BENGALURU Concerns are mounting in India on the impact of the Adani Group’s share price crash on the Indian stock market, the major banks it has borrowed from and the infrastructure projects the company helms.
The ports-to-power empire lost half its market value in just 10 days after US short-seller Hindenburg Research accused it in January of fraud and stock market manipulation.
The Adani Group has denounced the report as baseless” and malicious”, and insists that its business is strong”.
Bonds of firms related to Adani plunged by US$u8 billion S$156 billion) to distressed levels after the company cancelled a planned US$2.4 billion share offering on Feb 2, even though it had secured money from the Middle East and India.
The company, whose headquarters is in Prime Minister Narendra Modi’s Gujarat state, is deeply entrenched in India, running seven airports and 10 seaports, manufacturing edible oils, buying up media, and sweeping up contracts for renewable energy.
According to some estimates, the Adani Group has committed around US$50 billion for the infrastructure projects, most of it financed by debt.
Group chairman Gautam Adani is seen as being close to Mr Modi, since the latter flew to Delhi on the company’s private jet after he won the 2014 national election.
The conglomerate has enjoyed a meteoric rise alongside Mr Modi’s rule, winning contracts for ports, power and airport projects like no other Indian company has in the past decade.
この記事は The Straits Times の February 07, 2023 版に掲載されています。
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この記事は The Straits Times の February 07, 2023 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
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