The Adani Group may have passed a key test by raising $2.5 billion in the face of a short-seller attack, but its response to the allegations and the outcome of regulatory probes will shape its prospects, analysts and investors say.
Most of the conglomerate’s shares dropped on Wednesday, extending losses to $84 billion after Hindenburg Research’s report last week alleged improper use of offshore tax havens and flagged concerns about high debt.
The port-to-property group, led by Gautam Adani, one of the world’s richest people, has denied the allegations and called them baseless, adding it has always made the necessary regulatory disclosures.
