Thread by @stopadani

Things have gone from absolutely horrendous to utterly diabolical for coal giant #Adani. Here’s another thread of bad news that’s hit Adani’s climate-wrecking, forest-annihilating, village-displacing coal empire over the last few days.

#GautamAdani, whose Indian business empire is under pressure over fraud allegations, repaid a $1.1bn share-backed loan last week after facing a margin call of more than $500mn, according to four people with direct knowledge of the matter."

ft.com/content/b5ad18…

"Shares of #Adani Group’s flagship firm are still expensive on some metrics despite plunging more than 50%... according to a New York University finance professor known for his expertise on valuation."

bloomberg.com/news/articles/…

"Anyone who did a bit of due diligence on #Adani knew that reputational concerns could hinder the company’s ability to rally external support if its access to capital was ever in doubt."
reuters.com/breakingviews/…

"France's @TotalEnergies, one of the largest foreign investors in billionare #GautamAdani's business empire, said it has put on hold participation in Indian conglomerate's $50 billion hydrogen project..."
moneycontrol.com/news/business/…

Adani is now being investigated in at least 3 continents.

"Elara Capital, a London-based company reported to have connections to #Adani Group, and the Indian conglomerate itself are being watched by the Financial Conduct Authority (FCA) in the UK."

livemint.com/news/world/ada…

"Debts owed by #Adani Group are equivalent to at least 1% of the Indian economy, a Nikkei analysis shows, underscoring the scale of the conglomerate's financial troubles amid accounting fraud allegations."
asia.nikkei.com/Business/Compa…

"The increasing financial and reputational risks stemming from the report by #HindenburgResearch, as well as previous investigations and inquiries into the company’s (#Adani) activities, contribute to the negative outlook."
reuters.com/business/susta…

"Since year-end, we have further reduced in #Adani companies. We have no exposure left...We have monitored Adani for many years (on ESG) issues, many on their handling of environmental risks."

reuters.com/business/norwa…

"The United States-based stock index complier @MSCI_Inc says it will cut the weightings of four #Adani Group companies, including its flagship firm #AdaniEnterprises, in its indexes after reassessing the number of shares freely traded.”

aljazeera.com/news/2023/2/10…

“…the Bangladesh side has raised concerns about how much #Adani intends to charge for coal to fuel the plant. Moreover, Bangladeshi experts are increasingly slamming the arrangement as counter to the national interest, even likening it to "slavery.""

asia.nikkei.com/Politics/Inter…

"#Adani Power Limited concealed the fact from Bangladesh that India exempted almost all import taxes for the Godda power plant in a manipulative bid to get a higher capacity charge in breach of its power purchase agreement, documents showed."

newagebd.net/article/194211…

"According to the Bangladesh power company buying the power,#Adani is charging too high a price for its coal imports...AdaniWatch asks whether the agreement should be considered legally void due to Adani’s inclusion of costs that appear to be non-existent."adaniwatch.org/is_bangladesh_…

"#Adani Group is offering shipments of coal at a discount, according to people with knowledge of the matter, a sign the embattled conglomerate may be seeking to sell cargoes quickly as its liquidity position comes under increased scrutiny."
bloomberg.com/news/articles/…

"Investors are keen to seek clarity from companies during earnings releases on their exposure to #Adani, as the selloff roiling...#GautamAdani’s indebted conglomerate entered a third week and wiped out almost half of the market value of its companies."
bloomberg.com/news/articles/…

""...some of the large investors have raised concerns over the bank’s exposure to the Indian conglomerate (#Adani). This may have prompted the bank to reduce its exposure,” said a senior banker on conditions of anonymity.”

thehindubusinessline.com/markets/barcla…

“It is a completely unnecessary risk for both the climate & the economy to have investments in this company. We clearly believe that you should sell off investments in #Adani Green Energy if you want to have credibility in your green investment products."

borsen.dk/nyheder/baered…

#Adani's investors can't say we didn't warn them about Adani's environmental destruction, human rights abuses and dodgy business practices. Tell investors to listen to impacted communities & #Hindeburg's serious allegations & stop funding Adani's coal. stopadani.com/adani-investors