Adani’s go-to bankers at Barclays turn cautious after Hindenburg

For more than a decade, Barclays Plc has been the go-to bank for Indian billionaire Gautam Adani, leveraging a relationship forged when only a few global firms were working with the emerging conglomerate.

An explosive report by short-seller Hindenburg Research in January has changed all that, prompting the bank to pare its exposure, leaving a hole in an Indian business that’s been a key driver of the firm’s Asian growth for years.

Executives at the highest levels are scrutinizing ties with Adani, turning more cautious about adding new business pending a regulatory probe that’s supposed to end next month,