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WSJ What’s News

How Indian Giant Adani Lost More than $100 Billion in Market Value

WSJ What’s News

The Wall Street Journal

Daily News, News

4.14.2K Ratings

🗓️ 2 February 2023

⏱️ 16 minutes

🧾️ Download transcript

Summary

P.M. Edition for Feb. 2. In less than a week, Indian conglomerate Adani has lost over $100 billion in market value, after short-selling activist firm Hindenburg accused the company of fraud. Financial investigative reporter Ben Foldy joins host Annmarie Fertoli to explain what happened. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

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0:27.0

Lloyd's Bank, by your side.

0:35.0

Indian conglomerate Adani has lost more than $100 billion in market value in one week.

0:40.6

The Adani group has really kind of presented itself as kind of the champion of India's growth.

0:44.8

And India's growth is Adani and Adani's growth is India's growth from an economic perspective.

0:49.6

What calls the slide and whether it could spread.

0:52.6

Plus, how the current economic outlook is impacting big tech companies.

0:57.2

And the heated debate on gas versus electric stoves continues.

1:01.4

But what does the science say?

1:03.0

It's Thursday, February 2.

1:04.8

I'm Amary for Tolly for the Wall Street Journal.

1:07.0

This is the PM edition of What's News, the top headlines and business stories that moved the world today.

1:12.8

The Nasdaq jumped more than 3% today ahead of a slew of after-the-bell earnings from big tech companies.

1:26.4

But the busiest week of earnings season brought mixed news.

1:29.4

Apple reported its first quarterly revenue decline in nearly four years,

1:33.6

with revenue of more than $117 billion in the fourth quarter,

1:37.4

down 5% from the same quarter a year ago.

...

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