Adani Group bonds flash warnings even as $153 billion stock rout eases

The historic market meltdown of Adani Group has shown signs of abating after the Indian conglomerate went on a tour to restore confidence and won a $1.9 billion investment from a high-profile money manager.

But a closer look at billionaire Gautam Adani’s empire shows that while fears of a debt blowup in the next three years have receded, investors still have doubts about the group’s longer-term repayment abilities. The ports-to-power conglomerate’s stock-market slump and uncertainties over credit ratings continue to fan worries about its access to funds following a short seller’s allegations of fraud.