchase of Russian crude oil. India described the action as "unfair, unjustified and unreasonable."
In recent weeks, several Trump administration officials, including White House trade adviser Peter Navarro, used offensive language while criticising India’s energy ties with Russia.
India defends Russian oil purchases
India has maintained that its energy procurement is based on national interest and market factors. It turned to Russian crude offered at discounted prices after Western sanctions on Moscow following its invasion of Ukraine in February 2022.
Ongoing trade negotiations
The fresh round of trade talks came after Modi responded to Trump’s recent remarks on addressing "trade barriers."
Trump had said he looked forward to speaking with Modi in the "upcoming weeks" and expressed confidence that both sides could finalise the proposed deal.
Modi has said India and the US are natural partners and that both sides are working to conclude the negotiations.
In the past few months, several rounds of talks were held, but a deal could not be reached due to differences in areas including agriculture and dairy.
(With inputs from agencies)
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Donald Trump and Melania Trump exit Air Force One after arriving at London Stansted Airport for a state visit on September 16, 2025 in Stansted, Essex.
Trump begins his second state visit to the UK with a royal welcome at Windsor Castle
Prince William, Catherine, King Charles and Queen Camilla take part in ceremony
State banquet and trade talks with prime minister Keir Starmer scheduled
Protests and security operation mark visit amid political challenges
US PRESIDENT Donald Trump began his unprecedented second state visit to Britain on Wednesday with a lavish welcome from King Charles and the royal family at Windsor Castle.
The visit opened with heir to the throne Prince William and his wife Catherine greeting Trump and First Lady Melania Trump, before King Charles and Queen Camilla joined them for a carriage procession through the grounds of Windsor Castle. A wreath was laid on the tomb of Queen Elizabeth, who died in 2022.
UK officials said the visit involves the largest military ceremonial welcome for a state visit in living memory, with 1,300 troops, 120 horses, a military band ceremony, and a flypast by US and British F-35 fighter jets alongside the Royal Air Force’s Red Arrows display team.
Trump, who has often expressed admiration for the British monarchy, said on arrival: “A lot of things here warm my heart.” He described Charles, who is undergoing cancer treatment, as “my friend.” Earlier this year, Trump had written on social media, “I Love King Charles.”
The day will conclude with a white-tie state banquet at Windsor Castle, where Trump and King Charles are expected to deliver speeches.
prime minister Keir Starmer will host Trump on Thursday at Chequers for talks on trade, investment, and international issues including Ukraine and Gaza.
Britain is seeking to deepen economic ties and build on a new technology pact covering AI, quantum computing, and civil nuclear energy. Microsoft has pledged 31 billion pounds ($42 billion) in UK investments.
“Basically, I’m there also on trade. They want to see if they can refine the trade deal a little bit. We made a deal, and it’s a great deal. And I’m into helping them,” Trump said before departing for Britain. “They’d like to see if they could get a little bit better deal, so we’ll talk to them.”
The visit comes at a time of political challenges for Starmer, who last week dismissed UK ambassador to Washington Peter Mandelson over links to the late Jeffrey Epstein. Trump has also been linked to the Epstein scandal, which he has called a “hoax.”
The issue resurfaced on Tuesday night when protesters projected images of Trump and Epstein onto Windsor Castle. Police said four people were arrested for malicious communications over what was described as an unauthorised projection stunt.
A large security operation is in place for the visit, with 1,600 officers deployed in London to manage planned protests.
Trump is the first US president and the first elected politician to be invited for two state visits by a British monarch.
The 11th UK National Gatka Championship was hosted near Cardiff, marking the first time in Wales.
Winners included Roop Kaur (girls), Navjot Singh (boys), and Gurdeep Singh (men’s).
Gatka Federation UK awarded £1,000 to each participating Akhara to support martial arts promotion.
Chief guests included MP Tanmanjeet Singh Dhesi and Harjeet Singh Grewal, President of the World Gatka Federation.
Gatka Championship marks Welsh debut
The 11th UK National Gatka Championship concluded on a high note near Cardiff, Wales, showcasing the traditional Sikh martial art with flair. Seven leading Gatka Akharas participated, thrilling spectators with their lightning-fast strikes, precision moves and elegant techniques.
Inauguration by global leaders
The tournament was inaugurated by Harjeet Singh Grewal, President of the World Gatka Federation (WGF) and the National Gatka Association of India (NGAI). He was joined by Tanmanjeet Singh Dhesi MP, President of Gatka Federation UK, alongside other dignitaries including Jagbir Singh Jagga Chakar, President of Wales Kabaddi Club, and community leaders from the Haveli Hotel Pontyclun.
The 11th UK National Gatka Championship concluded on a high note near Cardiff, WalesUK Parliament
Competition results
All events were held in the Farrie-Soti (individual) format:
Girls’ Category: Roop Kaur (Akali Phoola Singh Gatka Akhara Coventry) won first place, defeating teammate Manroop Kaur. Rihanna Kaur (Baba Banda Singh Gatka Akhara Gravesend) took third.
Boys’ Category: Navjot Singh (Baba Fateh Singh Gatka Akhara Woolwich) secured first place against teammate Jashan Singh. Dharam Singh and Tejveer Singh (both from Akali Phoola Singh Gatka Akhara Coventry) shared third.
Men’s Category: Gurdeep Singh (Jangi Horses Club Wolverhampton) claimed the title, defeating Kuldeep Singh (Baba Banda Singh Gatka Akhara Gravesend). Third place was shared by Anmoldeep Singh and Nihal Singh (both Baba Mitt Singh Gatka Akhara Wolverhampton).
Awards and recognition
All winners received medals and trophies. In a significant gesture, Gatka Federation UK presented £1,000 to each participating Akhara to strengthen training facilities and promote wider engagement in the sport.
Leaders praise UK’s Gatka growth
Harjeet Singh Grewal commended MP Tan Dhesi for his sustained efforts in promoting Gatka since 2013, pledging WGF and NGAI’s continued support in advancing the martial art across Britain.
In his address, MP Dhesi — also Chairman of the House of Commons Defence Committee — highlighted the growing enthusiasm among young people in the UK and thanked the Gurdwara committees of Swansea and Cardiff for their support in making the event a success.
Dignitaries in attendance
The championship was attended by prominent figures including Herman Singh Johal (General Secretary, Gatka Federation UK), representatives from Swansea and Cardiff Gurdwara committees, media partners from Akaal Channel, Sikh Channel, Jan Shakti News, and several community leaders.