Adani

Here's a timeline of how Indian billionaire Gautam Adani has seen his fortune shrink by $51.7 billion in the past week as his group of companies have had to ...

[reported](https://www.reuters.com/world/india/india-govt-touch-with-market-regulator-adani-group-source-2023-02-01/) that it was in touch with the Securities and Exchange Board of India (SEBI) on the matter. On Thursday the Reserve Bank of India (RBI) [sought details](https://indianexpress.com/article/business/rbi-asks-countrys-banks-details-of-exposure-adani-group-sources-8419306/) from domestic banks about their exposure to Adani Group—including collateral used to back any loans to the conglomerate. The billionaire’s statement fails to assuage the markets pushing Adani down to 16th Forbes’ list of the world’s richest people with an estimated net worth of $64.2 billion. 15 on the list of the world’s richest people with an estimated net worth of $74.7 billion. [Adani Taps Indian Nationalist Fervor To Salvage His Empire—As He Slides Down Billionaire Ranks](https://www.forbes.com/sites/siladityaray/2023/01/31/adani-taps-indian-nationalist-fervor-to-salvage-his-empire-as-he-slides-in-billionaire-rankings/?sh=6c3cd56375d3) (Forbes) [Gautam Adani Is No Longer Asia’s Richest Person As His Empire Takes A Major Hit Following ‘Corporate Con’ Accusations](https://www.forbes.com/sites/siladityaray/2023/02/01/controversy-embroiled-gautam-adani-loses-asias-richest-title-to-mukesh-ambani/?sh=51d4450f6765) (Forbes) [Who Is Gautam Adani, The Indian Billionaire That Short Seller Hindenburg Says Is Running A ‘Corporate Con’?](https://www.forbes.com/sites/forbeswealthteam/2023/01/26/who-is-gautam-adani-the-indian-billionaire-that-short-seller-hindenburg-says-is-running-a-corporate-con/?sh=2abd5ed1d535) (Forbes) On Wednesday evening, Reuters [first public remarks](https://www.forbes.com/sites/siladityaray/2023/02/02/gautam-adani-addresses-scrapped-public-offering-in-first-public-remarks-since-hindenburg-allegations/) since Hindenburg’s allegations Adani addresses the [cancellation](https://www.forbes.com/sites/johnhyatt/2023/02/01/adani-enterprises-cancels-25-billion-share-sale-amid-fraud-accusations/) of his flagship firm’s $2.5 billion follow-on offering saying it would been morally incorrect to proceed amid market volatility. and Indian laws for “remedial and punitive action against Hindenburg Research.” There’s no change in Adani’s net worth as Indian markets remain closed for Republic Day. Adani [loses the title](https://www.forbes.com/sites/siladityaray/2023/02/01/controversy-embroiled-gautam-adani-loses-asias-richest-title-to-mukesh-ambani/) of Asia’s richest person to compatriot Mukesh Ambani, and slides down to No. [institutional investors](https://www.forbes.com/sites/johnhyatt/2023/01/31/gautam-adanis-middle-eastern-allies-help-him-shrug-off-fraud-allegations-wealth-plunge/?sh=1efd5a9d6287) and [other Indian billionaires](https://www.bloomberg.com/opinion/articles/2023-02-01/adani-share-offer-how-india-s-billionaires-banded-together). [discloses](https://www.forbes.com/sites/siladityaray/2023/01/25/adani-group-shares-slide-after-hindenburg-alleges-largest-con-in-corporate-history/?sh=296947693564) a short position against Adani Group’s listed companies and publishes a report that accuses the Indian conglomerate of engaging in “brazen stock manipulation and accounting fraud scheme over the course of decades.”

Mr Adani's group has seven publicly traded companies which operate across a wide range of sectors, including commodities trading, airports, utilities, ports and renewable energy. Many Indian banks and state-owned insurance companies have either ...

