Scathing allegations, which company rejects as ‘baseless’, will hamper access to Wall Street but surging coal price will ease burden, experts say
It is alleged the private company subsequently wrote down the value of those assets.
Adani said the report was timed to undermine the company’s reputation and damage a huge market fundraising drive.Adani Enterprises is scheduled to launch India’s biggest public secondary share offering on Friday in a bid to raise US$2.5bn to fund capital expenditure and reduce debt. “Even if you ignore the findings of our investigation and take the financials of Adani Group at face value, its 7 key listed companies have 85% downside purely on a fundamental basis owing to sky-high valuations,” the report claims.
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