Adani in crisis as bonds hit distressed levels

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 after shares in the Adani group suffered a US$92bil (RM389bil) crash. — Reuters

MUMBAI: Gautam Adani’s beleaguered empire is spiralling into crisis, as the fallout from a short-seller’s research report leads to ever more intense pressure on the indebted conglomerate’s securities.

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 after shares in the Adani group suffered a US$92bil (RM389bil) crash.