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<ul class="summary-list"><li>Embattled Indian conglomerate Adani Group is paying back $1.1 billion in debt ahead of schedule.</li><li>It's scrambling to halt a stocks rout that's wiped out over $110 billion in market value over the past fortnight.</li></ul>Adani Group said Monday that it would pay back over $1 billion in debt ahead of schedule in a bid to shore up investor confidence, after its companies were battered by a two-week stock-market rout.The Indian conglomerate said in a <a href="https://www.adani.com/Newsroom/Media-Release/Statement-On-Pledge-of-Shares-of-Adani-Listed-Companies" target="_blank" rel="noopener">statement</a> that it plans to repay just over $1.1 billion of loans ahead of their scheduled maturity in September 2024.The borrowings were backed by <a href="https://markets.businessinsider.com/stocks/adani_portsspecial_economic_zone-stock">Adani Ports</a>, <a href="https://markets.businessinsider.com/stocks/adani_green_energy-stock">Adani Green Energy</a>, and <a href="https://markets.businessinsider.com/stocks/adani_transmission-stock?miRedirects=1">Adani Transmission</a> – three of the group's companies that have seen their share prices plummet over the past fortnight.The selloff came after US-based short-seller Hindenburg Research published a <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-hindenburg-research-explained-stock-market-outlook-investing-analysis-2023-1">bombshell report</a> that accused Adani of "pulling the largest con in corporate history" through "brazen stock manipulation and accounting fraud".Adani has <a href="https://markets.businessinsider.com/news/stocks/adani-group-legal-action-hindenburg-short-seller-2023-1?utm_medium=ingest&amp;utm_source=markets">denied Hindenburg's allegations</a> – but the report still sparked a massive stock market rout that has wiped more than <a href="https://markets.businessinsider.com/news/stocks/adani-hindenburg-selloff-eclipses-enron-wirecard-short-seller-india-2023-2">$110 billion in market value off the group's 10 listed companies</a> in the space of just a fortnight.The <a href="https://markets.businessinsider.com/news/stocks/top-5-wealthiest-people-earth-gautam-adani-lost-60-billion-2023-2">market turmoil has also erased over $60 billion</a> of chairman and founder Gautam Adani's personal fortune. He was the world's third-richest person when Hindenburg's report was published but has slipped to 21st position in the two weeks that followed, according to the <a href="https://www.bloomberg.com/billionaires/" target="_blank" rel="noopener">Bloomberg Billionaires Index</a>.By repaying the loan early, he could be trying to demonstrate to investors that he still has significant financial strength despite the ongoing sell-off.Adani said it had paid off its debt ahead of schedule "in light of recent market volatility and in continuation of the promoters' commitment to reduce the overall promoter leverage backed by Adani Listed Company shares."Read more: <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-hindenburg-research-explained-stock-market-outlook-investing-analysis-2023-1">Everything you need to know about Gautam Adani and Hindenburg after the short seller's fraud allegations burnt a $72 billion hole in the richest Asian's empire</a>

Adani says it will repay over $1 billion in debt ahead of schedule in a bid to halt stock-market rout

