MUMBAI – Adani Enterprises has shelved a plan to raise as much as 10 billion rupees via its first public sale of bonds followingThe flagship firm of Indian billionaire Gautam Adani’s empire had planned the public note issuance for January, working with Edelweiss Financial Services, AK Capital, JM Financial and Trust Capital, Bloomberg had reported in December.
The development is the latest in a sudden reversal of fortune for the conglomerate, after US-based short-seller Hindenburg Research late last monthWhile the group has vigorously denied the allegations, its stock and bond prices have slumped.
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