The iShares MSCI India exchange-traded fund sank 2.2% in afternoon trading Wednesday, putting it on track for the lowest close since July 18, 2022, amid plunges in shares of some Adani-named companies. The biggest loser was coal and power trader Adani Enterprise Ltd.’s stock
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which plummeted 28.5% in India trading, followed by shares of ports operator Adani Ports & Special Economic Zone Ltd.
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which slumped 19.7%. The Adani group of companies have been under heavy pressure since short-seller Hindenburg Research, which specializes in bearish stock bets, accused the group of accounting fraud, in a report published Jan. 24, and even after the group issued a 413-page rebuttal. The ETF, which has 113 large- and mid-sized India-based companies as components, has now lost 4.9% since Jan. 24, while shares of Adani Enterprises plunged 38.2% and Adani Ports has slid 35.3%. In comparison, the S&P 500 has gained 1.3% since Jan. 24.
