Adani crisis: Indian group has value cut in half after stock market rout

The companies, spanning ports, power, coal and renewables,, while noting that the US investor, an activist short seller that profits from falling share prices, is making money from the chaos.

Reuters reported that Adani entities made scheduled payments on outstanding bonds on Thursday, adding that the conglomerate plans to issue a credit report by the end of the week to address liquidity concerns.much-vaunted US$2.5bn share sale “We have an impeccable track record of servicing our debt,” Adani said in a video address after abandoning the fundraising. “This decision will not have any impact on our existing operations and future plans.”

“The fact of the matter is that my professional success is not because of any individual leader,” he told India Today television, according to an AFP report.Political opposition groups in India are pressuring parliament to debate the impact of the Adani fraud claims on investors and the country’s banking sector. There are also calls for an independent probe into the allegations.

StopAdani for their environmental damage AND their long term corruption.

Hey mattjcan 😂

Anyone want to buy a controversial coal mine in Australia?

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Adani’s financial credibility to be under scrutiny by global investment communityAccording to Business reporter Ross Greenwood, the investment community in India, the rest of the world, and most likely Australia will investigate Adani's financial credibility in light of these allegations. “But also then the due diligence that was done by the Queensland and the federal governments that approved these mines in the very first place,” he said. “There were always arguments that were generally on environmental grounds, about that mine, but then also it's about the ability and the capability of that company to be able to do it.” Is anybody surprised? Name a major Indian Company that’s not corrupt 😠
Source: SkyNewsAust - 🏆 7. / 78 Read more »