Ratings agency Moody's unit ICRA has [said](https://www.moneycontrol.com/news/business/hindenburg-impact-icra-says-monitoring-adani-group-companies-9985781.html) it was monitoring the impact of recent developments on Adani Group stocks. They are completely safe from the ups and downs of what happens in the stock market," he told the BBC's Arunoday Mukharji. It said that it had complied with all local laws and had made the necessary regulatory disclosures. "I have observed this group for a quarter century as an infrastructure expert. Mr Adani's group has seven publicly traded companies which operate across a wide range of sectors, including commodities trading, airports, utilities, ports and renewable energy. [told Reuters](https://www.reuters.com/markets/deals/indias-adani-enterprises-calls-off-share-sale-source-says-2023-02-01/) that the withdrawal of the share sale was "troubling" because it was "supposed to show the company is still believed in by its high net-worth investors". [stopped accepting securities](https://www.bloomberg.com/news/articles/2023-02-02/citigroup-s-wealth-unit-halts-margin-loans-on-adani-securities?srnd=premium-asia) of the Adani group as collateral for margin loans while [Credit Suisse](https://economictimes.indiatimes.com/markets/stocks/news/credit-suisse-says-wont-accept-adani-bonds-as-collateral/articleshow/97533248.cms?from=mdr) has stopped accepting the group's bonds. Hindenburg, however, stood by the report and said that the Adani Group had "failed to specifically answer 62 of our 88 questions". [invested $400 million](https://www.bloomberg.com/news/articles/2023-01-30/abu-dhabi-s-ihc-invests-400-million-in-adani-share-offering) in the share sale. The Adani group responded by calling the report "a malicious combination of selective misinformation and stale, baseless and discredited allegations", but that wasn't enough to stem investor fears. [detailed rebuttal](https://www.bbc.com/news/business-64448880) - running into more than 400 pages - and called the Hindenburg report a "calculated attack on India". But a day before that, US-based investment firm Hindenburg Research published a report accusing the Adani group of decades of "brazen" stock manipulation and accounting fraud.

Lord Johnson, the younger brother of former prime minister Boris Johnson (and a former FT journo), resigned from Elara Capital on February 1st, according to ...

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Gautam Adani's businesses have lost US$108 billion in a week, one of the biggest wipeouts in India's history, after an explosive report by short-seller ...

In Adani’s rebuttal, it said the group’s net debt to Ebitda ratio dropped to 3.2 times as of March 2022, from 7.6 times in 2013. Bonds issued by entities in the Adani group fell to record lows on Thursday. “One has to be very watchful and investors would be well advised not to tinker with Adani stocks till there is clarity on the way forward,” said Alok Churiwala, managing director of Churiwala Securities Pvt. The prime minister has so far stayed mum on Hindenburg’s allegations, while the minister for tech and railways told Bloomberg TV that the economy can withstand the rout in Adani shares. “That said, the group can likely continue to raise funds from onshore banks and bonds for now.” The flagship Adani Enterprises Ltd sank 27% on Thursday, adding to a 28% tumble in the previous session.

NEW DELHI: India's Adani group shares sank today after it abandoned its flagship company's $2.5 billion stock offering, swelling the conglomerate's market ...

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Adani's estimated net worth has now dropped below Chinese billionaire Zhong Shanshan—the founder and CEO of beverage giant Nongfu Spring.

On Wednesday, the company announced it had [canceled](https://www.forbes.com/sites/johnhyatt/2023/02/01/adani-enterprises-cancels-25-billion-share-sale-amid-fraud-accusations/) a $2.5 billion follow-on public offering of its flagship firm Adani Enterprises due to market volatility. [first public address](https://www.forbes.com/sites/siladityaray/2023/02/02/gautam-adani-addresses-scrapped-public-offering-in-first-public-remarks-since-hindenburg-allegations/?sh=13a152c12c7c) to investors amid the ongoing turmoil affecting his companies on Thursday but made no mention of Hindeburg’s allegations that have triggered the issue. [How Gautam Adani Lost More Than $50 Billion In A Week—And His Ranking As Asia’s Richest](https://www.forbes.com/sites/siladityaray/2023/02/02/how-gautam-adani-lost-more-than-50-billion-in-a-week-and-his-ranking-as-asias-richest/?sh=31a6102b4480) (Forbes) [Gautam Adani Fails To Address Hindenburg Allegations In First Public Remarks Amid Ongoing Turmoil](https://www.forbes.com/sites/siladityaray/2023/02/02/gautam-adani-addresses-scrapped-public-offering-in-first-public-remarks-since-hindenburg-allegations/?sh=23c615842c7c) (Forbes) Before the cancelation announcement, Forbes [reported](https://www.forbes.com/sites/johnhyatt/2023/02/01/theres-evidence-that-the-adani-group-likely-bought-into-its-own-25-billion-share-sale/?sh=1f4c0fef4017) that two of the companies accused by Hindenburg Research of aiding the Adani Group in its alleged accounting fraud and stock manipulation were underwriters in the public offering. Last week, Hindenburg [disclosed](https://www.forbes.com/sites/siladityaray/2023/01/25/adani-group-shares-slide-after-hindenburg-alleges-largest-con-in-corporate-history/?sh=296947693564) a short position against the Adani Group’s listed firms and published a report which accused the conglomerate of engaging in “brazen stock manipulation and accounting fraud scheme over the course of decades.” While the company has pushed back against the allegations calling them “mischievous,” all of Adani Group’s listed companies have been hit hard on the stock market, [cumulatively losing](https://www.bloomberg.com/news/articles/2023-02-02/adani-stock-rout-deepens-after-flagship-firm-pulls-share-sale?srnd=premium-asia) around $108 billion in valuation. [total amount](https://www.forbes.com/sites/siladityaray/2023/02/02/how-gautam-adani-lost-more-than-50-billion-in-a-week-and-his-ranking-as-asias-richest/?sh=368e53c24480) that Adani’s fortune has shrunk since Hindenburg’s allegations were made public last week.

