Concerns raised by the US-based short seller sent shares of Adani Group’s listed firms tumbling, eroding $11bn. Adani Group’s total gross debt in the financial year ended March 31, 2022, rose 40 percent to 2.2 trillion rupees ($26.9bn). Refinitiv data shows debt at Adani Group’s seven key listed Adani companies exceeds equity, with debt at Adani Green Energy Ltd exceeding equity by more than 2,000 percent. Hindenburg also said it was concerned that a high proportion of equity held by promoters or key shareholders in Adani Group listed companies has been pledged for loans. Last year, the Adani Group bought cement firms ACC and Ambuja Cements from Switzerland’s Holcim for $10.5bn.

Source: Forbes January 26, 2023 02:30 UTC