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CATL to raise $5 billion, NYSE investors seek glitch compensation, Adani selloff continues

Yahoo Finance Video

Notable business headlines include EV battery maker CATL planning to raise $5 billion in Swiss listings, investors seeking NYSE compensation, and the continuation of the Adani Group selloff.

Video transcript

[AUDIO LOGO]

JULIE HYMAN: Welcome back. Let's get down to business, dig in on some of the latest headlines this morning. The world's biggest EV battery maker CATL, it's planning to raise at least $5 billion by listing global depository receipts in Switzerland. That's according to various media reports. You see behind me the shares trading in China. GDR is a way a company can issue shares in a foreign market. And this would mark the largest such issuance by a Chinese company. It could come as soon as May. Switzerland isn't uncharted waters for businesses from that nation. Nine China-based companies raised $3.3 billion there in 2022.

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Meanwhile, investors who were hit by a malfunction at the New York Stock Exchange last month are looking to recoup their losses. According to reporting from Bloomberg, thousands of claims have been filed by brokerages, including Charles Schwab and Robinhood Markets. Similar action has been taken by market makers, like Virtu Financial and Citadel Securities. The glitch caused a huge spike in volatility before trading-- before trading on various stocks was halted. The reporting says the claims are likely to exceed the $500,000 that the exchange operator set aside for that disruption.

And the selloff in shares of Adani Group continues. The fallout real for billionaire owner Gautam Adani. He has slipped to 15th on the Forbes Rich List, with an estimated net worth of $75 billion. That's a loss of $12 billion in just a week. Adani no longer the richest person in India or in Asia. That title is now held by his rival, Mukesh Ambani. And it comes after short seller Hindenburg Research alleged the group was perpetrating, quote, "fraud and stock price manipulation," claims Adani has strongly rebutted.