Shares in Gautam Adani's businesses plunged further on Thursday after an attempt by the Indian billionaire to reassure panicking investors failed to halt a ...

[Reuters reported](https://edition.cnn.com/2023/02/01/business/adani-stocks-plunge-hindenburg-fraud-hnk-intl/index.html) Wednesday that the Securities and Exchange Board of India (SEBI) was examining the stock price falls and also looking into any possible irregularities in the abortive share sale, citing a source with direct knowledge of the matter. These range from asking for details on Adani’s offshore entities, to why it has “such a convoluted, interlinked corporate structure.” [Hindenburg Research](http://cnn.com/2023/01/30/business/nightcap-adani-hindenburg-explained/index.html), accused the conglomerate of fraud and manipulating stock markets. “The India story is looking weak” to foreign investors now, he added. They even staged a protest in India’s parliament on Wednesday while the country’s finance minister presented the annual budget. “ Shares in Adani Enterprises plunged 25% Thursday, while shares in his other companies fell 5% to 10%. The Adani Group said at the time that the “leverage ratios” of its companies “continue to be healthy and are in line with the industry benchmarks in the respective sectors. In his video address, Adani said the group’s fundamentals were “strong” and that it had an “impeccable track record of fulfilling” its debt obligations. The research firm questioned the “sky-high valuations” of Adani firms and said their “substantial debt” put the entire group “on a precarious financial footing.” It concluded its report with 88 questions. But it wasn’t enough to calm markets. “For me, the interest of my investors is paramount and everything is secondary,” the 60-year-old businessman said in a

The tycoon has lost more than Sam Bankman-Fried and been wiped out almost as fast as Elon Musk, highlighting the unique risks in India and within his ...

Former UK PM's brother quits board of Elara Capital days after it was accused of using funds to manipulate share prices.

He has fallen to 11th place in the daily updated Bloomberg billionaires' index after a personal wealth wipeout of $34bn in just four days of trading since the accusations were published. In December [he resigned from a role advising Binance](https://www.theguardian.com/politics/2022/dec/19/jo-johnson-resigns-from-binance-advisory-role), the world’s largest cryptocurrency exchange. Elara did not respond to a request for comment. [published a 413-page response ](https://www.adani.com/-/media/Project/Adani/Invetsors/Adani-Response-to-Hindenburg-January-29-2023.pdf)to the allegations raised by Hindenburg. [crisis-ridden business empire](https://www.theguardian.com/business/2023/feb/02/adani-group-abandons-share-offer-as-crisis-triggered-by-claims-escalates).

Embattled billionaire Gautam Adani is in talks with creditors to prepay some loans backed by pledged shares as he seeks to restore confidence in his ...

UK Prime Minister Boris Johnson's younger brother, Lord Jo Johnson, has resigned from the board of London-based Adani-linked Elara Capital.

