Gautam Adani backers from New York to Tokyo dissect and limit exposure
Financial institutions from New York to London and Tokyo are dissecting their exposure to the empire of Gautam Adani, who was Asia’s richest man only a few days ago.
The billionaire’s interests, which include ports, power plants and coal mines, have fallen in value by more than $100 billion since Hindenburg Research’s fraud allegations last week. The Indian tycoon vehemently denied the claims but was forced to abruptly scrap a $2.4 billion stock offering for his flagship Adani Enterprises Ltd.
His backers include Citigroup Inc., Credit Suisse Group AG and Barclays Plc. They are among banks pursuing a range of options to curb the risk of losses, including asking for more collateral and halting the use of Adani company securities to cover margin loans to wealth clients.
