Indian group targeted by US short sellers reassures investors about loan repayments
The crisis has caused tycoon Gautam Adani’s personal fortune to shrink by more than half since last month. (Photo: AFP)
MUMBAI: Shares in the flagship firm of the troubled Indian conglomerate Adani rocketed as much as 20% Tuesday, making up some of the huge slump suffered since last month.
The group owned by tycoon Gautam Adani lost around $120 billion in value after claims of accounting fraud were levelled by the short-seller US investment group Hindenburg Research on Jan 24.
The slide has raised concerns about the group’s ability to raise fresh financing to pay down its debts. It cancelled a share sale, and…
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