Adani Gas Descends to Hindenburg's Predicted 85% Descent; China Claims Progress on Boundary Talks, Diplomatic Ties With Bhutan;

Fallout of India’s rice export ban reaches the UK, endangered cat’s lives running out, morality play trumps interfaith couple's need for need for protection, a satirist calls out calculus of war

A newsletter from The Wire | Founded by MK Venu, Seema Chishti, Siddharth Varadarajan, Sushant Singh, Sidharth Bhatia and Tanweer Alam | Contributing writer: Kalrav Joshi, with additional inputs by Anirudh SK | Editor: Pratik Kanjilal

---

Snapshot of the day

October 24, 2023

Pratik Kanjilal

Nine months after the US short seller Hindenburg Research flagged a 85 per cent downside in Adani shares, Adani Total Gas has become the first of the group’s seven listed companies to descend to that valuation. The shares of the conglomerate’s city-gas distributor slid as much as 2.6 per cent to 575.7 rupees on Monday, taking losses from their January 24 closing of 3,891.75 rupees to 85 per cent. While shares and bonds of some Adani companies have since recovered, particularly after the ports-to-power group received investments from GQG Partners, Adani Total Gas remains the hardest hit. Meanwhile, New Delhi Television Ltd (NDTV), part of the Adani Group, reported a significant 51% drop in second-quarter profit due to reduced advertising spending as businesses cut back amidst rising interest rates. Consolidated net profit fell to 59.1 million rupees ($710,803) from 120.1 million rupees compared to the previous year. 

China is "ready to conclude boundary negotiations and establish diplomatic relations with Bhutan as soon as possible", Chinese Foreign Minister Wang Yi is quoted as