Adani’s world tour seeks to win back debt investors’ faith
Most Adani Group stocks fell as the embattled Indian conglomerate kicked off a charm offensive with fixed-income investors in Asia, its latest effort to stem the fallout from a short-seller’s attack.
All of the group’s 10 stocks dropped, led by a 10 per cent plunge in flagship Adani Enterprises Ltd., taking its market value wipeout to about Rs 12.75 lakh crore ($154 billion) since US-based Hindenburg Research made allegations of accounting fraud and stock manipulation in a report in January. Adani Group has repeatedly denied those claims.
The continued selling came as the conglomerate began a series of investor meetings at a hotel in Singapore Monday, with help from about a dozen global banks.
