Indian tycoon Gautam Adani and his family have posted funds to repay a $1.1bn loan backed by shares in several of his companies, as the billionaire battles to arrest a crisis that has wiped more than $100bn off the value of his business empire.
One of India’s most powerful moguls, whose businesses span ports to energy to airports, Adani has been left reeling since US short seller Hindenburg accused the group of stock price manipulation and accounting fraud. Adani has denied the allegations.
In a statement on Monday, the Adani Group said that its founder and his family — majority shareholders in the Adani companies and known as promoters in India — had posted the funds to repay a $1.1bn loan that was not due until September 2024.
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