[slump in price](https://www.bloomberg.com/news/articles/2023-02-01/adani-flagship-falls-after-last-minute-completion-of-share-sale) for the company and sister firms. The Adani Group was the subject of a “Innuendoes that they are in any manner related parties of the promoters are incorrect,” the Adani Group wrote. Renowned economist Lord Meghnad Desai also sits as a non-executive director at the firm. At the time of his appointment, Elara Capital chairman Raj Bhatt said: “It is an honor for us to have Jo Johnson join our board. Hindenberg’s report alleges that Mauritius-based funds run by Elara were part of a plot to conceal the family’s ownership of Adani Group listed companies as well as manipulate their stock prices. Johnson is not the only British expert Elara managed to attract. “I have consistently received assurances from Elara Capital that it is compliant with its legal obligations and in good standing with regulatory bodies. Elara Capital will benefit from Jo’s experience and also seek his guidance on investments in interesting growth sectors like technology and education.” The plunge accelerated after Bloomberg [News](https://fortune.com/company/news-corp/) reported [Credit Suisse Group](https://fortune.com/company/credit-suisse-group/) AG has [stopped accepting bonds](https://www.bloomberg.com/news/articles/2023-02-01/credit-suisse-s-private-bank-halts-margin-loans-on-adani-bonds) of Adani’s group of companies as collateral for margin loans to its private banking clients. [video statement](https://twitter.com/ANI/status/1620978875567316993) this week, saying that it would not be “morally correct” to proceed with the sale considering the “volatility” of the market. [reportedly has links](https://www.aljazeera.com/economy/2021/7/28/four-funds-in-indian-tycoon-adanis-empire-have-a-murky-record) to the Adani empire.

MUMBAI: Under-fire Indian tycoon Gautam Adani's empire has lost more than US$100 billion in value over the past week as shares in several firms plunged ...

"Are they asking questions, demanding disclosures? Parliament was adjourned on Thursday morning after repeated interjections from lawmakers demanding the government grant a debate on Adani and the level of exposure by public-sector banks and financial institutions. Adani said it was the victim of a "maliciously mischievous" reputational attack and issued a 413-page statement on Sunday that it said showed Hindenburg's claims were "nothing but a lie." Hindenburg, which makes money by betting on stocks falling, said in response that Adani failed to answer most of the questions raised in its report. Adani himself insisted in a video statement that the "fundamentals of our company are very strong, our balance sheet is healthy and assets robust." The Adani Enterprises board said in a statement that going ahead with the issue "would not be morally correct" and that it would refund all payments.

Adani Group entities made scheduled coupon payments on outstanding U.S. dollar-denominated bonds on Thursday, sources said.

2 on three bonds issued by Adani Ports and Special Economic Zone due to mature in 2031, 2032 and 2041. Adani Ports and Special Economic Zone Limited paid coupons, the two sources, speaking on condition of anonymity, said. bonds after last week's critical report on its business practices by U.S. Adani Group entities made scheduled coupon payments on outstanding U.S. Adani "will issue a detailed credit report by tomorrow evening close of business which will address the issues that from (a) credit point of view there is no liquidity (issue), no cash (issue), no other issue," the source with direct knowledge of the Adani group's thinking said. dollar-denominated bonds on Thursday, a bondholder and a source with direct knowledge of the Indian conglomerate's strategy told Reuters.

A few weeks ago, Gautam Adani was indisputably India's richest man. Now his fortune is slipping away as the stocks of his many companies crash, ...

This is the case in Australia and the US (where Hindenburg and some of its positions in Adani are based). For example, its report says of Adani’s deals to build a rail line to transport coal in Queensland: But if the financials were not generally available, it risks being accused of insider trading. When the time comes to return the stock, they buy shares on the market to “repay” the loan. We uncovered them only by reviewing financials for the private Singaporean Carmichael Rail entity. But this is relatively easy to discover. A corporate bond is much like a loan. It is illegal in most jurisdictions for activist short sellers to profit by spreading false or misleading information. These are financial instruments that allow investors to “bet” on financial outcomes. It’s an “activist short seller”, with a financial incentive in seeing Adani’s stock price fall. The “short seller” makes a contract with a share owner to borrow shares for an agreed period. [US$150 billion](https://www.forbes.com/india-billionaires/list/) in 2022.

The Indian conglomerate looked increasingly isolated amid fraud allegations as banks clamp down on using its bonds as margin collateral.

