Adani refutes reports on debt repayment concerns as shares slide

The Adani Group is back in fire-fighting mode after media reports called into question the Indian conglomerate’s ability to repay debt, reviving a selloff in its stock.

Adani units slumped Tuesday after The Economic Times said the group is seeking to renegotiate the terms of $4 billion worth of loans, citing people it didn’t identify.

The declines — which saw the flagship Adani Enterprises Ltd sink more than 7 per cent — were compounded by a report from The Ken flagging concerns over the group’s repayment of $2.15 billion of share-backed loans. The business news website said regulatory filings showed that banks have not yet released a large portion of founder Gautam Adani’s shares.