on Monday the group had halved its revenue growth target and planned to scale down capital spending. A company spokesperson told Reuters earlier in the day the report was "baseless, speculative", without elaborating.
The Securities and Exchange Board of India has been probing the market rout, including examining trade patterns and any potential irregularities in the $2.5 billion share sale of flagship company Adani Enterprises "Once the current market stabilises, each entity will review its own capital market strategy," Adani Group's statement said.
The corruption runs deep. Local analysts are fearful of talking down the creditworthiness of India’s largest companies. It’s akin to late 1990s South Korea, when dollar-denominated debt tanked the economy.
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