No refinancing, liquidity issues, says Adani to calm jittery investors

India’s Adani group said on Tuesday that its companies face no material refinancing risk, or near-term liquidity issues, in its latest attempt to calm investors spooked by a U.S. short-seller’s critical report on its business practices.

Led by billionaire Gautam Adani, the group’s seven listed companies bearing his name have together lost about $120 billion in market value since a Jan. 24 report by Hindenburg Research alleged improper use of offshore tax havens and stock manipulation, and flagged concerns over high debt.

Adani has rejected the concerns in detailed rebuttals of the Hindenburg report’s allegations and criticism that it had unsustainable debt.