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Dangerous wind chills as cold as 50 degrees below zero will blast the Northeast while parts of the South struggle to thaw from a deadly ice storm.

The mind-numbing wind chills set to wallop New England “could be the coldest felt in decades,” the Weather Prediction Center said.

More than 15 million people are under wind chill warnings or advisories in the Northeast. The alerts begin to go into effect very early Friday morning and last through Saturday afternoon.

“This is an epic, generational Arctic outbreak,” said the National Weather Service in Caribou, Maine. “The air mass descending on the area Friday into Friday night is the coldest air currently in the Northern Hemisphere.”

Such extreme conditions can cause frostbite in as little as 10 minutes.

Fortunately, the brutal blast will only last about 36 hours. Temperatures across most of the Northeast are expected to rise by Sunday afternoon.

But farther south, cities paralyzed by a deadly ice storm this week will get an encore of nasty weather before finally thawing out this weekend.

Here’s what to expect in the South and Northeast:

The ice storm linked to at least three deaths in Texas will dump more freezing rain Thursday morning.

Another quarter inch of ice could glaze central and northern Texas, as well as southern Oklahoma and Arkansas.

Adding to the misery: More than 400,000 homes, businesses and other power customers had no electricity Thursday morning, according to PowerOutage.us. Most of the outages are in the Austin area.

Another 60,000 customers in Arkansas, 20,000 in Mississippi and 20,000 in Tennessee also had no power in the brutal cold Thursday morning.

But temperatures will warm above freezing in much of the region by noon Thursday.

More than 15 million people will be under wind chill alerts starting Friday as sub-zero temperatures and ferocious winds target the Northeast.

“The wind chills are something northern and eastern Maine has not seen since similar outbreaks in 1982 and 1988,” the weather service said.

The alerts cover all of Maine, New Hampshire, Vermont, Massachusetts, Rhode Island and Connecticut. They also include northern New Jersey, northeast Pennsylvania and much of New York state outside of New York City and Long Island.

The bitter cold is expected to move into the region Friday morning, and the coldest temperatures are expected Friday night and Saturday morning.

Temperatures will plummet below zero degrees Fahrenheit in much of New York state and New England. In northern New York and northern New England, temperatures will dip to 15 to 25 degrees below zero.

But vicious winds will make the air feel even colder – with wind chills plunging to -35 to -50 degrees in northern New York state and northern New England.

“Avoid any outdoor activities on Friday and Saturday!” the New Hampshire Homeland Security and Emergency Management posted on Facebook. “Cold temperatures paired with the wind chill factor could lead to potentially life-threatening conditions outdoors.”

New York City could endure wind chills as low as 10 degrees below zero.

And in Boston, where the air will feel like it’s 27 degrees below zero, the mayor declared a cold emergency for Friday through Sunday.

“I urge all Boston residents to take precautions, stay warm and safe, and check on your neighbors during this cold emergency,” Mayor Michelle Wu said.

Connecticut Gov. Ned Lamont activated the state’s severe cold weather protocol, starting at noon Thursday and lasting through the weekend.

“With the kind of severe cold weather that is headed our way, frostbite can develop on exposed skin in under 30 minutes,” the governor warned.

“Spending long periods of time outdoors in these conditions is not only harmful, it can be fatal.”

Shelters and warming centers are available across Connecticut, and transportation can be provided when needed, said Lamont.

Warming centers are also expected to be available in Maine, Rhode Island, Massachusetts and Vermont, officials said.

The agony won’t last long, though. High temperatures across the region will rise 20 to 30 degrees between Saturday and Sunday.

In fact, most of the Northeast – except northern Maine – will actually be above normal Sunday, with high temperatures reaching the 30s and 40s.

NEW DELHI/MUMBAI, Feb 2 (Reuters) – Adani Group’s market losses swelled to more than $100 billion on Thursday, sparking worries about their potential systemic impact, a day after its flagship company abandoned a $2.5 billion stock offering.

The withdrawal of Adani Enterprises’ (ADEL.NS) share sale marks a dramatic setback for founder Gautam Adani, the school dropout-turned-billionaire whose fortunes rose rapidly in recent years but have dwindled in just a week after U.S.-based short-seller Hindenburg published a critical research report.

