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Adani Crisis Deepens as Stock Rout Hits $108 Billion

  • Dollar bonds plunge to distressed levels as debt risk grows
  • Modi government faces criticism over relationship with Adani
Bloomberg business news
WATCH: Adani said his conglomerate would examine its capital strategy after abruptly pulling his flagship firm’s domestic stock offering.Source: Adani Group
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Gautam Adani’s businesses have lost $108 billion in a week, one of the biggest wipeouts in India’s history, after an explosive report by short-seller Hindenburg Research forced him to pull a stock sale at the 11th hour and led some lenders to reject his securities as collateral for client trades.

Adani, who last year became the world’s second-richest man with a $147 billion fortune, has seen his own personal wealth plummet by around $57 billion since Hindenburg accused his companies of fraud to inflate revenue and stock prices. After drawing money from the Middle East and other Indian billionaires to shore up a $2.4 billion share sale, he then abruptly pulled it late Wednesday.