Adani in Crisis as Bonds Hit Distressed Levels, Stock Sale Axed
- Some bonds tumbled by the most in global secondary trading
- Adani companies have seen $92 billion erased from market value
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Gautam Adani’s beleaguered empire is spiraling into crisis, as the fallout from a short-seller’s fraud allegations leads to a worsening meltdown in the indebted conglomerate’s securities.
Bonds of the Indian billionaire’s flagship firm plunged to distressed levels in US trading, and the company abruptly pulled a record domestic stock offering after the Adani group suffered a $92 billion market crash. Banks either want more collateral for loans, or are scrutinizing the value of the company’s debt to lend against.