"If it is correct that Elara was used as a vehicle indirectly by the Adanis then we have to worry about that," the newspaper quoted Desai as saying. The Japanese model is to bring together political leaders and big business to chart a national strategy for continued growth." "If this is not clarified by the [Indian] government they are going to have a serious problem attracting foreign capital." In November, Bloomberg called the gains—as much as 2,000% over four years for some of Adani's stocks—"eyebrow-raising." [Gautam Adani](https://www.investopedia.com/who-is-gautam-adani-7101011), the conglomerate's CEO, said in a video address to investors that his Adani Enterprises flagship canceled the offering "to insulate the investors from potential losses." Adani and Modi have promoted what some in India call the "Gujarat development model," named after both men's home state. Hindenburg cited the rapid gains in Adani share prices over recent years to support its claims of market manipulation. Hindenburg's report quoted two unidentified former traders for Mauritius-based funds run by Elara in alleging Adani used them to conceal the extent of the family's ownership of listed shares in its companies and to manipulate their share prices. [bookrunners](https://www.investopedia.com/terms/b/bookrunner.asp) for the stock sale after Adani's allies in India's business community and among its strategic Middle East investors ensured it was fully subscribed in a last-day push.3 U.S. 5 Adani's own losses, meanwhile, totaled $12.5 billion Wednesday, shrinking his net worth to $72.1 billion, according to Bloomberg's Billionaire Index.6 Adani, a key supporter of Indian Prime Minister Narendra Modi, fell to 12th place in the global wealth ranking and second in India behind rival tycoon [Mukesh Ambani](https://www.investopedia.com/articles/professionals/012015/where-does-mukesh-ambani-net-worth-come.asp). "Our balance sheet is healthy and assets robust," Adani said in his address to investors. short-seller Hindenburg Research of being a secret Adani affiliate.

A former British Conservative minister quit the board of a firm linked to Adani and its failed FPO.

The Indian government has remained tight-lipped on the matter thus far. 1, he reportedly quit the board of Elara Capital, a subsidiary of which reportedly was one of the underwriters of the mega share sale of Adani Enterprises. Indian opposition is furious but the government is silent It dubbed Elara Capital one of Adani’s “stock parking entities” meant to stay off the radar of Indian authorities. Johnson, the younger brother of former UK prime minister Boris Johnson, was a member of British parliament from 2010 to 2019. [crisis for India’s Adani group](https://qz.com/how-much-has-the-hindenburg-report-hurt-adani-stocks-1850039341) has claimed its first political casualty.

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 ...

Adani Green Energy’s 4.375% bond due September 2024 declined more than 12 US cents (51 sen) on the dollar to 66.75 US cents (RM2.84) in high-yield secondary trading, according to Trace data. Bonds issued by Adani Ports & Special Economic Zone Ltd and Adani Green Energy Ltd dropped the most in global secondary trading on Wednesday. At least four other Adani Ports bonds hit distressed levels, falling to 69 US cents (RM2.92) or lower. “Given these extraordinary circumstances, the company’s board felt that going ahead with the issue will not be morally correct,” it said in a statement. Adani has repeatedly denied Hindenburg’s allegations, called the report “bogus,” and threatened legal action. Matters escalated Wednesday with a record 28% plunge in Adani Enterprises Ltd.

India's central bank is examining the exposure of banks to the group as its various firms continued to tank.

Maybank Securities and Abu Dhabi Investment Authority had bid for the anchor portion of the issue, investments which will now be reimbursed by Adani. Dollar bonds issued by Adani Group’s entities extended losses on Thursday, with notes of Adani Green Energy Ltd crashing to a record low. It said it has always made the necessary regulatory disclosures. Since Hindenburg’s report on January 24, group companies have lost nearly half their combined market value. Aborting the share sale sent shockwaves across markets, politics and business. Adani stocks plunged, opposition politicians called for a wider probe and India’s central bank sprang into action to check on the exposure of banks to the group.

Hindenburg Research is a financial research firm with an explosive name and a track record of sending the stock prices of its targets tumbling.

