Concerns about debt levels in the Adani family empire have been growing for some time, as an episode related to the repayment of debt at an Australian coal port shows.
of the listed entities under the umbrella of Adani, which is controlled by billionaire Gautam Adani and spans infrastructure, transport, mining, energy and building materials,413-page response to Hindenburg on Sunday night“The document is a malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive,” it said.
Last year, Gautam Adani briefly snatched the title of the world’s second-richest person from Jeff Bezos, although the recent sell-off in Adani shares has seen his fortune slip $US28 billion this year to $US93 billion.Adani’s response to Hindenburg helped shares in Adani Enterprises rise 4 per cent on Monday. But shares in Adani Green Energy and Adani Total Gas were down 17 per cent and 20 per cent respectively, and debt investors were also unimpressed, with several Adani bonds slipping.
Indeed, Hindenburg’s hit piece was exquisitely timed last week to coincide with Adani’s plan to raise $US2.5 billion in equity to further alleviate market worries about leverage levels, which Fitch Group subsidiary CreditSights has previously described as “a matter of concern”.
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