Stock Market LIVE: Sensex, Nifty to be under pressure at start; SGX Nifty in red

Adani’s Abu Dhabi backer says no plan to join any new share sale; Adani group considering fundraising of as much as $5 billion

Abu Dhabi-based International Holding Co., which has invested almost $2 billion in companies owned by Gautam Adani, doesn’t plan to take part in any potential share sales if the Indian billionaire decides to tap equity markets.

“There is no plan to take part at this point,” IHC spokesman Ahmad Ibrahim said in a statement to Bloomberg. “If anything changes, IHC will disclose the same to the market as per the governor’s rules and regulations. Our business relationship remains the same.”

Adani Enterprises Ltd., the Indian tycoon’s flagship, and at least two other group companies plan to hold board meetings on May 13 to consider raising funds via the sale of shares or other securities, just months after allegations of fraud by a short seller tipped his business empire into crisis. Three companies controlled by Adani are considering a fundraising that may draw as much as $5 billion, Bloomberg reported. (Read More)

Wall Street edges lower on Thursday following inflation data, drops for Disney and banks

Wall Street edged lower Thursday, weighed down by a sharp drop for The Walt Disney Co. and flaring fears about the health of some U.S. banks.

The S&P 500 lost 7.02 points, or 0.2%, to 4,130.62, with two out of every three stocks in the index falling. The Dow Jones Industrial Average lost 221.82, or 0.7%, to 33,309.51, while the Nasdaq composite rose 22.06, or 0.2%, to 12,328.51.

Disney was one of the heaviest weights dragging on the market. It dropped 8.7% after it said it lost streaming subscribers in the U.S. and Canada last quarter, surprising analysts. That was despite its earnings and revenue for the latest quarter roughly matching Wall Street’s forecasts.

Some banks beaten down by the industry’s mini-panic were also under heavy pressure again, and PacWest Bancorp sank 22.7% after saying it saw 9.5% of its deposits leave last week. It said the majority of the flight occurred in two days after news reports said the bank was talking with potential investors and partners, raising worries for its customers.

Investors have been hunting for the next possible victim in the U.S. banking industry after high-interest rates helped lead to three high-profile failures since March. (AP)