Afterward, if the price of a company’s stock or bonds falls because of the negative attention from the report, Hindenburg can profit. Among its allegations, Hindenburg accused Nikola of staging a video to calm skepticism about its truck, one that showed the vehicle cruising on a road. It has made similar “short” bets against other companies it published unflattering reports on. Nevertheless, Hindenburg’s scorching allegations have caused the fortune of Adani Group’s founder, Gautam Adani, to slide by nearly $47 billion in just over a week, according to the Bloomberg Billionaires index. and other investments that trade outside India. County District Attorney’s Office shortly after Hindenburg released its report.

Adani Group losses have now surpassed $100 billion since the Jan. 24 publication of a scathing short seller's report. · Market turmoil pushed Adani Enterprises ...

The swift share decline of Adani Group companies has sparked concerns over broader systemic risk to Indian markets. Total loss ($bn) Adani Wilmar Adani Power Total loss (%) Adani Transmission Adani Total Gas Adani Ports Market cap ($bn Feb 2) Adani Enterprises Market cap ($bn Jan 24) Adani Green Energy

Although Adani has said it always complied with all disclosures, the repercussions have knocked US$100 billion off the market capitalisation of the group's ...

Adani Ports and Special Economic Zone Limited paid coupons, the two sources, speaking on condition of anonymity, said. The US dollar-denominated bonds of Adani Ports and Special Economic Zone, Adani Transmission and Adani Electricity Mumbai were also trading lower. Adani Group entities made scheduled coupon payments on outstanding US dollar-denominated bonds on Thursday, a bondholder and a source with direct knowledge of the Indian conglomerate's strategy told Reuters.

In addition, India's National Stock Exchange said it has placed on additional surveillance shares of Adani Enterprises, Adani Ports and Ambuja Cements . However ...

Maybank Securities and Abu Dhabi Investment Authority had bid for the anchor portion of the issue, investments which will now be reimbursed by Adani. It said it has always made the necessary regulatory disclosures. Adani Group entities made scheduled coupon payments on outstanding US dollar-denominated bonds on Thursday, Reuters reported citing sources. Since Hindenburg’s report on Jan 24, group companies have lost nearly half their combined market value. Aborting the share sale sent shockwaves across markets, politics and business. Meanwhile, Citigroup’s wealth unit stopped making margin loans to clients against Adani Group securities.

NEW YORK, Feb 3 — Adani Group Chairman Gautam Adani is in talks with lenders to prepay and release pledged shares as he seeks to restore confidence in the ...

Since Hindenburg’s report on January 24, Adani Group’s companies have lost nearly half their combined market value. Goldman Sachs trading executives said on an investor call yesterday it was the firm’s view that the Adani debt had hit a floor in the short term and bonds of Adani Ports and Special Economic Zone Ltd have become interesting due to the value of the company’s current assets, Bloomberg said in a separate report, citing people with knowledge of the matter. The move would see lenders release some of the stock in Adani Group companies that was pledged as collateral, Bloomberg reported, citing a person with knowledge of the matter.

After being marred by plummeting stock prices, Adani Group's founder-chairman is in talks with lenders to release some stock that was pledged as collateral.

have told some clients that bonds related to Adani can offer value due to the strength of certain assets The move would see lenders release some of the stock in Adani Group companies that was pledged as collateral, according to the person. Some market participants now see opportunity in the selloff.

The key priority is to remove any concern about margin calls and Adani officials will speak with investors in coming days and will make all payments on ...

Embattled billionaire Gautam Adani is in talks with creditors to pre-pay some loans backed by pledged shares, as he seeks to restore confidence in his ...

Some market participants now see opportunities in the sell-off. All 15 dollar debt securities of the group also advanced on Friday. The move would see lenders release some of the stock in Adani Group companies that was pledged as collateral, and repayment could take place as early as this weekend, the people said, asking not to be identified as the details are private.

Adani is said to be in talks with creditors to prepay some loans backed by pledged shares. Read more at straitstimes.com.

Adani bonds, however, pared losses from earlier in the week as Goldman Sachs and JPMorgan Chase & Co. The move will see lenders release some of the stocks in Adani Group companies that were pledged as collateral, according to the person. told some clients that Adani bonds can offer value due to the strength of certain assets. Mr Adani is in talks with creditors to prepay some loans backed by pledged shares as he seeks to restore confidence in his conglomerate’s financial health, a person with knowledge of the matter said. The 2031 notes sold by Adani Ports, one of those which had a payment date on Feb 2, climbed 3.7 cents on the dollar to 67.7 cents as of 1050am in Hong Kong. Adani debt has hit a floor in the short term, Goldman Sachs trading executives said in a call on Thursday, according to people with knowledge of the matter.