The billionaire’s move to abort the share sale had an impact across markets, politics and business. Adani stocks plunged, opposition lawmakers called for a wider probe and the central bank sprang into action to check on banks’ exposure.

Meanwhile, Citigroup’s (C.N) wealth unit stopped extending margin loans to its clients against securities of Adani Group.

Adani has forged partnerships with foreign giants such as France’s TotalEnergies (TTEF.PA) and attracted investors such as Abu Dhabi’s International Holding Company as he pursues a global expansion stretching from ports to the power sector.

In a shock move late on Wednesday, Adani called off the share sale as a stocks rout sparked by Hindenburg’s criticisms intensified, despite it being fully subscribed a day earlier.

“Adani may have started a confidence crisis in Indian shares and that could have broader market implications,” said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank.

Adani Enterprises shares plunged 27% on Thursday, closing at their lowest level since March 2022.

Other group companies also lost further ground, with 10% losses at Adani Total Gas (ADAG.NS), Adani Green Energy (ADNA.NS) and Adani Transmission (ADAI.NS), while Adani Ports and Special Economic Zone (APSE.NS) shed nearly 7%.

Since Hindenburg’s report on Jan. 24, group companies have lost nearly half their combined market value. Adani Enterprises – described as an incubator of Adani’s businesses – has lost $26 billion in market capitalisation.

Adani is also no longer Asia’s richest person, having slid to 16th in the Forbes rankings of the world’s wealthiest people, with his net worth almost halved to $64.6 billion in a week.

The 60-year-old had been third on the list, behind billionaires Elon Musk and Bernard Arnault.

His rival Mukesh Ambani of Reliance Industries (RELI.NS) is now Asia’s richest person.

BROADER CONCERNS

Adani’s plummeting stocks have raised concerns about the likelihood of a wider impact on India’s financial system.

India’s central bank has asked local banks for details of their exposure to the Adani Group, government and banking sources told Reuters on Thursday.

CLSA estimates that Indian banks were exposed to about 40% of the $24.5 billion of Adani Group debt in the fiscal year to March 2022.

“We see the market is losing confidence on how to gauge where the bottom can be and although there will be short-covering rebounds, we expect more fundamental downside risks given more private banks (are) likely to cut or reduce margin,” said Monica Hsiao, chief investment officer of Hong Kong-based credit fund Triada Capital.

In New Delhi, opposition lawmakers submitted notices in parliament demanding discussion of the short-seller’s report.

The Congress Party called for a Joint Parliamentary Committee be set up or a Supreme Court monitored investigation, while some lawmakers shouted anti-Adani slogans inside parliament, which was adjourned for the day.

ADANI VS HINDENBURG

Adani made acquisitions worth $13.8 billion in 2022, Dealogic data showed, its highest ever and more than double the previous year.

The cancelled fundraising was critical for Adani, which had said it would use $1.33 billion to fund green hydrogen projects, airports facilities and greenfield expressways, and $508 million to repay debt at some units.

Hindenburg’s report alleged an improper use of offshore tax havens and stock manipulation by the Adani Group. It also raised concerns about high debt and the valuations of seven listed Adani companies.

The Adani Group has denied the accusations, saying the allegation of stock manipulation had “no basis” and stemmed from an ignorance of Indian law. It said it has always made the necessary regulatory disclosures.

Adani had managed to secure share sale subscriptions on Tuesday even though the stock’s market price was below the issue’s offer price. Maybank Securities and Abu Dhabi Investment Authority had bid for the anchor portion of the issue, investments which will now be reimbursed by Adani.

Late on Wednesday, the group’s founder said he was withdrawing the sale given the share price fall, adding his board felt going ahead with it “will not be morally correct”.

Reporting by Chris Thomas, Nallur Sethuraman, Tanvi Mehta, Ira Dugal, Aftab Ahmed, Sumeet Chatterjee, Anshuman Daga, Summer Zhen; Editing by Muralikumar Anantharaman, Jason Neely and Alexander Smith

Our Standards: The Thomson Reuters Trust Principles.

MANILA, Feb 2 (Reuters) – The Philippines has granted the United States expanded access to its military bases, their defence chiefs said on Thursday, amid mounting concern over China’s increasing assertiveness in the disputed South China Sea and tensions over self-ruled Taiwan.

