Traders sent shares down more than 25% on Friday despite attempts to restore investor confidence following fraud claims
The companies, spanning ports, power, coal and renewables,, while noting that the US investor, an activist short seller that profits from falling share prices, is making money from the chaos.
Reuters reported that Adani entities made scheduled payments on outstanding bonds on Thursday, adding that the conglomerate plans to issue a credit report by the end of the week to address liquidity concerns.much-vaunted US$2.5bn share sale “We have an impeccable track record of servicing our debt,” Adani said in a video address after abandoning the fundraising. “This decision will not have any impact on our existing operations and future plans.”
“The fact of the matter is that my professional success is not because of any individual leader,” he told India Today television, according to an AFP report.Political opposition groups in India are pressuring parliament to debate the impact of the Adani fraud claims on investors and the country’s banking sector. There are also calls for an independent probe into the allegations.
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