The question now is what Adani will do to prevent the turmoil from getting out of control, especially after the setback with the stock offering, which would have been India’s largest and further raise his global profile. The risk is also that more financial institutions start to scrutinize their exposure to a business empire that sprawls from ports to green energy.
Adani Enterprises’ decision to withdraw its follow-on share sale won’t have any impact on its existing operations and future plans, Adani said in a video Matters escalated on Wednesday with a record 28% plunge in Adani Enterprises. It subsequently abandoned a $2.4-billion follow-on share sale, even though it was fully subscribed with backing from prominent Indian and Gulf investors.
Adani Ports’ 3.375% bond due July 2024 tumbled more than 20 cents on the dollar to 69.75 cents in investment-grade secondary trading, according to Trace data. At least four other Adani Ports bonds hit distressed levels, falling to 69 cents or lower.
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