<ul class="summary-list"><li>The world's biggest asset manager BlackRock holds over $100 million in Adani dollar bonds, per Bloomberg.</li><li>It's one of the biggest holdings among the 200 or so institutions with exposure to the Indian conglomerate.</li></ul>BlackRock has more than $100 million tied up in Adani Group's dollar bonds, which have come under intense scrutiny since a US short seller's scathing research note on the Indian conglomerate sparked a rout in its stocks.Filings to the SEC show the <a href="https://www.advratings.com/top-asset-management-firms">world's biggest asset manager</a> has one of the biggest known exposures to Adani's estimated $8 billion in US currency notes, <a href="https://www.bloomberg.com/news/articles/2023-02-03/blackrock-among-top-funds-with-exposure-to-adani-s-dollar-debt" target="_blank" rel="noopener">Bloomberg reported Friday.</a>Short-seller Hindenburg Research's <a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener">research note</a> last Tuesday alleged there was a "brazen stock manipulation and accounting fraud scheme" at the Adani Group. The ensuring battle between Adani and Hindenburg has driven a rout in stocks of the group's individually listed businesses, <a href="https://markets.businessinsider.com/news/stocks/adani-stocks-wipe-out-over-100-billion-market-value-2023-2">wiping over $100 billion off their market value</a>.Notably, concern over Adani's debt was a key pillar of Hindenburg's argument for initiating a short-sell battle with the group."Key listed Adani companies have also taken on substantial debt, including pledging shares of their inflated stock for loans, putting the entire group on precarious financial footing. 5 of 7 key listed companies have reported 'current ratios' below 1, indicating near-term liquidity pressure," it said in its research note.Adani <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/8e2c9f40-730f-444a-a65f-432194e81edc.pdf" target="_blank" rel="noopener">canceled a $2.5 billion share sale</a> this week, despite <a href="https://markets.businessinsider.com/news/stocks/adani-completes-share-sale-market-rout-hindenburg-fraud-allegations-2023-1?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">picking up enough investors to pull it off</a>.Legendary investor Mark Mobius said his firm didn't take part in Adani Enterprises' stock sale before it was scrapped because it had concerns about the embattled Indian conglomerate's debt."It's all about debt. The company and its associates are heavily in debt, and that's what sort of scared us away," the founding partner of Mobius Capital Partners <a href="https://www.youtube.com/watch?v=1qes61MyR2I" target="_blank" rel="noopener nofollow">said in a Bloomberg interview Thursday</a>. Over 200 institutions have taken on debt from the group's companies, Bloomberg reported. Its analysis of filings covered only 18% of Adani's total dollar debt due to different reporting rules across countries, it said. It reported that Adani is considering prepaying some loans early to restore confidence in the conglomerate's financial health. BlackRock didn't immediately respond to Insider's request for comment.

BlackRock has more than $100 million exposure to Adani's dollar debt, report says

