The group, led by billionaire Gautam Adani, has been roiled by days of market turmoil after Hindenburg Research on January 24 alleged it had engaged in stock manipulation and used tax havens.Adani Group has denied the allegations, saying it complies with all laws and has made necessary disclosures over time. Nonetheless, investors dumped its shares as concerns of financial contagion grew.
Yesterday though, Adani Group said it will pre-pay $1.11 billion of loans on shares. Separately, JPMorgan today said the group companies were still eligible for inclusion in the bank's bond indexes. The group's flagship company Adani Enterprises was trading 14.7% higher today, but still around half the level seen before the Hindenburg report was released.
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