Adani group told investors that several top Japanese and European banks have reaffirmed confidence in the embattled conglomerate after it was pummeled by a US short seller’s critical report, a company document showed.
Led by billionaire businessman Gautam Adani, the group’s seven listed stocks have lost about $120 billion in market value since a Jan. 24 report by Hindenburg Research accused it of improper use of offshore tax havens and stock manipulation, allegations the group has denied.
Adani group shares and bonds have regained some lost ground over the past month or so after it repaid some debt and attracted a $1.9 billion investment from boutique investment firm GQG Partners.