<ul class="summary-list"><li>India's market regulator tried to assure investors the country's markets are "stable".</li><li>It acknowledged there was an "unusual price movement in the stocks of a business conglomerate" in the past week.</li></ul>India's stock markets have been on a wild roller-coaster ride since tycoon Gautam Adani's business empire came under siege from a US short seller.The market rout in the share prices of <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-hindenburg-allegations-net-worth-crash-2023-1?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Adani companies</a> has gotten so bad that even India's market regulator stepped into the fray on Saturday, to calm investor concerns. The conglomerate's flagship company, Adani Enterprises was trading 1% lower after losing as much as 10% on Monday. The stock has already lost over half its market value this year so far. The shares of Adani Transmission were down 10% while those of Adani Green Energy, Adani Power, and Adani Total Gas were down 5%. Collectively, the rout wiped off more than $110 billion from 10 companies related to the Adani Group as of Friday, per <a href="https://www.bloomberg.com/news/articles/2023-02-03/adani-rout-spurred-by-short-seller-among-biggest-in-history" target="_blank" rel="noopener">Bloomberg</a>. And it's not just Adani stocks that are getting hammered.Jittery investors are keeping up the pressure on Indian stocks — the Sensex is trading 0.5% lower at 1.45 p.m. local time today while the Nifty 50 was down 0.5%. The benchmark Sensex and Nifty 50 indices have already lost 0.5% and 1.4% this year so far.It's no surprise then that the Securities and Exchange Board of India, or SEBI, said in a statement on Saturday: "The Indian financial market as represented by Sensex and Nifty has demonstrated ongoing stability and is continuing to function in a transparent, fair and efficient manner."What's strange is that SEBI acknowledged it has observed an "unusual price movement in the stocks of a business conglomerate" in the past week, but did not name the company directly. Shares of Adani Group companies have been unusually volatile since US short seller Hindenburg Research released a scathing <a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener nofollow">report</a> on January 24 alleging a "brazen stock manipulation and accounting fraud scheme" at the conglomerate. And even though Adani Group <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-net-worth-billionaire-world-richest-list-hindenburg-shortseller-2023-1?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets" rel="">defended itself vigorously,</a> Hindenburg also doubled down on its initial report.Adding to Adani's woes, S&amp;P Global cut its outlook on two Adani companies — Adani Ports and Special Economic Zone and Adani Electricity — from stable to negative, according to a note seen by Insider. Moody's meanwhile did not change its rating for Adani companies, but warned the sell-off in their shares could hit the group's ability to raise funds in the next one to two years, according to a Friday note seen by Insider. Adani Enterprises — the conglomerate's flagship company — already scrapped a <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-pulls-secondary-share-sale-flagship-company-wealth-drop-2023-2?_gl=1*1tv8qqv*_ga*MTMwNjYzODQ5MS4xNjMzMzIwMTA2*_ga_E21CV80ZCZ*MTY3NTY2Mjg3My4yNDUyLjEuMTY3NTY2NDg0OC4wLjAuMA..">$2.5 billion secondary share sale</a> last Wednesday. It has also shelved a $122 million bond sale, <a href="https://www.bloomberg.com/news/articles/2023-02-04/adani-flagship-shelves-122-million-bond-plan-after-market-rout" target="_blank" rel="noopener">Bloomberg</a> reported on Saturday.The fallout from the short seller's report also <a href="https://www.businessinsider.com/adani-ambani-bad-month-indian-billionaires-lost-billions-2023-1?utm_medium=ingest&amp;utm_source=markets" rel="">spilled over</a> into the broader Indian markets and <a href="https://markets.businessinsider.com/news/stocks/india-vs-china-adani-market-rout-casts-cloud-china-reopening-2023-2?_gl=1*1qjip81*_ga*MTMwNjYzODQ5MS4xNjMzMzIwMTA2*_ga_E21CV80ZCZ*MTY3NTY1ODIyOS4yNDUxLjEuMTY3NTY2MDE0My4wLjAuMA..">prompted concerns</a> about corporate governance and debt in the country.And even while SEBI sought to shore up investor confidence in the country's markets by saying they have been "viewed positively by investors" — Indian equities were Asia's top performers in 2022, according to a <a href="https://txtify.it//https://www.reuters.com/markets/asia/indian-stocks-top-asian-markets-strong-economic-growth-fuels-hope-2022-12-22/" target="_blank" rel="noopener">Reuters</a> analysis — some analysts feel that investors might want to <a href="https://markets.businessinsider.com/news/stocks/india-vs-china-adani-market-rout-casts-cloud-china-reopening-2023-2">rebalance their portfolio</a> in favor of other Asian markets — like China. Hong Kong's Hang Seng Index is up 7.2% this year so far while the Shanghai Composite is up 4.8%. The Adani Group did not immediately respond to Insider's request for comment.

India's stock regulator tried to calm jittery investors fleeing the stock market &mdash; but even that's not helped Gautam Adani, whose companies' shares continue to take a beating

<ul class="summary-list"><li>Billionaire Gautam Adani successfully completed the $2.5 billion share sale of his flagship company on Tuesday, per Bloomberg.</li><li>The stock offering became a crucial confidence test after a short-seller report triggered a massive rout in Adani group stocks. </li></ul>India's embattled Adani Group pulled through with the $2.5 billion share sale of its flagship company even after the conglomerate faced a market rout amid fraud allegations by a short seller.The offering by Adani Enterprises, the country's largest follow-on share issue, was fully subscribed Tuesday, thanks to some late bids from institutional investors, <a href="https://www.bloomberg.com/news/articles/2023-01-31/adani-share-sale-fully-subscribed-after-last-minute-jump-in-bids" target="_blank" rel="noopener">Bloomberg reported.</a> Demand from retail buyers remained poor, according to the report, following a massive selloff in Adani companies over the past week.Billionaire Gautam Adani's business empire came under attack over the past week from Hindenburg Research, which in a report published January 24 accused the conglomerate of "<a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener">pulling the largest con in corporate history</a>" — saying the group had engaged in "brazen stock manipulation" and accounting fraud.That sent the shares of Adani group companies tumbling in the following days, wiping out close to $70 billion in market value. The group dismissed the report as "a malicious combination of selective misinformation and stale, baseless and discredited allegations," according to a <a href="https://www.adanienterprises.com/newsroom/media-releases/Media-Statement-on-Hindenburg-Research-Report" target="_blank" rel="noopener">statement</a> by CFO Jugeshinder Singh last week. The secondary share sale's successful completion Tuesday comes after the group had only secured 3% in bids the day before, <a href="https://www.reuters.com/markets/deals/indias-adani-enterprises-enters-final-day-crucial-25-bln-share-sale-2023-01-31/" target="_blank" rel="noopener">Reuters reported</a>."This looks like high-net-worth people Adani reached out to for support for the [offering] came through," one Mumbai-based broker <a href="https://www.ft.com/content/d6435e29-1da7-4d83-a3cc-ed26e32e46db" target="_blank" rel="noopener">told</a> the Financial Times on Tuesday. The success of the stock offering will help the company widen its shareholder base and cut its debt. But it's also a sign that investors have stuck by the Indian conglomerate despite Hindenburg's allegations.The share sale was a critical moment for founder Adani, Asia's richest person who saw his wealth <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-net-worth-billionaire-world-richest-list-hindenburg-shortseller-2023-1">sink by nearly a quarter</a> last week in the aftermath of the short-seller report. But the drop in fortunes is not just for the group's boss, as other Indian billionaires are<a href="https://www.businessinsider.com/adani-ambani-bad-month-indian-billionaires-lost-billions-2023-1"> also suffering</a> from falling share prices in the companies they have top stakes in. The decline in South Asian market sentiment is also reflected in India's benchmark share index, the <a href="https://markets.businessinsider.com/index/sensex">Sensex,</a> which is down by almost 3% so far this year.