Washington would be given access to four more locations under the 2014 Enhanced Defense Cooperation Agreement (EDCA), U.S. Defense Secretary Lloyd Austin and Philippines’ Defense Secretary Carlito Galvez said in a joint news conference.

Austin, who was in the Philippines for talks as Washington seeks to extend its security options in the country as part of efforts to deter any move by China against self-ruled Taiwan, described Manila’s decision as a “big deal” as he and his counterpart reaffirmed their commitment to bolstering their countries’ alliance.

“Our alliance makes both of our democracies more secure and helps uphold a free and open Indo-Pacific,” said Austin, whose visit follows U.S. Vice President Kamala Harris’s trip to the Philippines in November, which included a stop at Palawan in the South China Sea.

“We discussed concrete actions to address destabilising activities in the waters surrounding the Philippines, including the West Philippine Sea, and we remain committed to strengthening our mutual capacities to resist armed attack,” Austin said.

“That’s just part of our efforts to modernize our alliance. And these efforts are especially important as People’s Republic of China continues to advance its illegitimate claims in the West Philippine Sea,” he added.

The additional locations under the EDCA bring to nine the number of military bases the United States would have access to, and Washington had announced it was allocating more than $82 million toward infrastructure investments at the existing sites.

The EDCA allows U.S. access to Philippine military bases for joint training, pre-positioning of equipment and the building of facilities such as runways, fuel storage and military housing, but not a permanent presence.

Austin and Galvez did not say where the new locations would be. The former Philippine military chief had said the United States had requested access to bases on the northern land mass of Luzon, the closest part of the Philippines to Taiwan, and on the island of Palawan, facing the disputed Spratly Islands in the South China Sea.

There was no immediate comment from the Chinese Embassy in Manila.

Outside the military headquarters, dozens of protesters opposed to the United States maintaining a military presence in the country chanted anti-U.S. slogans and called for the EDCA to be scrapped.

Before meeting his counterpart, Austin met with Philippine President Ferdinand Marcos Jr at the presidential palace on Thursday, where he assured the Southeast Asian leader, “we stand ready to help you in any way we can”.

Ties between the United States and the Philippines, a former colony, were soured by predecessor Rodrigo Duterte’s overtures towards China, his famous anti-U.S. rhetoric and threats to downgrade their military ties.

But Marcos has met with U.S. President Joe Biden twice since his landslide victory in the elections last year and reiterated he cannot see a future for his country without its longtime treaty ally.

“I have always said, it seems to me, the future of the Philippines and for that matter the Asia Pacific will always have to involve the United States,” Marcos told Austin.

Reporting by Karen Lema
Editing by Ed Davies and Gerry Doyle

Our Standards: The Thomson Reuters Trust Principles.

SEOUL, Feb 2 (Reuters) – North Korea’s Foreign Ministry said on Thursday that drills by the United States and its allies have pushed the situation to an “extreme red-line” and threaten to turn the peninsula into a “huge war arsenal and a more critical war zone.”

The statement, carried by state news agency KCNA, said Pyongyang was not interested in dialogue as long as Washington pursues hostile policies.

“The military and political situation on the Korean peninsula and in the region has reached an extreme red-line due to the reckless military confrontational maneuvers and hostile acts of the U.S. and its vassal forces,” an unnamed ministry spokesperson said in the statement.

In Washington, the White House rejected the North Korean statement and reiterated a willingness to meet with North Korean diplomats “at a time and place convenient for them.”

“We have made clear we have no hostile intent toward the DPRK and seek serious and sustained diplomacy to address the full range of issues of concern to both countries and the region,” said a spokesperson for the White House National Security Council.

The North Korean statement cited a visit to Seoul this week by U.S. Defense Secretary Lloyd Austin. On Tuesday Austin and his South Korean counterpart vowed to expand military drills and deploy more “strategic assets,” such as aircraft carriers and long-range bombers, to counter North Korea’s weapons development and prevent a war.

“This is a vivid expression of the U.S. dangerous scenario which will result in turning the Korean peninsula into a huge war arsenal and a more critical war zone,” the North Korean statement said.

North Korea will respond to any military moves by the United States, and has strong counteraction strategies, including “the most overwhelming nuclear force” if necessary, the statement added.

More than 28,500 American troops are based in South Korea as a legacy of the 1950-1953 Korean War, which ended in an armistice rather than a peace treaty.

