Gautam Adani isn’t the only Indian tycoon in trouble. Look at Vedanta

Highly leveraged Indian tycoons are having a rough time. Gautam Adani’s $236 billion infrastructure empire has shrunk by more than three-fifths in a month. But while his relentless rise and spectacular fall hog headlines, a smaller storm may be brewing for another well-known magnate. Anil Agarwal’s once-London-listed Vedanta Resources Ltd. has a pile of debt, including a $1 billion bond due January. Yet, his most recent attempt to trim the load has upset the one partner he can’t afford to annoy: New Delhi.

Around this time last year, when the US Federal Reserve was still to begin raising interest rates to tame inflation and Russia’s war in Ukraine had started to send commodities surging to their best quarter in more than three decades,