Adani pulls through with $2.5 billion share sale amid a stock-market storm sparked by Hindenburg's fraud allegations

<ul class="summary-list"><li>Indian industrialist Gautam Adani is working on improving oversight of his conglomerate, the Financial Times reported. </li><li>He's considering changes after allegations by a short seller sent Adani Group stocks plummeting. </li></ul>Indian industrialist Gautam Adani is working on improving oversight of the companies that control his business empire, <a href="https://www.ft.com/content/cd8f69ff-6e8d-4bb1-a07b-e2af0dbbe857" target="_blank" rel="noopener">the Financial Times reported Tuesday, </a>with his potential moves coming after last month's shocking <a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener">report</a> about Adani Group by short-seller Hindenburg Research triggered a stock rout. The Adani Group founder told advisers he plans to appoint a financial controller to oversee his various trusts and other privately held companies, the FT reported, citing two unnamed people with direct knowledge of the discussions. "The governance structure of the family office will become more like a public company, post this episode," one source told the FT. Adani also suggested creating a board and hiring another group chief financial officer to look after the family side of the business. The 60-year-old founder was aiming to address investor concern after Hindenburg alleged that Adani artificially inflated its market capitalization. It also criticised the "maze" of private companies and family trusts that control the conglomerate. Gautam Adani has denied the claims contained in the January 24 report. The turmoil has driven down the group's market valuation by $120 billion. The FT reported last week Adani faced a margin call on a $1.1 billion loan. Stock in the group's largest listed company, Adani Enterprises, has lost roughly 45% since the report was released. On Tuesday, Adani Enterprises shares rose, with Gautam Adani reportedly saying the slide in the price of Adani Enterprises shares was "temporary," with the remark coming as the flagship business swung to a third-quarter profit from a year ago.

Adani's billionaire founder is reportedly looking at governance changes following scathing short-seller report that sent the Indian conglomerate's stock plunging

