Synopsis
The Hindenburg report, FPO withdrawal, and stock freefall have cost Gautam Adani his position as India and Asia’s richest man. Market cap of his companies has crashed, while international lenders are not accepting Adani dollar bonds as collateral. The Adani Group will find it difficult to raise money. What can it do to overcome the situation?
In the last two weeks, after the release of short-seller Hindenburg Research report on Adani Group, promoter Gautam Adani has lost his spot as Asia’s or India’s richest person. The total market cap of his companies has fallen from over INR19 lakh crore to under INR10 lakh crore as of Monday closing, and equity shares, as of now, are on a freefall or extremely volatile.The withdrawal of the follow-on public offer (FPO) now leaves Adani
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