“We reject the notion that our joint exercises with partners in the region serve as any sort of provocation. These are routine exercises fully consistent with past practice,” the White House statement said.

Last year, North Korea conducted a record number of ballistic missile tests, which are banned by United Nations Security Council resolutions. It was also observed reopening its shuttered nuclear weapons test site, raising expectations of a nuclear test for the first time since 2017.

In New York, South Korea’s foreign minister, Park Jin, met with the United Nations Secretary-General Antonio Guterres on Wednesday and called for the U.N.’s continued attention to North Korea’s recent provocations and efforts to implement sanctions on the reclusive regime.

Guterres said any resumption of nuclear testing by North Korea would deal a devastating blow to regional and international security, and reaffirmed support to build lasting peace on the Korean peninsula, according to Park’s office.

Park is on a four-day trip to the United States, which will include a meeting with U.S. Secretary of State Antony Blinken in Washington on Friday.

On Wednesday the United States and South Korea carried out a joint air drill with American B-1B heavy bombers and F-22 stealth fighters, as well as F-35 jets from both countries, according to South Korea’s Defense Ministry.

“The combined air drills this time show the U.S.’ will and capabilities to provide strong and credible extended deterrence against North Korea’s nuclear and missile threats,” the Defense Ministry said in a statement.

Reporting by Josh Smith; Additional reporting by Soo-hyang Choi and Steve Holland; Editing by Jonathan Oatis, Bill Berkrot and Gerry Doyle

Our Standards: The Thomson Reuters Trust Principles.

SANTA FE, N.M. (AP) — Actor Alec Baldwin and a weapons specialist have been formally charged with involuntary manslaughter in the fatal shooting of a cinematographer on a New Mexico movie set, according to court documents filed by prosecutors Tuesday.

Santa Fe District Attorney Mary Carmack-Altwies filed the charging documents naming Baldwin and Hannah Gutierrez-Reed, who supervised weapons on the set of the Western “Rust,” and outlined evidence that they deviated repeatedly from known safety standards.

Halyna Hutchins died shortly after being wounded during rehearsals at a ranch on the outskirts of Santa Fe on Oct. 21, 2021. Baldwin was pointing a pistol at Hutchins when the gun went off, killing her and wounding the director, Joel Souza.

Prosecutors have said that Baldwin’s involvement as a producer and as the person who fired the gun weighed in the decision to file charges.

In recent weeks, Carmack-Altwies outlined two sets of involuntary manslaughter charges in connection with the shooting.

The manslaughter charge filed Tuesday against Baldwin and Gutierrez-Reed includes two alternative standards and sanctions.

One version would require proof of negligence, which is punishable by up to 18 months in jail and a $5,000 fine under New Mexico law.

The second alternative is for reckless disregard of safety “without due caution and circumspection.” It carries a higher threshold of wrongdoing and includes a “firearm enhancement” that could result in a mandatory five years in prison because the offense was committed with a gun.

Prosecutors have said a jury may ultimately decide which definition of manslaughter to pursue.

A probable cause statement outlining evidence against Baldwin alleges many instances of “extremely reckless acts” or reckless failures to take precautions in the days and minutes leading up to the deadly shooting.

Investigators say that Baldwin drew a revolver from a holster, pointed it at Hutchins and fired the weapon when a plastic or replica gun should have been used by industry standards.

It says photos and videos of the rehearsal, including moments before the deadly shooting, showed Baldwin with his finger inside the trigger guard and on the trigger while “manipulating” the pistol’s hammer, and that an FBI analysis shows the pistol could not be fired without pressing the trigger.

Investigators say Baldwin failed to appear for mandatory firearms training prior to filming, and that he didn’t fully complete on-set training while distracted by phone calls to family. They also cite several breaches of required safety-checks and protocols as the gun was loaded and provided to Baldwin.

Baldwin and Gutierrez-Reed maintain their innocence and have vowed to fight the charges.

Baldwin’s attorney Luke Nikas declined comment Tuesday and referred to his previous statement on the case, in which he called the charges a “terrible miscarriage of justice” that he and his client would fight and win.

“Mr. Baldwin had no reason to believe there was a live bullet in the gun – or anywhere on the movie set,” the statement said. “He relied on the professionals with whom he worked.”

Gutierrez-Reed’s attorney said they would release a statement later.