Gautam Adani cancelled the firm's US$2.5 billion share sale after fraud claims erased tens of billions in market value. (AP pic).

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Embattled billionaire Gautam Adani is in talks with creditors to prepay some loans backed by pledged shares as he seeks to restore confidence in his ...

NEW DELHI: Shares of India's Adani Group extended declines on Friday to take their market losses to $115 billion amid growing concern about any systemic ...

Adani is also no longer Asia's richest person, and has slid to 17th in Forbes' rankings of the world's wealthiest people. Its response stated that over the past decade, group companies have "consistently de-levered". short-seller report critical of the group's finances.

The brutal stock rout in Gautam Adani's companies continued Friday, an indication that the billionaire needs to do more to restore confidence in his ...

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Traders sent shares down more than 25% on Friday despite attempts to restore investor confidence following fraud claims.

After sitting alongside Jeff Bezos and Bill Gates among the world’s richest just a couple of weeks ago, Adani has dropped out of the top 20 once Friday’s share price falls are taken into account. There are also calls for an independent probe into the allegations. There is also the prospect of forced asset sales. The fundraising was pulled because participating investors would have suffered large losses should the sale have gone ahead given falling share price movements. [personal net worth has taken a significant hit](https://www.theguardian.com/business/2023/jan/31/major-investment-in-adani-group-fails-to-stop-us70bn-slide-in-value-following-allegations), according to the Bloomberg billionaires index. Other listed entities, such as Adani Green Energy and Adani Ports, were also down sharply.

Shares in Adani Group companies continued to plunge on Friday, as the embattled conglomerate grapples with stock market mayhem unleashed after a US short ...

His net worth has now fallen to a little more than $61 billion and claims the 21st spot on Opposition lawmakers have begun asking for a probe into the Hindenburg report. The plunge has wiped out over $29 billion in the firm’s market capitalization. Gautam Adani, the group’s founder, said in a recorded video address on Thursday that the share issue was pulled to protect investors from losses — the stock had been trading well below the offer price since last week. Adani is seen as a close ally of India’s prime minister, Narendra Modi. Other Adani stocks also slumped on Friday.

Adani Group dollar bonds rallied on Friday as billionaire Gautam Adani was said to be in talks with creditors to prepay some loans in a bid to restore ...

[Goldman Sachs Group Inc.](/quote/GS:US) and [JPMorgan Chase & Co.](/quote/JPM:US) told some clients that Adani bonds can offer value due to the strength of certain assets. Adani debt has [hit a floor](https://www.bloomberg.com/news/articles/2023-02-02/goldman-jpmorgan-say-adani-debt-offers-value-to-trading-clients) in the short term, Goldman Sachs trading executives said in a call Thursday, according to people with knowledge of the matter. [restore confidence](https://www.bloomberg.com/news/articles/2023-02-02/adani-said-in-talks-to-prepay-share-pledges-to-boost-confidence) in his business empire.

French energy giant TotalEnergies SE said its exposure to Adani Group companies was $3.1 billion of capital employed at the end of December.

TotalEnergies gave an update on its joint ventures with Adani Group, after a rout on the latter's stock left its financial health in question.

This was followed in 2021 with investments in the group’s renewables business AGEL, amid its goal of building 25 GW of renewable power generation by 2025. The venture aims to develop the Dhamra LNG regasification terminal – which is expected to start operations in Q2 2023 – and to market LNG. However, it said exposure was “limited”, representing 2.4% of capital employed and only $180 million net operating income in 2022. It said investments with Adani undertaken “in full compliance with applicable – namely Indian – laws, and with TotalEnergies’ own internal governance processes.” [develop green hydrogen](https://www.energyvoice.com/renewables-energy-transition/hydrogen/asia-hydrogen/419637/totalenergies-adani-team-up-for-multi-billion-indian-hydrogen-plans/) with another of the group’s units, Adani New Industries. [invested in Adani Gas](https://www.energyvoice.com/oilandgas/183974/total-signs-major-gas-and-retail-deal-in-india/), city gas distribution business, associated LNG terminal business and gas marketing business.