A scrapped $2.5bn share offering is the first victim of a short-seller’s attack
was kidnapped and reportedly released for a multimillion-dollar ransom. In 2008 he was at the Taj Mahal Palace Hotel in Mumbai during a terrorist attack, and spent a night hiding in the basement. Now he faces an assault of a different kind—not on his person but on the conglomerate that bears his name.from the market value of the Adani Group’s ten listed companies . The yields on some of those firms’ bonds at times spiked into distressed territory .
Then, on the afternoon of February 1st, Bloomberg reported that Credit Suisse, a bank, stopped accepting Adani firms’ bonds as collateral for margin loans to its private-banking clients. The share price of Adani Enterprises collapsed by nearly 30%. Those of other Adani firms also slid. Their bond prices, having clawed back earlier losses the day before, took another hammering.
In his statement, Mr Adani insisted that the decision to scrap the secondary offering “will not have any impact on our existing operations and future plans”. No rating agency has yet reappraised the group’s debt, which boasts an investment grade. Nor have Hindenburg’s allegations so far led compilers of global stockmarket indices to drop Adani firms from their benchmarks. One of the index-managers,, is expected to weigh in soon.
France Dernières Nouvelles, France Actualités
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