Adani Bribery Case: Here are 5 setbacks that followed post indictment

economictimes.indiatimes.com:

Adani Group stocks bounced back on Friday after a previous day collapse, the ports-to-power conglomerate has seen some setbacks as a fallout of the indictment by US court. Here are 5 things which have gone against the group as a reaction to what happened:

1. Likely credit halt by global banks

Some global banks are considering temporarily halting fresh credit to the Adani Group but staying put with existing loans, a Reuters report said citing sources. Senior executives at two of Adani's global lenders said that they have had multiple calls within their respective banks since the indictment details were announced to discuss exposure to the group and what the impact of the latest development would be on the group's financials.

«We will have to put a pause to fresh lending until we are able to figure how this will play out. I think it will be a while before the bank is able to tap the credit market,» the report said, quoting a banker at one of the leading Western banks.

The banker, who is involved in talks related to Adani credit exposure and declined to be named as he was not authorised to speak to the media, said most of the group firms have stable cash flows and are not in «desperate need» to raise capital.

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