Relentless selling triggers questions about how Indian conglomerate – which denies allegations – will meet its loan obligations
The conglomerate, worth about US$220bn just one week ago before losing well over one-third of its value, has described Hindenburg’s report as a “calculated attack on India” in a charge denied by the US company.
Adani has denied the allegations and said any dealings with related parties were properly accounted for. “Capital markets in Europe and the US have effectively closed to Adani,” Buckley said. “Adani could sell a major asset to an ally and try and dress it up so it doesn’t look like a fire sale.”
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