Prosecutors say that Baldwin, in his role as a producer of “Rust,” failed to account for Gutierrez-Reed’s relative inexperience as an uncertified armorer on her second film assignment. They allege that Baldwin and Gutierrez-Reed skipped a critical safety check of the gun and its ammunition, and that Baldwin should have known better as an actor with extensive experience in films involving firearms.

“Standard protocol is the armorer is to show the actor the firearm, pull the bullets out in front of the actor, and demonstrate there are no live rounds (but dummies) in the firearm,” investigators said. “Hannah Gutierrez-Reed did not do this protocol in front of Baldwin. Baldwin did not object.”

Prosecutors also provided a new accounting of live ammunition on the set — noting that five additional live rounds were discovered by authorities, including a round in Baldwin’s holster as well as an ammunition box, a holster, a weapons cart and one live round seized from Gutierrez-Reed.

Hutchins’ death already has led to new safety precautions in the film industry.

Carmack-Altwies told The Associated Press in a Jan. 19 interview that the set was “really being run pretty fast and loose” and that Baldwin should have known there had been previous misfires on the set and that multiple people had brought up safety concerns.

Baldwin and Gutierrez-Reed will be issued a summons to appear in court. Prosecutors will forgo a grand jury and rely on a judge to determine if there is sufficient evidence to move toward trial. It could take up to 60 days for decision.

Involuntary manslaughter can involve a killing that happens while a defendant is doing something lawful but dangerous and is acting negligently or without caution.

Prosecutors say that a proposed plea agreement signed by assistant director David Halls, who oversaw safety on set, has not yet been approved by a judge and cannot be published.

Prosecutors said previously that Halls has agreed to plead guilty in the negligent use of a deadly weapon. Prosecutors say Halls may have handled the gun improperly before it was given to Baldwin.

Heather Brewer, a spokeswoman for the district attorney’s office, said in a statement Monday that prosecutors are “fully focused on securing justice for Halyna Hutchins” and “the evidence and the facts speak for themselves.”

Baldwin, also a co-producer on “Rust,” has described the killing as a tragic accident. The 64-year-old actor said he was told the gun was safe and has sought to clear his name by suing people involved in handling and supplying the loaded .45-caliber revolver.

In his lawsuit, Baldwin said that while working on camera angles with Hutchins, he pointed the gun in her direction and pulled back and released the hammer of the weapon, which discharged.

Defense attorney Jason Bowles, who represents Gutierrez-Reed, said the charges are the result of a “flawed investigation” and an “inaccurate understanding of the full facts.”

Defendants can participate remotely in many initial court proceedings or seek to have their first appearance waived.

The decision to charge Baldwin marks a stunning turn of events for an A-list actor whose 40-year career included the early blockbuster “The Hunt for Red October” and a starring role in the sitcom “30 Rock,” as well as iconic appearances in Martin Scorsese’s “The Departed” and a film adaptation of David Mamet’s “Glengary Glen Ross.” In recent years, Baldwin was known for his impression of former President Donald Trump on “Saturday Night Live.”

___

AP Entertainment writer Andrew Dalton in Los Angeles contributed to this report.

OMAHA, Neb. —

Omaha police officers shot and killed a suspected active shooter at a Target on Tuesday.

Around 12 p.m., officers responded to the Target near 178th Street and West Center Road and worked to clear the store, Omaha police said.

Omaha police Chief Todd Schmaderer said the shooter was shot and killed by officers.

“There’s evidence to suggest, with shell casings, that he entered the Target and was firing rounds,” Schmaderer said.

Schmaderer said no civilians were hurt during the incident.

Omaha police said preliminary investigation indicates the suspect, a white man, fired multiple rounds from an AR-15 style rifle.

A review of police scanner traffic indicates the suspected shooter was dead six minutes after the first call for help.

There is no indication at this time how many shots were fired, the identity of the gunman, and what relationship, if any, he had to the store.

Omaha police said the scene is secure, but people are urged to avoid the area.

Target said the store is closed “until further notice.”

“Following an incident in our Omaha West store, we can confirm that all guests and team members safely evacuated the store. The store will remain closed until further notice. We are partnering with the Omaha (Police Department) as we learn more,” a Target spokesperson said in a statement.

The incident is still under investigation.

