<p>Gautam Adani faces a critical day on Monday with his flagship company's $2.5 billion share sale's second day of bidding overshadowed by a $48 billion rout in the billionaire's stocks which was sparked by a US short seller's report.</p>.<p>Seven listed companies belonging to the Adani conglomerate, which is led by Asia's richest man, saw sharp falls in their values after Hindenburg Research report last week flagged concerns about high debt levels and the use of tax havens.</p>.<p>Adani Group has called the report baseless and said it was considering taking action against Hindenburg.</p>.<p><strong>Also read | <a href="https://www.deccanherald.com/business/business-news/adani-confident-of-fpo-sailing-through-sebi-other-regulatory-bodies-probing-sell-off-1185733.html" target="_blank">Adani confident of FPO sailing through; SEBI, other regulatory bodies probing sell-off</a></strong></p>.<p>For 60-year-old Adani, the stock market meltdown has been a dramatic setback for a school-dropout who rose swiftly in recent years to become the world's third richest man, before slipping to rank seventh on the Forbes list last week.</p>.<p>The secondary share sale by Adani Enterprises opened for retail and institutional investors on Friday, but saw only 1 per cent subscriptions as the company's stock fell 11 per cent below the minimum offer price.</p>.<p>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 on 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.</p>.<p>"It is important for the Adani Group to ensure the share sale goes through -- If they stick to the price and don't reduce it, and the stock doesn't bounce back, nobody will be keen to apply," said Mumbai-based market analyst, Ambareesh Baliga, who advises various family offices.</p>.<p>"Monday's trade will be critical."</p>.<p><strong>'Free fall'</strong></p>.<p>Some Adani Group stocks have surged more than 1,500 per cent in the last three years amid aggressive expansion in businesses that include ports, power generation, airports and mining.</p>.<p>Adani Enterprises has set a floor price of Rs 3,112 per share and a cap of Rs 3,276 for the secondary share sale - well above their close of Rs 2,761.45 on Friday.</p>.<p><strong>Also read | <a href="https://www.deccanherald.com/business/business-news/adani-groups-full-reply-to-hindenburg-expected-after-share-sale-1185530.html" target="_blank">Adani Group's full reply to Hindenburg expected after share sale</a></strong></p>.<p>Arun Kejriwal, founder of Kejriwal Research & Investment, said investors were likely to wait until the last day of the share sale to see if the price band is tweaked.</p>.<p>"I expect that the free fall seen of Friday may abate but recovery back towards a level prior to this fall may be difficult," he added.</p>.<p>Indian regulations say the share offering must receive minimum subscription of 90 per cent, and if it does not the issuer must refund the entire amount.</p>.<p>Maybank Securities and Abu Dhabi Investment Authority are among investors who bid for the anchor portion of the issue.</p>.<p>On Saturday, index provider MSCI 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.</p>.<p>There are at least six Adani Group companies in the MSCI India Index, with a cumulative weight of 4.31 per cent.</p>
<p>Gautam Adani faces a critical day on Monday with his flagship company's $2.5 billion share sale's second day of bidding overshadowed by a $48 billion rout in the billionaire's stocks which was sparked by a US short seller's report.</p>.<p>Seven listed companies belonging to the Adani conglomerate, which is led by Asia's richest man, saw sharp falls in their values after Hindenburg Research report last week flagged concerns about high debt levels and the use of tax havens.</p>.<p>Adani Group has called the report baseless and said it was considering taking action against Hindenburg.</p>.<p><strong>Also read | <a href="https://www.deccanherald.com/business/business-news/adani-confident-of-fpo-sailing-through-sebi-other-regulatory-bodies-probing-sell-off-1185733.html" target="_blank">Adani confident of FPO sailing through; SEBI, other regulatory bodies probing sell-off</a></strong></p>.<p>For 60-year-old Adani, the stock market meltdown has been a dramatic setback for a school-dropout who rose swiftly in recent years to become the world's third richest man, before slipping to rank seventh on the Forbes list last week.</p>.<p>The secondary share sale by Adani Enterprises opened for retail and institutional investors on Friday, but saw only 1 per cent subscriptions as the company's stock fell 11 per cent below the minimum offer price.</p>.<p>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 on 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.</p>.<p>"It is important for the Adani Group to ensure the share sale goes through -- If they stick to the price and don't reduce it, and the stock doesn't bounce back, nobody will be keen to apply," said Mumbai-based market analyst, Ambareesh Baliga, who advises various family offices.</p>.<p>"Monday's trade will be critical."</p>.<p><strong>'Free fall'</strong></p>.<p>Some Adani Group stocks have surged more than 1,500 per cent in the last three years amid aggressive expansion in businesses that include ports, power generation, airports and mining.</p>.<p>Adani Enterprises has set a floor price of Rs 3,112 per share and a cap of Rs 3,276 for the secondary share sale - well above their close of Rs 2,761.45 on Friday.</p>.<p><strong>Also read | <a href="https://www.deccanherald.com/business/business-news/adani-groups-full-reply-to-hindenburg-expected-after-share-sale-1185530.html" target="_blank">Adani Group's full reply to Hindenburg expected after share sale</a></strong></p>.<p>Arun Kejriwal, founder of Kejriwal Research & Investment, said investors were likely to wait until the last day of the share sale to see if the price band is tweaked.</p>.<p>"I expect that the free fall seen of Friday may abate but recovery back towards a level prior to this fall may be difficult," he added.</p>.<p>Indian regulations say the share offering must receive minimum subscription of 90 per cent, and if it does not the issuer must refund the entire amount.</p>.<p>Maybank Securities and Abu Dhabi Investment Authority are among investors who bid for the anchor portion of the issue.</p>.<p>On Saturday, index provider MSCI 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.</p>.<p>There are at least six Adani Group companies in the MSCI India Index, with a cumulative weight of 4.31 per cent.</p>