<ul class="summary-list"><li>A crisis at the Adani Group is clouding over India just as China reopens.</li><li>A US short seller report alleging market manipulation and fraud at the Adani Group has caused a market rout.</li></ul>Until recently, India was having a moment — its stock market was posting solid gains and potential investors were looking at the country as the <a href="https://www.businessinsider.com/china-india-supply-chain-covid-sanctions-manufacturers-relocating-tariffs-options-2022-12">new factory of the world</a> to replace China.But a major scandal engulfing Gautam Adani, the founder and chairman of one of the country's largest business empires, is clouding over India Inc right now.The industrial tycoon's crisis started after US short seller Hindenburg Research released a scathing <a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener nofollow">report</a> last Tuesday alleging "brazen stock manipulation and accounting fraud scheme" at the <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-hindenburg-allegations-net-worth-crash-2023-1?utm_medium=ingest&amp;utm_source=markets" rel="">Adani Group.</a> The Adani Group has been <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-net-worth-billionaire-world-richest-list-hindenburg-shortseller-2023-1?utm_medium=ingest&amp;utm_source=markets" rel="">defending itself vigorously,</a> but Hindenburg has also doubled down on its initial report.Still, the development has rattled investor confidence, causing a market rout with listed companies under the Adani Group <a href="https://markets.businessinsider.com/news/stocks/adani-stocks-wipe-out-over-100-billion-market-value-2023-2" rel="">losing over $100 billion</a> in market value so far this year. The selloff has also <a href="https://www.businessinsider.com/adani-ambani-bad-month-indian-billionaires-lost-billions-2023-1">spilled over</a> into the broader India markets and is prompting concerns about corporate governance and debt in the country."The Adani case is a worrying sign for the sustainability of many Indian conglomerates which have followed in Adani's footsteps funding rapid expansions in infrastructure through large amounts of debt," Steno Research, a Denmark-based research house, wrote in a Friday <a href="https://www.smartkarma.com/insights/india-watch-why-india-suffers-when-china-is-open-for-business" target="_blank" rel="noopener">report</a> published on the Smartkarma research platform.It doesn't help that the drama surrounding the Adani Group comes at an inopportune time — that is, just as <a href="https://www.businessinsider.com/china-will-drop-covid-restrictions-quarantine-for-visitors-in-january-2022-12">China</a> is reopening its borders and looking to bolster its economy after three years of <a href="https://www.businessinsider.com/china-zero-covid-policy-lockdowns-global-economy-vaccine-treatments-pandemic-2022-8">pandemic-induced isolation.</a>China's border closures had helped India, with this shift contributing to optimism in Indian equities — which were <a href="https://txtify.it//https://www.reuters.com/markets/asia/indian-stocks-top-asian-markets-strong-economic-growth-fuels-hope-2022-12-22/" target="_blank" rel="noopener">Asia's top performers in 2022.</a> India's benchmark Sensex and Nifty 50 indices have surpassed their 2019 levels and more than doubled from their 2020 lows during in the pandemic. In comparison, any gains on Hong Kong's Hang Seng Index and the Shanghai Composite have been relatively limited, and both measures tanked about 15% in 2022.But, the Hang Seng and Shanghai Composite have recovered somewhat this year after China emerged from on-off pandemic lockdowns. And they could benefit further from Adani's troubles."Allegations of fraud at one of India's most valuable conglomerates, the Adani Group, have hastened the decline we expected in Indian equities as foreign investors rebalance their portfolios on <a href="https://www.businessinsider.com/stock-market-china-trade-investing-strategy-zero-covid-reopening-recession-2023-1" target="_blank" rel="noopener noreferrer">China's reopening,</a>" Shumita Deveshwar, the chief economist for India at macroeconomic consultancy TS Lombard, wrote in a Monday note seen by Insider.The Hang Seng Index and the Shanghai Composite were lower at noon on Friday, but are up over 7% and 4% respectively this year so far. In comparison, India's benchmark Sensex and Nifty 50 indices were flat in early trade on Friday, but are down 1.5% and 3% respectively this year so far.Investors are bound to intensify their scrutiny of Indian stocks, TS Lombard's Deveshwar added in her Monday note, but the country's corporate governance metrics rank better than most emerging markets including Saudi Arabia, China, and Brazil, according to a November 2022 report from the consultancy.

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Adani says it will repay over $1 billion in debt ahead of schedule in a bid to halt stock-market rout

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BlackRock has more than $100 million exposure to Adani's dollar debt, report says

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India's stock regulator tried to calm jittery investors fleeing the stock market but even that's not helped Gautam Adani, whose companies' shares continue to take a beating

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Adani pulls through with $2.5 billion share sale amid a stock-market storm sparked by Hindenburg's fraud allegations

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Adani's billionaire founder is reportedly looking at governance changes following scathing short-seller report that sent the Indian conglomerate's stock plunging

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Adani's crisis is casting a cloud over India — and it could benefit China, which is just reopening after 3 years of COVID isolation

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