An aeroplane flies behind the Adani logo near a building construction site in Mumbai. Adani group is one of the India’s largest multinational company with a diversified business portfolio.
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Asia-Pacific markets mostly fell Thursday, with investors watching tech shares in the region after chipmaker Nvidia reported better-than-expected results.
Nvidia reported a 94% year-on-year surge in revenue for the third quarter to $35.08 billion. However, that is still a consecutive slowdown from the previous three quarters, when sales rose 122%, 262%, and 265%, respectively.
Net income during the quarter rose to $19.3 billion, versus $9.24 billion in the same period a year ago.
All eyes are on Indian stocks related to billionaire Gautam Adani, after the chair of India’s Adani Group was indicted with others in New York federal court on charges related to a massive bribery and fraud scheme.
Shares of Adani Group companies plunged, with flagship Adani Enterprises down 20%, while the company in the eye of the storm Adani Green Energy tanked 18.19%. Adani Energy also fell 20%.
Adani Power lost 15.18%, while Adani Port‘s share price dropped 15%, The group’s retail arm Adani Wilmar shed 10%.
The Nifty 50 index was down 0.84%, while the BSE Sensex lost 0.8%.
Japan’s Nikkei 225 fell 0.93%, and the broad-based Topix slipped 0.54%. Semiconductor equipment supplier Advantest was one of the the largest losers on the Nikkei, falling almost 3%. The company disclosed it’s relationship with Nvidia in 2023.
South Korea’s Kospi rose 0.38%, while the small-cap Kosdaq was marginally up. Nvidia supplier SK Hynix reversed gains to drop 0.41%, while heavyweight Samsung Electronics gained 2.53%.
Australia’s S&P/ASX 200 traded down 0.17%.
Hong Kong’s Hang Seng index fell 0.13%, while mainland China’s CSI300 was down 0.22%.
Overnight in the U.S., the S&P 500 ended Wednesday flat, with Nvidia shares slipping nearly 1% ahead of the company’s highly anticipated earnings report. Investors also assessed disappointing results from Target.
The tech-heavy Nasdaq Composite lost 0.11%, while the broad index closed little changed at 5,917.11, The Dow Jones Industrial Average was a bright spot, gaining 0.32%.
— CNBC’s Samantha Subin and Brian Evans contributed to this report.
Correction: An earlier version of this story was updated to reflect the correct Hang Seng close on Wednesday.
