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Adani says, shares rout is temporary volatility.

 Indian tycoon Gautam Adani has dis­missed a share-price rout triggered by a short-seller assault on his

con­glom­er­ate as «tem­por­ary» volat­il­ity.At the quarterly earn­ings release of his Adani Enter­prises yes­ter­day, the ports-to-power mogul said his con­glom­er­ate’s biggest divi­sion «will con­tinue to work with the twin object­ives of mod­er­ate lever­age and look­ing at stra­tegic oppor­tun­it­ies to expand and grow».

Oppos­i­tion politi­cians have used the long­stand­ing rela­tion­ship between Modi and fel­low Gujarat nat­ive Adani to needle the prime min­is­ter, who has not dir­ectly addressed the issue.

Adani Enter­prises shares rose as high as Rs1,889 yes­ter­day, up 9 per cent on the open­ing price of Rs1,735 and up from a low of Rs1,017 on Feb­ru­ary 3, accord­ing to the National Stock Exchange of India data. India’s reg­u­lator told the Supreme Court on Monday that it was invest­ig­at­ing alleg­a­tions made in the Hinden­burg report and share trad­ing before and after its pub­lic­a­tion, Reu­ters repor­ted.

Adani Enter­prises said it had made «no mater­ial fin­an­cial adjust­ment» to its quarterly res­ults, which refer to a period before the Hinden­burg report was released.

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