Stay with KETV.com and the KETV app for updates on this developing story

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LONDON, Jan 30 (Reuters) – Former British Prime Minister Boris Johnson has said Russian President Vladimir Putin threatened him with a missile strike during a phone call in the run up to the invasion of Ukraine, a charge denied by Moscow.

Johnson, speaking to the BBC for a documentary, said the Russian leader had asked him about the prospects of Ukraine joining NATO, to which he had responded it would not be “for the foreseeable future”.

“He threatened me at one point, and he said, ‘Boris, I don’t want to hurt you but, with a missile, it would only take a minute’ or something like that. Jolly,” Johnson said, recalling the “very long” and “most extraordinary” call in February 2022 which followed a visit by the then prime minister to Kyiv.

“But I think from the very relaxed tone that he was taking, the sort of air of detachment that he seemed to have, he was just playing along with my attempts to get him to negotiate.”

Kremlin spokesman Dmitry Peskov told reporters what Johnson had said was not true, or “more precisely, a lie”.

Relations between Moscow and London had sunk to their lowest level in decades even before Russia invaded Ukraine, on the back of the poisoning of former Russian spy Sergei Skripal in the British city of Salisbury in 2018.

Johnson, who stepped down in September in the wake of a series of scandals, sought to position London as Kyiv’s top ally in the West. While in office he visited Kyiv several times and called Ukraine’s President Volodymyr Zelenskiy frequently.

He also visited again this month.

Reporting by Kylie MacLellan; Editing by Christina Fincher and Alison Williams

Our Standards: The Thomson Reuters Trust Principles.

NEW DELHI, Jan 30 (Reuters) – Most 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 $66 billion over three days.

Flagship Adani Enterprises (ADEL.NS), which is facing a crucial test this week with a follow-on share offering, rose 4%, but was off initial gains of as much as 10% and 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) and Adani Total Gas (ADAG.NS) plunged 20% each on Monday, while Adani Green Energy (ADNA.NS) was down 18%. Adani Power (ADAN.NS) and Adani Wilmar (ADAW.NS) were down 5% each, while Adani Ports and Special Economic Zone (APSE.NS) slipped 0.5%.

Adani Enterprises’ $2.5 billion secondary share sale entered its second day amid weak investor sentiment. The stock was trading at 2,892 rupees, far below the price band for the share sale of 3,112-3,276 rupees per share.

On Friday, the first day of the offer, the issue was subscribed 1% amid a broader fall in shares.

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 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 investors who bid for the anchor portion of the issue.

Maybank said in a statement “there is no financial impact” as the subscription to Adani’s offer was fully funded by client funds.

State-run insurance behemoth, Life Insurance Corporation (LIC) (LIFI.NS), also invested, taking 5% of the anchor portion of around $734 million. It already holds a 4.23% stake in the flagship Adani firm, while its other group exposure includes a 9.14% stake in Adani Ports and 5.96% in Adani Total Gas.

DEBT, DE-LEVERAGING

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. There are at least six Adani Group companies in the MSCI India Index, with a cumulative weight of 4.31%.

“The stocks run the risk of getting excluded from the MSCI. This may not immediately happen, but those funds who have bought it based on the MSCI … their investors will ask them to not continue with the holding and that’s where this threat has emerged,” said Deven Choksey, founder and managing director of KR Choksey Group.

The Hindenburg report has led to a massive wipe-out in seven listed companies of the Adani group since last week. As of Monday, the seven listed group entities have collectively lost $66 billion in market capitalisation since the report was released. Adani Total Gas lost the most, at $21 billion.

On Monday, responding to Adani’s rebuttal, Hindenburg said the “response largely confirmed our findings and ignored our key questions.”

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).

But the continuing 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’s report said five of seven key listed Adani companies have reported current ratios, a measure of liquid assets minus near-term liabilities, of below 1 which it said suggested “a heightened short-term liquidity risk”.

It said key listed Adani companies had “substantial debt” which has put the entire group on a “precarious financial footing” and that shares in seven Adani listed companies have an 85% downside due to what it called “sky-high valuations”.

Adani’s response on Sunday stated that over the past decade, its group companies have “consistently de-levered”.

Reporting by Chris Thomas and Aditya Kalra; Additional reporting by Gaurav Dogra, Bharath Rajeshwaran, Tanvi Mehta, Anshuman Daga; Editing by Muralikumar Anantharaman

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