Adani Groups led by Gautam Adani is fighting the allegations of stock manipulation and accounting fraud after the New York based Hindenburg Research firm presented a lengthy research report accusing the conglomerate .
Due to the damning report published Adani Groups had a bloodbath along with a drastic fall in market cap.
Recently Credit Suisse & Citi bank assigned zero lending value to Adani bonds and stopped accepting securities of the conglomerate as collateral for margin loans. The firm was in dire straits over what awaited in coming days. Unfortunately now the British lending giant Standard Chartered (StanChart) seems to be following the actions of Credit Suisse & Citibank.
As per ET Now television channel report, Standard Chartered Plc. has also halted accepting bonds of Adani Group firms Collateral on margin loans. The channel also reported that the lender has also asked its private clients to top up their collateral for any shortfall.
A StanChart India spokesperson declined to comment on the report.
However, Standard Chartered is yet to officially comment on the same.
The bond holders of Adani Group are having discussions with financial advisers and lawyers to weigh their options after the unfolding crisis at the conglomerate sent few dollar obligations into distressed territory.
In this chaos, the conglomerate is trying to prove that allegations on them are not true. Last week The firm withdrew Rs. 20,000 crore Follow-On-Public Offer (FPO) prioritizing investor interest. The firm may witness many obstacles in the upcoming days. Let’s wait and watch how the firm is going to overcome all difficulties.